Employee Benefits Report – June 2024

Anxiety Now Top Employee Mental Health Issue

Anxiety has reached unprecedented levels among U.S. workers, according to new data, now topping the list as the number one mental health issue impacting the American workforce. Read on for details.
 
 

How Lifestyle Savings Accounts Can Unlock Higher Retention

As the competition for talent continues, employers are searching for new ways to attract and retain top employees. They’re finding that outdated, one-size-fits-all benefits packages no longer cut it. Read on for details.
 

How Targeted Wellness Programs Can Reduce Workers Comp Claims


Employers pay a high price for workplace injuries. ccording to the Occupational Safety and Health Administration (OSHA), workers’ compensation costs U.S. employers nearly $1 billion per week, including indirect expenses like lost productivity, human resources support, replacement employee training, and reputational damage. Read on for details.

2024 Pay Raises: Employers Navigate Tight Job Market as Year Unfolds


Six months into 2024, U.S. employers are immersed in a delicate high-wire act as they finalize compensation budgets and pay raise plans. Though inflation has moderated to around 3% after peaking at 8% in 2022, the job market remains fiercely competitive, forcing companies to carefully balance salary hikes against rising costs and profitability pressures. Read on for details.

Employee Benefits Report – May 2024

Boost Productivity, Reduce Turnover, and Attract Top Talent by Easing Employee Money Worries

Employee financial stress has reached a decade-high, with less than half (42%) of U.S. workers rating their financial health as good or excellent, according to a recent Bank of America study. With high inflation, lackluster raises, mounting student debt burdens and household debt now topping $17.5 trillion, money worries are increasingly distracting employees and impacting businesses. Read on for details.

New CDC Guidelines and Disability Lawsuits: Navigating Long COVID’s Impact on the Workplace

The Centers for Disease Control and Prevention (CDC) issued new guidelines that relax isolation requirements for most people testing positive. However, this move coincides with mounting legal battles over whether insurers must cover long COVID disabilities under employee benefits plans. Read on for details.

Preventing Burnout in Working Parents Helps Employers

For companies aiming to elevate productivity, engagement, and loyalty in the workforce, prioritizing support for working parents may be a wise investment. Experts agree the stress of balancing professional and family obligations exacts a significant toll, frequently culminating in burnout — and businesses bear the brunt of the consequences.
Read on for details.

The Game-Changing Benefit You’ve Been Overlooking: SECURE 2.0’s Student Loan Matching

A key provision in the SECURE 2.0 Act that took effect January 1 could be a game-changer for employers looking to assist workers with student debt while also bolstering retirement savings. Read on for details.

Employee Benefits Report – April 2024

The Personalization Mandate: Tailoring Benefits to Boost Retention


Generation Z is primed to take over as the largest generational group in the workforce. This seismic shift means employers must get creative in how they attract and keep top talent across diverse ages and life stages. One area ripe for a refresh is employee benefits communication and personalization. Read on for details.

Prioritize Care While Cutting Costs


As 2024 rolls on, employers expect healthcare costs to continue rising, making for the steepest increase in a decade, according to recent projections. With employer healthcare expenses anticipated to jump 8.5% nationwide, finding innovative solutions to reduce expenditures while supporting employee wellness has become paramount. Read on for details.

Navigating Compensation in the Era of Transparency


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.

Early Cancer Detection Saves Lives, Lowers Costs


A recent report reveals that early cancer detection through screenings can improve survival rates and reduce healthcare costs for employers. However, many organizations struggle to get employees screened due to a lack of awareness, time constraints, and reliance on third parties for care. Proactive efforts by employers to promote screening compliance can lead to better outcomes. Read on for details.

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.