Reimagining employee benefits to meet evolving needs and demands
Reimagining employee benefits to meet evolving needs and demands | Insurance Business America
Benefits
Reimagining employee benefits to meet evolving needs and demands
Changing times have disrupted “traditional norms”
Benefits
By
Kenneth Araullo
As 2024 progresses, significant shifts in the employee benefits landscape are emerging, according to insights shared by Drew Engebrecht (pictured upper right), senior vice president – team lead, employee benefits at Holmes Murphy.
“With over 20 years in the employee benefits industry, I’ve seen firsthand how the workplace is evolving at a breakneck pace,” Engebrecht says. “Cutting-edge technology, changing generational expectations, and the aftermath of a global pandemic have disrupted traditional norms.”
Engebrecht emphasizes that in this dynamic environment, organizations must reimagine employee benefits to stay competitive in attracting and retaining top talent. He identifies several key trends that are reshaping the marketplace.
One major shift is the growing focus on mental health. Engebrecht notes that while “wellness” has long been a buzzword in the employee benefits space, it has traditionally been centered around physical health
Recently, however, there has been a notable shift toward mental health, as one in five US adults experience some form of mental illness. Employers are increasingly implementing and promoting programs that prioritize mental health, including enhanced employee assistance programs with manager training, $0 copays for mental health services, mental health screenings, and 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,” he said.
Another emerging trend is the emphasis on financial wellness education and programs. Engebrecht points to a recent PwC study that found 57% of employees cite finances as their top stressor.
To address this issue, many employers are partnering with financial wellness experts to offer resources such as financial literacy education, personal and household budgeting tools, financial goal setting and planning resources, student loan repayment management, and other budgeting aids.
Engebrecht highlights that providing employees with the education and tools they need to manage their financial wellness is becoming a critical component of employee benefits.
Advancements in data and analytics are also playing a crucial role in shaping employee benefits. According to Engebrecht, the use of technology and data analytics allows organizations to tailor benefit offerings to individual needs.
Investments in robust benefits administration platforms can streamline processes and improve access to information, ultimately enhancing employee satisfaction and engagement.
“Determining what your employees want is another crucial component to developing an impactful employee benefits strategy,” Engebrecht said. “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.”
These trends represent just the beginning of the transformation in the employee benefits landscape, which is becoming increasingly complex and costly. Engebrecht underscores the importance of having a team of dedicated professionals who are attuned to 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,” he said.
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