With over 20 years in the Employee Benefits industry, I’ve seen firsthand how the workplace is evolving at a breakneck pace. Cutting-edge technology, changing generational expectations, and the aftermath of a global pandemic have disrupted traditional norms.
In this dynamic environment, how can organizations stay ahead to attract and retain top-tier talent? The key lies in reimagining employee benefits to meet the demands of today’s workforce. Here are some emerging trends reshaping the marketplace.
Growing Focus on Mental Health
“Wellness” has been a buzzword in the Employee Benefits space for decades, but it has traditionally centered around physical health. Recently, as we grapple with one in five U.S. adults experiencing some sort of mental illness, employers have begun to implement and promote programs focused on mental health.
Specific types of employee benefits and programs that are becoming more common in the marketplace include:
- Enhanced Employee Assistance Programs that include training for managers
- $0 Copays for mental health services for in-person or teletherapy
- Mental health screenings and assessments
- Mindfulness and stress reduction programs
These benefits represent an evolving strategy that treats mental health with the same level of importance as our physical health.
Financial Wellness Education and Programs
Financial wellness is a crucial component of overall well-being. A recent PwC study found that 57% of employees cite finances as their top stressor. To reduce this stress and boost productivity, employers are partnering with financial wellness experts to offer:
- Basic financial literacy education
- Personal and household budgeting tools
- Financial goal setting and planning resources
- Student loan repayment management
- Various budgeting aids
Ensuring employees have the education and tools they need to understand and manage financial wellness has become a pivotal aspect of employee benefits.
Data and Analytics
Advancements in technology and data analytics provide organizations the opportunity to tailor benefit offerings to individual needs. Investments in robust benefits administration platforms can streamline processes and enhance access to information. Together, these can improve employee satisfaction and engagement.
Determining what your employees want is another crucial component to developing an impactful employee benefits strategy. Taking the time to investigate and collect input and data from your employees instead of selecting new trendy benefits and hoping for a good fit will save you time and money in the long run.
Our Experts Understand Evolving Employee Benefits
These are just a few of the trends that represent the beginning of the transforming landscape of employee benefits, which continues to grow in cost and complexity. At Holmes Murphy, we have a team of dedicated professionals with their fingers on the pulse of these market changes.
If your organization needs assistance in navigating these challenges to attract and retain top talent, reach out today and together, we can create an employee benefits strategy that meets the needs of today’s dynamic workforce and positions your organization for success.
