Employee Benefits Trends for 2023
The workplace is changing rapidly, and employers are having to keep up with the times in order to stay competitive. One of the biggest changes is in employee benefits – what companies offer their workers has changed drastically over the past decade, and it’s only going to continue in 2023. Companies are increasingly turning towards more innovative benefit packages that not only attract top talent but also make employees feel valued and supported. In this article, we will look at some of the key trends for employee benefits in 2023 so that you can get ahead of the curve!
Healthcare Benefits Literacy
From what we’ve seen from the people and the companies we’re working with, we’re educating them and letting them know their options. It blows their mind because they just weren’t aware, and it’s sometimes hard to grasp. But when they learn it, it’s enlightening for them to realize that they are in control. And it’s cool to see that we are fanning the flame of equipping, encouraging, and empowering businesses to take back control. Because it’s their business, it’s about leading your business in the best way possible to benefit your employees and your profits.
Client Empowerment
We also give businesses the questions they need to ask their brokers. If it isn’t a fit for them to work with us, we at least let them know the questions to be asked and encourage them to refrain from settling for a canned answer. There need to be objective and crystal-clear results of where healthcare dollars are going.
And businesses have the right to get that detailed information. They have the right to look at where their pharmacy dollars are going. They have a right to understand the rebates and where they are going. They have a right to understand the over-billings; that’s another huge issue.
It’s like finding a needle in a haystack. It needs to be synthesized down. At Cogent, we create a visual summary page for businesses, so they understand what’s going on. And then, if we need to peel back into that detail, we can. Still, it starts with establishing those healthcare Key Performance Indicators (KPIs).
And that’s what the innovative companies will require from their brokers and carriers because they can’t afford to accept huge increases and be kept in the dark. They can’t afford to keep pushing rising healthcare costs down on their employees because they’re losing their people. It’s terrible for the culture, it’s bad for the employees, and it’s bad for the bottom line.
Flexible Working Hours and Remote Work Options
Companies are starting to see the benefits of flexible working hours and remote work, and it’s becoming more popular by the day. We expect this trend to skyrocket in 2023. On the one hand, employers can snag the best talent around and keep their current staff members with these arrangements. On the other hand, employees get to call their own shots – they enjoy more control over their schedules and tailor their work environment to suit them just right.
Increased Focus on Mental Health Support
In 2023, companies will have a huge opportunity to really make an impact when it comes to mental health in the workplace. With job demands increasing, it’s crucial for companies to invest in support resources that can help employees deal with stress and keep their work-life balance healthy. That could mean offering counseling services, paid leave for mental health days, or even financial aid for therapy sessions – whatever works best for the employee! And while they’re at it, employers should strive to create an atmosphere that encourages people to talk about mental health issues without fear or stigma. With these in place, businesses can help their staff reach their full potential – and everyone benefits.
The Growing Importance of Financial Wellness Programs for Employees
With financial wellness programs, companies can show they’re looking out for their employees and setting them up for success. These programs provide helpful resources that help folks make smarter decisions when it comes to managing their money, understanding taxes and investments, and planning for the future. Plus, employers get access to expert guidance – so everyone’s one step closer to reaching their short and long-term goals. A great way to help your staff build a better future!
Thinking ahead is key for businesses that want to stay on top of the game. By understanding changes in the workplace now, companies can get a head start and implement strategies that will keep them ahead of the competition in terms of creating productive environments. With some smart planning and foresight, employers can take full advantage of all the opportunities out there – and become leaders when it comes to employee engagement.
