With unemployment rates being at an all-time low employer have been working to offer more robust benefits programs to attract and retain talent.
Employees want direct communication about their benefits and how those benefits can make an impact in their own lives. Offering a single benefits solution across the board no longer cuts it for employees looking for specific help in areas not covered by a retirement plan or health benefit.
Healthcare costs per employee continue to rise, with 2019 being the most expensive year yet for employers offering health insurance to their organization. In 2019, each employee is projected to cost an average of $15,000 in healthcare costs.
To counteract some of these rising costs, insurers and employers are looking for alternative ways to pay for healthcare. Telemedicine options from insurers to help employees get medical help remotely may become more popular. This leads to lower billings from doctor’s offices and reduces the burden of in-person visits.
Employers offering only basic benefits packages are likely already losing out on attracting top talent for their organization. Financial wellness education can help employees navigate personal financial stressors like purchasing car insurance to offering student loan debt refinancing, employers should focus their attention on offering platforms that can connect employees with voluntary benefits outside of just healthcare or a retirement plan.
Unemployment rates are at an all-time low and employers have been working to offer more robust benefits programs to attract and retain talent.
The economy’s health will continue to play a big role in which benefits programs to implement and how employees expect their employers to manage benefits for them. From personalized benefits communications to changes in healthcare spending, it’s more important than ever for employers to be proactive with their benefits programming.
The biggest trend to watch out for in 2019 is that benefits will be the dominant factor in employment decisions for employees. Benefits offerings and employee wellbeing will take precedence over salary negotiations and employers need to make sure they’re thinking outside the box with benefits like tuition reimbursement, work-from-home days, and financial education.