1. Managing Health Care Costs
According to several industry surveys and reports, employers anticipate health care costs to grow between 6% and 8.5% in 2024, the largest increase in more than a decade. Many employers will plan and implement multiple cost-saving strategies in 2024 to mitigate rising health care costs.
2. Increasing Personalization and Flexibility
In 2024, employers will increasingly offer personalized and flexible benefits to address the unique needs and expectations of individual employees.
3. Prioritizing Employee Mental Health
Countless employees are experiencing a combination of mental health concerns, including stress, lack of motivation and reduced focus. Given the impact employees’ mental health can have on an organization, employers are considering employees’ mental health while making important business decisions in 2024.
4. Focus on Belonging
In 2024, employers are expected to address belonging to bridge the gap between existing DEI initiatives and the impact felt by employees. With that in mind, many employers are more often focusing on the factors that impact workplace belonging, such as organizational culture, leadership behaviors and personal relationships among employees.
5. Expanding Family Building and Reproductive Health Benefits
Numerous employers will continue to expand reproductive health benefits in 2024 to meet employee needs and remain competitive. Additionally, more employers are offering family-building benefits, as they have proven to be highly valued among employees who are looking to start or build their families. The impact of these benefits also often extends beyond affected individuals to make employees feel welcomed and supported in the workplace, improving engagement, productivity and retention.
6. Balancing Flexibility with Return to Office Mandates
As some employers begin issuing return-to-office mandates in 2024, organizations that are rigid in their policies may risk losing talented individuals. They may also struggle to attract new employees from a smaller talent pool. In 2024, proactive employers will focus on balancing employee expectations and needs with the benefits of having employees in the office. For instance, they may offer hybrid work options as a compromise for employees who are happier and more productive with flexible work arrangements. Some employers are also offering incentives for in-person employees.
7. Prioritizing Preventative Care Services
In 2023, record-high inflation and skyrocketing medical care costs prevented numerous employees from seeking necessary preventive care for fear of incurring medical debt. However, avoiding medical care can worsen long-term health outcomes and increase costs for both employers and employees by preventing the early detection of serious illnesses. In 2024, many will focus on keeping employees healthy and providing benefits education to help guide them on their journeys to be educated health care consumers, maximize their benefits and understand the importance of routine care.
Toni Shibayama is a Broker/Risk Consultant for S&K Insurance in Southern California. She has more than 15 years experience in risk management, job safety, Workers’ Compensation, wellness and HR consulting. Toni is also the author of “The Private Club General Manager’s Big Game Playbook.”
She can be reached at toni@sk-insurance.com and by phone at 213.627.5204.
