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Join BenefitsPRO.com now! Human Resource Executive. But the benefits point solutions employees needed during COVID has started to change. 2023 Benefit Strategies Report 7. Diverse representation at the highest levels of the organization is key, Yates says. Over 30% of 1841-year-olds are most concerned with having pet insurance available as a benefit. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. It looks at how employees enrolled in those benefits during the 2022 annual enrollment season. Despite media attention, remote work hasnt swept the nation. This tool not only equips you to see the overall results of the SHRM Employee Benefits Survey, but also allows you to call up custom-filtered results any time you need them. Forging forward with DE&I initiatives. 5 Hottest Employee Benefits Trends for 2023 | Inova Payroll To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. The change & disruption of 2022, as opportunities grow heading into 2023, Year-end 401(k) checklist: How to prevent costly stumbles in 2023, Health care 2023: The next big step needs to be health improvement, 3 tips for preparing compensation plans for an uncertain 2023. What weve seen surface out of the pandemic is that theres a shortage of mental health providers. This cookie is set by GDPR Cookie Consent plugin. Ultimately, WIN's comprehensive benefits can help employers stay ahead of 2023's benefit trends and fulfill a wide variety of employees' fluctuating needs, all while delivering better clinical outcomes and improved cost savings. This is when employees are free to focus on their work without getting called into a meeting. All views Find her at danasitar.com. Why not work at a place where you can get a smoothie or cold-pressed juice and a lift between meetings? Cha says. Please purchase a SHRM membership before saving bookmarks. Employees look to their employers for assistance in managing this. You have successfully saved this page as a bookmark. These cookies will be stored in your browser only with your consent. ", Mental Health Gets Attention Amid Increased Stress. A hot labor market that has seen scores of employees leave their jobs for new and better opportunities has HR and benefits leaders planning to up the ante when it comes to benefits that sway workers to stay. $("span.current-site").html("SHRM MENA "); Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website. In addition, 11% will offer free employee-only coverageno paycheck deductionsin 2023 for at least one medical plan option, and another 11% are considering it. }); if($('.container-footer').length > 1){ Companies are upskilling employees with solutions like Bravely which offers one-on-one career coaching for employees at all levels. The human resources consulting firms survey found that more than two-thirds of U.S. employers say they are looking to enhance their health and benefits offerings next year in order to attract and retain talent. Employers should take care to select programs that will appeal to their employee populations while limiting the unintended negative effects of excluding some employees. These types of benefits provide solutions for employees along with potential cost savings for employers. Diversity has been a critical issue in recent years, and 2023 will be no exception. Emerging HR trends in 2023 | HRD New Zealand $('.container-footer').first().hide(); The goal of the SHRM Employee Benefits Survey is to gain an accurate representation of benefits offerings throughout the United States. Please fill out the form to access the content. Newfronts employee benefits professionals speak with a range of leaders across industries, and are experts at guiding CHROs through risk management, talent acquisition, and economic turbulence. The focus on core benefits remains consistent with offerings like medical, dental, vision, and short-term and long-term disability. Plans such as the HDHP and HSA are more attractive to and benefit some employees more than others. About 88% of . Another top-five benefit for employees, though only 6% of this group named it, is internet assistance. "Employee retention and inflation pressures are the two biggest issues keeping employers up at night," said Sally Prather, executive vice president and employee benefits practice leader at Alera Group, a Deerfield, Ill.-based benefits firm. Six key trends shaped the employee benefits space in 2022 and will guide employer decision-making in 2023: Rising rates and premiums for medical plans Support doesnt need to stop once you have a family; it can continue through the parenthood journey. Cost-saving benefits. The survey also found that 62% of businesses have changed their benefit offerings in the past year. Don't miss crucial news and insights you need to navigate the shifting employee benefits industry. To understand the benefit offerings that employers are providing and the employees want, Forbes Advisor commissioned a survey of 1,000 employed Americans and 1,000 business owners conducted by market research company OnePoll, in accordance with the Market Research Societys code of conduct. Keep in mind that these are the most significant increases since 2008. Companies can reimburse employees for a portion of their internet and electricity costs. Meanwhile, inflation and fears of a recession, among other factors, are causing employers and employees alike to tighten their purse strings. Family support services remain top of mind, sign up for Woodruff Sawyers Benefits newsletter, Emerging Solutions for the Workplace webinar on April 25, Claims Cost Transparency: Using Data to Optimize Medical Benefits Costs, How to Choose an Employee Benefits Broker. Women have been leaving the workforce in record numbers the last few years. . Their birds-eye view provides a peek at whats trending now and whats ahead. Embed Employers are adjusting to changing workforce dynamics while benefits solutions are evolving to address different needs. Did you know today's . Shes written about work and money for the New York Times, CNBC, The Motley Fool, The Penny Hoarder, a column for Inc. and more. Consulting firm Mercer also reported that more than two-thirds of U.S. employers say they are looking to enhance their health and benefits offerings in 2023 to attract and retain talent. In another recent survey, 61% of employers said they have made changes or are planning to make changes to their benefits offerings, and of those, 82% say they plan to add or enhance mental health services. 2023 Forbes Media LLC. LICENSE AGREEMENT FOR THE SHRM EMPLOYEE BENEFITS SURVEY RESULTS INTERACTIVE ONLINE TOOL, SURVEY RESULTS AND REPORT. (iii) All materials, reports, data, records, including all export files and reports generated from the Interactive Online Tool, regardless of format (e.g., PDF, CSV), and any other intellectual property created or compiled by SHRM for the Results or in generating the Report, contained in the Results and Report and all copies thereof, collectively the SHRM Intellectual Property, shall be the sole property of SHRM. Some employers are looking to employee assistance programs (EAPs), benefits which assist employees with personal or work-related problems, to cover issues like elder care, substance misuse, relationship challenges, or legal programs. Please check your email inbox to confirm. Employers were mostly in line with naming the top three benefits employees want, but employers understanding of employees preferred benefits drops off after that. It does not store any personal data. ABD Insurance and Financial Services, Inc. is licensed to sell insurance products in all 50 states, the District of Columbia and Puerto Rico, and is authorized in certain of those jurisdictions to use the names of its predecessor companies as DBA names. There has been a big push for these services to be addressed by employers in recent years as more attention has been paid to the inadequacies of traditional medical insurance in these areas, Gilmore says. All Rights Reserved. With the inclusion of another 35 items in 2023some returning from pre-pandemic surveys and others brand-newSHRM hopes to provide a more comprehensive picture of the employee benefits landscape. Beyond that, prioritize the benefits that support work-life balance for employees and showcase your understanding of their needs as a whole person beyond their role in your company. U.S. News put together its first official list of the 200 best companies to work for. Voluntary Benefits Set to Grow in Popularity. "Products such as life and long-term-care insurance can assist in providing financial security. Expand your toolbox with the tools and techniques needed to fix your organizations unique needs. That makes cost containment a big focus, Prather said. We can help! Are you at a small construction company? "As talking about mental health and treatment becomes more normalized and convenient, I think we will see more individuals make use of those services.". While 30% of employers believe the latter is important, it doesnt seem to be a priority for employees. When it comes to hybrid set-ups, Cha recommends that companies should make it clear to employees if they are remote-first or office-first, meaning one or the other is preferred or enforced. The issues addressed may have legal, financial, and health implications, and we recommend you speak to your legal, financial, and health advisors before acting on any of the information provided. There will be a lot of activity in this space over the next year as employers look at mental health options and figure out how they best fit their workforce. Cuts were felt across retail, tech, manufacturing, finance, and other industries. The information being provided is strictly as a courtesy. Heres How Employers Can Help, Learning from the Employee Benefits Pandemic Experience. Home; Benefits. Whats going to be top of mind for HR and People Team leaders in 2023? Learn about the top innovative benefits of 2023, and how well-intentioned solutions create a culture boost. While flexible hours made the list, the percentage of employers naming this perk is well below the percentage of employees. Another idea is to have meeting black-out times. Rising health care costs, a looming recession, and a cooling labor market are just some of the. 15 best companies to work for in 2023 | Employee Benefit News offer a choice of medical plan types (e.g., PPO, HDHP, HMO), contribute to an HSA for employees who enroll in an HDHP. And more companies say they will enhance their overall benefits in the near future. This is beneficial for employees who dont need to take time off work to travel to and from a doctors office. The cookie is used to store the user consent for the cookies in the category "Analytics". Benefits Trends to Watch in 2023: Cost Containment, Mental Health and More, New OSHA Guidance Clarifies Return-to-Work Expectations, Trump Suspends New H-1B Visas Through 2020, Faking COVID-19 Illness Can Have Serious Consequences, Employers New Decision Point: Whether to Cover Expensive Weight Loss Drugs, Employees Are Delaying Health Care. Senior Vice President, Account Executive, Employee Benefits, SPACS: Special Purpose Acquisition Companies. Save my name, email, and website in this browser for the next time I comment. The margin of error is +/- 3.1 points with 95% confidence. The report includes data from more than 450 organizations employing over 9.5 million employees. To remain appealing to current and potential employees, many employers are choosing to absorb premium increases, rather than pass them along to workers. Join us at SHRM23 as we drive change in the world of work with in-depth insights into all things HR. Its important to acknowledge that it is becoming increasingly more difficult to monitor the state of your employees who may be in remote or hybrid work environments. Meanwhile, nearly a third of large employers surveyed will offer benefits such as access to fertility treatment coverage and adoption and surrogacy benefits by 2023, and almost another third are considering it. According to respondents: 65% say they plan to make some enhancements in 2023, while 5% say they plan to make . One cutting-edge workplace trend is the adoption of more flexibility in where employees work. Please try again later. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. Companies, on the other hand, fear the loss of oversight and productivity when employees do not spend time together. What about a utility company in the Midwest? However, with recent workforce reductions, DE&I leaders have been among the first to get cut. Newfront is a brand name of ABD Insurance and Financial Services, Inc., which is the surviving company of the January 1, 2022 merger of three insurance agencies: ABD Insurance and Financial Services, Inc., Newfront Insurance Services, LLC and Aviation Marine Insurance Services. Staying hybrid can be a business advantage. To help you compare your organizations benefits against those surveyed, weve provided an online, interactive benchmarking tool. That is is drawing attention to mental health in the workforce and how employers address it. The Top 10 Employee Benefits Trends for 2023 (Some will surprise you!) Such technology is already a part of many workplaces and will continue to shape the labor market. How are benefits trends evolving after COVID? Employers significantly misjudged the importance of virtual team-bonding activities for employees; 31% of employers named this a top remote-work benefit, while just 11% of employees said the same. Many employees are still dealing with stress and burnout from . This requires an understanding of the values and needs of their unique workforce.. Benefits are becoming increasingly more important to employees. Determining the needs and preferences of employees is one step in this process but HR managers also need to consider the costs associated with benefits. By Deanna Cuadra. 5. Wellness benefits encourage employees to adopt and maintain healthy behaviors. Request a Proposal 1. Benefits Trends to Watch in 2023: Cost Containment, Mental Health and More Time to relax and unwind is critical for employees to avoid burnout. } Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. Employees are making up for lost time in healthcare. 7 Employee Benefit Trends for 2023: Here's What HR Leaders Need to Know This year, companies need to be strategic about how they're offering benefits, how effective those benefits are, and the ROI they're getting. With President Bidens student loan forgiveness program in legal jeopardy, many employers are turning to this option as a key benefit to assist employees.. An employer health and benefits strategies survey by indicates that 70% of your peers at large companies and 53% of small business leaders said they're planning employee benefits program enhancements for 2023. The information provided is of a general nature and an educational resource. At the same time, she adds, The key will be how to keep a dispersed workforce connected and feeling like a team. Employers must be mindful of the need to socialize, drive collaboration, and acknowledge time differences. A confluence of factorsincluding widespread inflation, economic instability and increased health care utilization as a result of the pandemicdrove larger-than-usual cost increases for 2022 and predicted increases for 2023. Also as part of the affordability equation, virtual care is now playing an increasingly central role in employers healthcare strategies, given its potential to replace some in-person care with lower-cost virtual services and engage employees through channels they can easily access. As people started returning to the office, a trend that increased last year, flexibility became important to employees. Join us at SHRM23 as we drive change in the world of work with in-depth insights into all things HR. Between 2019 and 2021, the number of people working from home in the U.S. tripled from 9 million to 27.6 million. This cookie is set by GDPR Cookie Consent plugin. This will cover all facets from attraction and retention, productivity, profitability, and most importantly creating a psychologically safe work environment, Cha says. Workers who believe their employer cares about their health are less likely to leave their jobs. ExtensisHR's SVP of People and Culture, David Pearson , weighed in on the top expected employee benefits trends of 2023, outlined below. A new year means new employee benefits trends, including healthcare and retirement. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". This is a wellness and wellbeing benefit, but regular exercise has also been shown to improve concentration, memory, mental stamina, and creativity in the workplace. document.head.append(temp_style); You may be trying to access this site from a secured browser on the server. }); if($('.container-footer').length > 1){ Dana has taught journalists, writers and editors how to write for the web through Utah Valley University, Queen's University at Kingston, ACES: The Society for Editors, the National Association for Independent Writers & Editors, online courses and private trainings. The vast majority of surveyed employers (70%) currently are offering or planning to offer paid parental leave in 2023, and 53% are providing or planning to provide paid adoption leave. Employers also are beginning to focus on the special needs of women in regards to reproductive health, Mercer finds, from preconception family planning to support during menopause. Contrary to what you might believe, salary isnt the most obvious deal-breaker for employees. the number of people working from home in the U.S. tripled, 44% of employees report that they feel a lot of stress at their daily jobs, in response to the 2022 overturning of Roe v. Wade, listings for chief diversity officers as well as heads and VPs of DE&I more than doubled on Glassdoor, cost can be a major factor in howor ifpeople seek care for their pets, the pet insurance market has more than doubled over the past four years, Limit Use of My Personal Information (CA).

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