Sponsored: Actionable strategies to help employers respond
(istock, sponsored) | By focusing on employee needs, expanding ancillary offerings and leveraging technology, employers can attract and retain top talent while building lasting employee loyalty.
The workplace is evolving rapidly. Rising healthcare costs, economic uncertainty and a multigenerational workforce are changing what employees expect from their benefits packages. To stay competitive, employers need to rethink their approach to benefits — making them more flexible, personalized and meaningful.
Let’s explore 4 key trends shaping the future of employee benefits and offer actionable strategies to help employers respond.
1. Personalization is Now Essential
Today’s workforce spans multiple generations and life stages, each with different priorities. A one size fits all benefits approach no longer works. Employers who align their benefits offerings with shifting employee needs may see better engagement, retention and ROI.
2. Technology is Transforming Benefits Delivery
Technology is transforming how employees interact with their benefits through user friendly platforms and personalized digital experiences. Advanced analytics and AI help administrators gain deeper insights, with research showing that data driven benefits strategies deliver measurable gains in employee performance and engagement.
3. Rising Health Care Costs Drive Need for Creative Solutions
With about half of U.S. adults struggling to afford health care and employers facing cost increases of more than 5 plus percent for the third straight year, there’s mounting pressure to deliver greater benefits value while managing costs.
4. Ancillary Benefits Offer High Value at Lower Cost
Employers are turning to ancillary benefits to enhance their offerings without breaking their budgets. These benefits provide flexibility and tangible value:
Supplemental Health Insurance
With high deductible health plans (HDHPs) increasing in popularity, supplemental health products bridge the coverage gap by providing cash benefits for covered illnesses and conditions, giving employees financial flexibility when they need it most.
Mental Health Support
The conversation around mental health at work has transformed: Today, 89 percent of employees say leadership is open to discussing it, compared to only 35% in 2020. Employers can strengthen this momentum by providing Employee Assistance Programs (EAPs), stress management resources and benefits that ease financial and work life pressures.
Preventive Care
Benefits encouraging preventive eye and dental exams can help detect early signs of certain chronic conditions, preventing high cost medical claims later.
Financial Security Benefits
Disability and life insurance provide income protection and peace of mind during difficult times addressing the financial stress that can be top of mind for many employees.
Taking Action
To build future ready benefits strategies, employers should:
- Personalize benefits based on data: Use employee demographics and feedback through surveys to tailor your offerings.
- Leverage technology for a seamless experience. Choose platforms that simplify enrollment and provide decision support.
- Choose strategic partners. Work with benefits partners who offer data driven insights and solutions.
- Plan long term. Create a benefits road map that aligns with your talent strategy and business objectives.
- Measure impact. Track utilization rates, satisfaction scores and business KPIs, such as retention and engagement.
Looking Ahead: Why Future Proof Benefits Strategies Matter
Employee retention ranks as a top business concern for 57 percent of CEOs, making benefits strategy more important than ever. By focusing on employee needs, expanding ancillary offerings and leveraging technology, employers can attract and retain top talent while building lasting employee loyalty.
Looking for more? Visit renaissancegroupbenefits.com to download free resources and explore more ways ancillary benefits can help your organization prepare for the future.
Insurance products are underwritten by Renaissance Life & Health Insurance Company of America, Indianapolis, Indiana, and in New York by Renaissance Life & Health Insurance Company of New York, Binghamton, New York. Both companies may be reached at PO Box 1596, Indianapolis, Indiana 46206. Products may not be available in all states and jurisdictions.