Today’s employees are becoming more discerning when it comes to scrutinizing potential employers’ benefit programs, and given the tightening labor market in recent years, companies are responding accordingly. Masu.that is an important discovery
Employer interest in comprehensive wellness programs that go beyond traditional medical benefits and address multiple aspects of employee health has increased dramatically. Benefits Broker research reveals that the top five non-traditional benefits requested by employers are focused on supporting employees’ mental, financial, physical and digital health. I reported that there is.
Additionally, employers appear to be considering more than just price per employee. Over the past three years, price per employee has been the top benefit consideration for employers. In 2023, value for employees took the top spot.
read more:
Our sense is that a rethinking of the employee benefits paradigm is underway.
Of the advanced benefits reported in this year’s survey, mental health has been the most requested so far, with 91% of respondents ranking mental health in the top five benefits requested. Ta. Given everything society has experienced over the past few years, including a global pandemic, civil unrest, political violence, and economic uncertainty, it’s hard to imagine why employees would seek out mental health resources. there is no.
The findings reflect a broader national conversation around destigmatizing mental health and a growing need for mental health resources. This appears to have made employees more likely to ask for help, and employers more willing to offer it. In 2023, the American Psychological Association found that:
Real economic arguments are also needed to strengthen support for mental health in the workplace. The World Health Organization reports that depression and anxiety cost the global economy $1 trillion each year, primarily due to lost productivity.
read more:
If there’s one emotional issue that touches every aspect of employee health, it could be stress. Stress can come from a variety of sources, but two issues have been ingrained in the minds of many Americans in recent years, according to TransUnion’s quarterly survey of U.S. consumer attitudes. They are economic concerns and personal data vulnerabilities.
Despite current strong economic indicators, the inflationary pressures of the past two years continue to weigh on many Americans. In the fourth quarter of 2023, inflation was the number one financial concern for 44% of consumers and a top three concern for 79%. Overall, only 34% said their household income kept pace with inflation.
It is in this environment that Benefits Brokers 2023 reported an increase in employers asking about financial wellness coaching and financial advice as a potential employee benefit. This was his fourth most requested benefit in 2023. Employee benefits programs that include access to financial advice and coaching can help promote stability and a sense of security for employees at all levels of your organization.
read more:
On the data privacy front, public attitudes appear to be changing, even as the number of data breaches reaches historic highs. In the fourth quarter of 2023, 74% of consumers surveyed reported concerns about their identity being stolen, and nearly half had been the target of a digital fraud scheme in the past three months. Or reported being a victim. The emotional and psychological toll that identity crimes can have on victims, not to mention the financial toll, is well documented in research conducted by nonprofit organizations such as:
In this context, the employer cybersecurity landscape is crowded with threats, and remote and hybrid work arrangements have made personal and corporate risks more intertwined. In terms of concerns expressed by employers, data breaches and cyber threats were the biggest factor, more than doubling from 25% in 2022 to 53% last year.
Benefits brokers also reported that more employers are asking about identity theft protection benefits. This helps reduce anxiety and stress experienced by employees while strengthening the organization’s security posture. “Digital wellness” is a new entrant to the employee wellness space, but it seems to be gaining in importance over the years.
Another important finding revealed a disconnect between the benefits employers demand and the benefits they actually provide to their employees. This means that 83% of benefits advisors say they are willing to introduce new products and features to leaders of the companies they advise, indicating a significant opportunity for them. I am.
Benefits brokers with the ability to meet today’s demands for comprehensive solutions beyond traditional health insurance will make their services more relevant and valuable. The employee wellness market is a growing trend, and benefits brokers who respond effectively to trends can differentiate themselves, offer more comprehensive value, and build long-term customer relationships.
