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Trends in Employee Benefits: Key Takeaways
Employers are facing new challenges with legislation and ballooning costs.
65%
of employers see price transparency as a challenge.
18%
of employers see price transparency as an opportunity.
76%
of employers report that it is either very or extremely important to establish a best practice fiduciary policy and practice in 2024.
21%
of employers plan on increasing their benefits budget by at least 10%.
76%
of employers are concerned about increasing pharmacy costs. However, 31% do not use a pharmacy consultant.
Employees are struggling with stress and the current economic environment -- and employers have an opportunity to better support them.
33%
of employees report feeling distracted at work by non-work issues.
58%
of workers are interested in mental fitness programs such as resiliency training or meditation programs.
Employees need lower cost options that meet their needs, and more support in choosing benefits.
42%
of employees feel their benefit offerings don’t meet their needs well.
37%
of employees do not feel confident in their ability to select the benefits that best meet their needs.
56%
of employees note that economic concerns will impact their benefits decisions.
38%
of employees feel that economic concerns will cause them to choose a lower-cost plan.
50%
of all employees have $1,000 or less in savings to cover the cost of unexpected expenses.