Employee Benefits Report – March 2024

2024 Benefits Trends: What Employers Need to Know


As the COVID-19 pandemic recedes into the rearview mirror, employers are shifting their focus to new challenges in the benefits space. With medical costs projected to rise 8.9% in 2024, many companies will need to make difficult decisions about their health and welfare offerings. They’ll also face growing pressure to support employees’ financial, physical and mental well-being. Read on for details.

SECURE 2.0 Means Major Retirement Changes in 2024


With the start of 2024 comes a wave of substantial changes to the retirement landscape caused by the rollout of version 2.0 of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was passed by Congress in 2022. The legislation contains provisions aimed at increasing retirement savings and preparedness for millions of U.S. workers. Read on for details.

Stricter New Rules Limit Independent Contractor Hiring


As healthcare costs continue their meteoric rise, employees are struggling under the weight of medical expenses. But a novel new benefit offers employers a way to attract top talent while empowering staff to manage costs. Read on for details.

4-Evolve Your Benefits as Your Workforce Ages


The makeup of the American workforce is changing drastically. As baby boomers age, the number of employees over 75 continuing to work is skyrocketing at an unprecedented rate. Employers must now reevaluate their benefits packages to meet the needs of an older, more diverse population. Read on for details.

Employee Benefits Report – February 2024

Six Healthcare Trends Employers Can’t Afford to Ignore in 2024

Employers are facing immense healthcare cost pressures going into 2024. According to industry experts, medical benefit expenses are predicted to rise 5.4% next year — outpacing the 3-4% average annual increases seen over the past decade. This spike ties back to factors like lingering inflation, more expensive treatments, and pandemic care deficits coming due. Read on for details.

How to Attract and Retain Top Talent in 2024

As the pace of hiring slows, employers should be strategic in their recruiting efforts to avoid turning away top talent. With the upper hand tilted back towards job seekers in some sectors, organizations must ensure their policies and practices reflect how they put the best interests of their employees forward. Read on for details.

What the Transformation of PBMs Could Mean for Employers

When nonprofit health insurer Blue Shield of California announced significant changes to how it conducts pharmacy benefit management (PBM) for its 4.8 million members, the health insurance industry took notice. Read on for details.

How Tailored Benefits Can Support Women in Today’s Workforce

Balancing work and family responsibilities continues to be a significant challenge for many women. While female participation in the labor force has rebounded to pre-pandemic levels, women still face disproportionate caregiving duties at home. Read on for details.

Employee Benefits Report – January 2024

Sick Days Have Doubled, but Morale Is Up


In the last few years, employers across the nation have seen a dramatic shift in how their workers approach sick leave. Read on for details.
 
 

New Solutions for Employee Mental Health


More than one in five U.S. adults suf¬fer from mental illness each year, according to the National Alliance on Mental Illness. An estimated four percent have attention deficit hyperactivity disorder. Read on for details.
 
 
 

Healthcare Credit Cards: The Employee Benefit That Pays You Back

As healthcare costs continue their meteoric rise, employees are struggling under the weight of medical expenses. But a novel new benefit offers employers a way to attract top talent while empowering staff to manage costs. Read on for details.
 
 

Government Tips for Accurate EEO-1 Reporting

The U.S. Equal Employment Opportunity Commission (EEOC) has released new guidelines to assist employers in correctly submitting their 2022 EEO-1 reports. Read on for details.

Employee Benefits Report – December 2023

What’s Driving Benefit Costs Up 7% for 2024?

U.S. employers should brace for a 7% hike in healthcare costs next year, fueled largely by chronic conditions, costly prescriptions, and catastrophic claims, according to new data. Read on for details.
 
 

How Loss of Childcare Funding Will Impact the Workplace

A crisis is looming for working parents across the country as federal pandemic relief funding for childcare expired on September 30, threatening affordable care op¬tions. Employers stand to face major workforce disruptions if they don’t take action to support employees with childcare needs. Read on for details.

How Claims Data Analyses Can Make Healthcare More Affordable

Employer-sponsored health insurance represents the single largest source of healthcare coverage in the U.S., accounting for roughly $1.3 trillion in annual spending. Read on for details.
 
 

Support Your Staff As They Transition Back to Making Student Loan Payments


Now that federal student loan payments have restarted after a nearly three-year pause, HR teams can play a key role in supporting employees through this transition. With over 45 million Americans holding $1.77 trillion in stu¬dent debt, many workers face renewed financial burdens from monthly payments. Read on for details.

Employee Benefits Report – November 2023

Seven Open Enrollment Tips for Communicating Benefits

This year’s open enrollment period presents some unique challenges for employers looking to effectively communicate benefits options to employees. Read on for details.

 

Virtual Physical Therapy: An Employer’s Secret Weapon Against Opioids


The opioid epidemic continues to ravage communities across America, taking more than 41 lives per day and costing billions in lost productivity and increased healthcare expenses. Read on for details.
 

How Smart Employers are Using Second Opinions to Avoid Unneeded Surgeries

When employees require surgery, the costs to employers can be immense—not only the direct medical bills but also lost productivity from time off work. However, a growing number of employers are realizing that many recommended surgeries may be unnecessary. Read on for details.

Employers Apply Brakes to Runaway Compensation Growth

Employers are still boosting compensation for workers, but the pace is slowing, according to new data from the U.S. Bureau of Labor Statistics (BLS). The latest BLS Employer Costs for Employee Compensation report shows total compensation costs for private-industry workers rose just 0.59% from March to June 2023. Read on for details.

Employee Benefits Report – October 2023

Seven Strategies for Helping Employees Understand Their Benefits

A recent survey found that 81% of employees want more information about company-sponsored benefits throughout the year, yet 47% don’t know enough to make informed choices during open enrollment. Read on for details.
 

Preventative Health Helps Cut Costs without Cutting Care

With healthcare expenses only continuing to rise, employers are seeking innovative ways to curb costs while still providing quality care for their workforce. New data reveals strategic investments in preventative services and cutting-edge technologies can significantly reduce spending on serious medical interventions down the line.

On-Demand Pay Reduces Employee Financial Stress

A recent surge in on-demand pay benefits offers employers a powerful tool to reduce employee financial stress. With workers increasingly squeezed by economic uncertainty and the rising cost of living, the ability to access wages immediately is becoming a highly sought-after benefit. Offering this perk can boost worker loyalty, motivation, and productivity. Read on for details.

Are Weight-Loss Drugs The Next Big Benefit?

With nearly half of American adults saying they would be interested in taking prescription weight-loss medications if covered by insurance, employers may soon face rising pressure to provide coverage for these drugs in their health plans. But concerns around safety, efficacy and costs are giving some employers pause.Read on for details.

Employee Benefits Report – September 2023

Controversial Bills Target Employer Obligations

A series of high-profile bills recently cleared a key Senate committee which could substantially impact employers’ obligations regarding unions, pay equity, and paid leave. Read on for details.
 
 

Is Your In-House Medical Program Exposing You to OSHA Citations?

The Occupational Safety and Health Administration (OSHA) is devoting more attention to scrutinizing employers’ inhouse medical programs for general duty clause violations related to alleged medical mismanagement of injured workers. Read on for details.
 

Bridging the Gap Between Working and Pumping: Keys to Supporting New Moms

The passage of the Providing Urgent Maternal Protections for Nursing Mothers Act (PUMP) represents a major step forward for breastfeeding moms in the workplace. Read on for details.
 
 

Unlimited PTO Gaining Traction: Is Now the Time?

In recent years, a growing number of employers have been experimenting with unlimited paid time off policies. But is now the right time for your organization to make the switch?Read on for details.

Employee Benefits Report – August 2023

How to Motivate Employees to Seek Healthcare When Needed and Encourage Well-Being

Workplace flexibility in the modern business landscape has evolved beyond mere hybrid schedules. A significant paradigm shift is occurring, with employees placing a premium on flexibility. Read on for details.
 
 

How to Motivate Employees to Seek Healthcare When Needed and Encourage Well-Being

The modern workplace has come to recognize the importance of employee health and well-being. Yet, there is a concerning trend of employees delaying their own healthcare. Read on for details.
 
 

Parents Win Big: The Surprising Shift in 2023 Employee Benefits

The modern business landscape is shifting, propelled by fundamental transformations in employee benefits, according to the 2023 Society for Human Resource Management (SHRM) Employee Benefits Survey. Read on for details.
 

Should Employers Cover Employee Weight Loss Medications?

Originally prescribed for diabetes management, GLP-1 drugs like Ozempic and Wegovy have shown significant potential as weight loss tools. A rising demand underscores their effectiveness, and their off-label use for weight loss has added another layer of complexity for employers deliberating their health plan coverage.Read on for details.

Employee Benefits Report – July 2023

Unlocking Employee Potential with Divorce Coaching Benefits

A divorce is a life event that is both common and challenging, and its impact on an employee’s professional life can be profound. The most recent CDC data shows that over 34% of marriages end in divorce. Read on for details.
 

The Silent Crisis: Rising Mental Health Problems at Work

An undercurrent of mental health issues is disrupting workplaces across the United States, leading to concerns about productivity, engagement, and retention. The Society for Human Resource Management (SHRM) recently released a report revealing a startling trend: an increasing number of U.S. employees are battling mental health issues, often directly resulting from their work environment. Read on for details.

The IRS Takes on Inflation: Major Changes in HAS and HDHP for 2024

High inflation continues to shape the economic narrative of the nation. Now the Internal Revenue Service (IRS) has responded by unveiling significant modifications to the health savings account (HSA) and high-deductible health plan (HDHP) limits for the year 2024. Read on for details.

How to Compete in Today’s Tight Labor Market

The 2023 labor market continues to tighten, creating challenges and opportunities for employers. Compensation is a key aspect of these dynamics. Mercer’s latest data reveals that pay increases this year are the highest since the 2008 financial crisis.Read on for details.

Employee Benefits Report – June 2023

The Healthcare Affordability Gap: Employer Confidence Meets Employee Skepticism

pills and dollarsThe burden of paying for healthcare benefits has grown substantially for many employers. As the average expense for employee healthcare is projected by the Society for Human Resources Management to increase by 6.5 percent in 2023, surpassing $13,800 per employee, businesses of all sizes struggle to balance their budgets while ensuring their workforce remains healthy and productive. Read on for details.

Reimagining Retirement: The Case for a Return to Pension Plans

two empty adirondac chairsAs the retirement crisis looms, experts are exploring innovative solutions to ensure a secure financial future for America’s workforce. One such solution is a return to pension plans, which could provide the stability and affordability employers and employees seek. Read on for details.

Rethinking Employee Benefits: Strategies for Enhancing Worker Satisfaction

employee meetingRecent data reveals a troubling trend: employee satisfaction with workplace benefits has reached its lowest point in a decade, falling to 61 percent in 2023 from 64 percent in 2022.
Read on for details.
 

Supporting Employee Mental Health After Tragic Events

rubber stampsArising number of mass shootings have been reported across the United States in recent years, with a significant increase in 2023. These tragic events considerably impact employees’ mental health, making it essential for employers to offer support in these challenging times. E Read on for details.

Employee Benefits Report – May 2023

Tripledemic Presents More Challenges for Employers

empty desks
Employers across various industries face unprecedented challenges as they deal with the surge in employee absences caused by the simultaneous spread of COVID-19, flu, and respiratory syncytial virus (RSV). Read on for details.

Harnessing AI and Data Science to Revolutionize Workplace Safety

multiple monitors
Artificial intelligence (AI) and data science are having a transformative impact on workplace safety. Read on for details.

 

How to Provide Benefits Equitably for Both Remote and Onsite Employees

teleworker
The COVID-19 pandemic has had far-reaching effects on the world of work, including a rapid shift in employee benefits needs and preferences.
Read on for details.
 

Biden Vetoes Attempt to Overturn ESG Rule

rubber stamps
On March 20, President Joe Biden vetoed the US Senate’s vote to overturn the Environmental, Social, and Governance (ESG) rule, which allows retirement plan fiduciaries to consider ESG factors when selecting investments. Read on for details.

Employee Benefits Report – April 2023

New Labor Policies to Be Aware of in 2023


2023 promises to bring sweeping changes for employers and the employee experience. A host of new labor laws, rules, and regulations are set to come into effect in the coming year, with a focus on wage equity, expanded healthcare benefits, and other initiatives. Read on for details.

Biden Administration’s ESG DOL Rule Under Fire from Multiple Fronts

The Department of Labor’s (DOL) new rule on “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” which allows for consideration of environmental, social, and governance (ESG) factors when making investment decisions, has come under fire from multiple fronts. Read on for details.

How Employers Can Benefit from Accommodating Disabled Workers

President George H.W. Bush signed the Americans with Disabilities Act (ADA) into law on July 26, 1990. The ADA is a civil rights law that forbids individuals with disabilities from being discriminated against in all areas of public life, including employment, transportation, and public and private places open to the general public. Read on for details.

Telehealth Services, Mental Healthcare, and the Consolidation Appropriations Act of 2023

The Consolidated Appropriations Act of 2023 was signed into law on December 29, 2022, by President Biden. This $1.7 trillion omnibus spending bill is set to fund the US federal government for the 2023 fiscal year. It includes several provisions that will significantly impact telehealth and mental health care services in the coming year. Read on for details.