The workplace continues to evolve, as do your employees’ expectations and needs. Employee benefits will continue to transform in 2024. When attracting and retaining top talent, building benefits offerings that align with your employees’ overall well-being is key.
Here are six trends we predict will shape the landscape of employee health benefits in 2024.
1. Mental Health Challenges
Depression, anxiety and substance use disorders continue to plague people’s lives, including your employees.
The Business Group on Health’s survey finds:
- 77% of employers report increased mental health concerns among employees compared to 44% in 2022.
- 16% of employers anticipate an increase in mental health concerns in the future
Employees and employers are noticing the prolonged impact of mental health challenges. In response, employers continue expanding access to mental health support and services, and many plan to provide more options for support and reduce cost barriers to care.
Companies are considering optional training programs to help managers and employees recognize mental health issues. Flexible working arrangements will continue so employees can discreetly seek mental healthcare during regular working hours.
2. Financial Wellness
In 2024, employees can sock away $23,000 into their 401(k)s. That’s a $500 jump from the 2023 limits.
Many studies reveal financial stress negatively impacts productivity, sleep quality, and mental health. Companies now understand the impact of financial stability on overall employee well-being and look to incorporate robust financial wellness programs into their benefits packages. Beyond the traditional offerings, these programs can extend to include innovative solutions such as personalized financial planning tools, resources for debt management, and tailored educational initiatives.
3. Enhanced Employee Assistance Programs (EAPs)
Employee Assistance Programs have also been evolving to meet the growing need for holistic employee support. The evolution of EAPs reflects a broader understanding of the interconnected nature of professional and personal life. This year, expect enhanced mental health resources, specialized financial wellness programs, professional development support, legal consultation services, and robust digital wellness resources as part of the EAP programming.
4. Customized Benefits Design
The one-size-fits-all approach to employee benefits is a thing of the past. Businesses increasingly recognize the power of their healthcare data. We use your data to create highly customized benefits packages. By leveraging comprehensive insights, you can meet the unique needs of your workforce, nurturing a more engaged and satisfied employee base.
5. Cancer Treatment
Preventive screenings were a critical healthcare component disrupted during the pandemic. As a result, employers are anticipating more late-stage cancers among workers.
Consider the following survey results:
- 50% of employers report cancer is the number one driver of healthcare costs
- 86% say it’s among their top three drivers.
- 53% will offer a cancer-focused center of excellence approach in 2024, with an additional 23% considering this strategy by 2026.
In response to rising cancer care, employees may encourage advanced screening measures and maintain full coverage of recommended prevention and screening services. Employers also monitor oncology clinical advancements (e.g., biomarker testing and immunotherapies) and help guide employees to high-quality care to improve health outcomes.
6. Outsourcing benefits administration
Outsourcing benefits continue to rise. Modern companies are taking advantage of the flexibility and cost efficiencies of shifting duties to third parties to reduce your company’s investment in a non-core area while boosting your effectiveness.
Stay Ahead of Employee Benefits Trends with PT Business Solutions
PT Business Solutions works with you to navigate the ever-changing employee benefits landscape to create innovative and valuable benefits packages for your employees. Contact our team today.