On the one hand, the labor market remains tight, despite some high-profile tech layoffs, and inflation is contributing to expectations for record salary increases heading into 2023. And the current inflation rate makes these decisions even more important. Although the pandemic accelerated public discourse around mental health, its really easy to forget how we felt during that time. Combined, it is very likely that the majority of large employers will offer family-building benefits in the coming years, making it an essential component of a companys benefits package in the very near future. Inventory Information Approval System (IIAS). For example: Unfortunately, the workplace is not a safe haven from trauma. ERGs and workplace support groups to promote connection through shared experience. Custom Design Benefits witnessed the largest revenue jump at 13.8% - raising its 2021 revenue ($9 million) to $10.2 million in 2022. 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 With the continuing trend of skyrocketing health care costs, a growing number of businesses will be looking into innovative benefits strategies to cut costs and improve care - including. While flexible hours made the list, the percentage of employers naming this perk is well below the percentage of employees. Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Thinking through the open enrollment process operationally will prepare you for any upcoming hiccups during the open enrollment season. Connecting employees with high quality treatment options, including intensive outpatient care, when needed, Support with medication assisted treatment, Addressing stigma around getting help for SUDs, Working with the executive team and supervisors on, Crafting and sending out messaging around destigmatizing mental health and SUD treatment, Facilitating mental health and emotional wellness within a company culture in such a way that suits the specifics of that particular organization, One entry point, so that employees know where to go if theyre struggling or if theres an issue, Shootings, racial violence or other forms of social upheaval, Natural disasters: Hurricanes, tornadoes, earthquakes, fires, Finding ways to match people to the right care from the beginning, Measuring clinical outcomes as a routine part of care, Using data to determine when treatment is effective. 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, Adidas Rolls Out Student Loan Benefit for Full-Time Employees, Employers Eye Benefits to Support LGBTQ+ Employees, Retention During Recession: Rethink Total Rewards, Career Advancement. Some other things to consider: Spring Healths comprehensive mental health benefit addresses employee needs that will be prominent for job seekers and for employee retention in the upcoming year.. WEXVets provides mentorship, development, and camaraderie for veteran employees, empowering them to capitalize on their unique experiences. But the data shows that these arent top priorities for workers. The Forbes Advisor editorial team is independent and objective. Conclusion: What Do These Statistics Mean for Small Businesses? Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor. Analytical cookies are used to understand how visitors interact with the website. You can please some of the people some of the time, but you cant please all the people all the time unless you embrace voluntary benefits, that is. Most notably, nearly half of employees cited childcare issues, a lack of flexibility, and insufficient benefits as predominant factors in making the decision to leave their jobs. Exclusive discounts on BenefitsPRO.com and ALM events. 3 reasons we see people flipping to a fuel card: Apply Now High-risk pregnancy support, 27%. Employers are focused on improving healthcare affordability for employees, with 41% currently providing a medical plan option with a low deductible or even no deductible, and an additional 11% considering it for 2023, according to Mercer. Kids are back in school and many employees are back in the office. Please log in as a SHRM member before saving bookmarks. Learn how SHRM Certification can accelerate your career growth by earning a SHRM-CP or SHRM-SCP. 1. They recognize what a difference it makes to the overall health, company culture, and productivity of their workforce., The most frequent questions I hear are, what type of support does my organization need? 2022 was marked by continued challenges, which influenced how businesses built their total rewards packages. These cookies will be stored in your browser only with your consent. A survey from WTW of 305 employers found that 35 percent now offer travel and lodging benefits to improve employees access to reproductive care, while an additional 16 percent plan to offer this benefit in 2023. Onboarding 82 Comparison 98. Healthcare costs could rise by $370 billion above pre-COVID projections between now and 2027, according to McKinsey & Company. The survey also found that 62% of businesses have changed their benefit offerings in the past year. But theres also a lot of other areas that a dedicated, on-site provider can help with. Pay Transparency. Most Important Benefits for Workers Employers were mostly in line with naming the top three benefits employees want, but employers' understanding of employees' preferred benefits drops off. !function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r Equal Pay In Sports Debate, Articles B