Employee Benefits Report – December 2024
New Data Shows Workplace Burnout for 75% of Female Employees
A growing mental health crisis among working women has reached a critical point, with female employees disproportionately affected by mounting stressors that are pushing rates of burnout, anxiety, and depression to alarming levels. Read on for details.
58% of Millennials Bet on 401(k)s Over Social Security
A significant generational shift in retirement planning is reshaping how employers need to think about their benefits packages. While older generations have traditionally viewed Social Security as their primary source of retirement income, younger workers are increasingly putting their faith—and their money—into personal retirement accounts. Read on for details.
DOL Pushes Back Against Texas Courts Over Fiduciary Rule
The Department of Labor (DOL) is mounting an aggressive legal challenge to protect its new fiduciary rule for retirement advice, following preliminary injunctions that halted the planned implementation of the regulation. Read on for details.
Family-Building Benefits Lead Latest Workplace Benefits Surge
U.S. employers are rapidly expanding their family-building benefits packages, with fertility and adoption support emerging as key offerings in the competitive talent marketplace. New research shows companies are investing heavily in these benefits to attract and retain employees while supporting diverse paths to parenthood. Read on for details.
Employee Benefits Report – November 2024
Employer Health Costs Set to Spike Upward in 2025
Employers should prepare for a major increase in healthcare costs in 2025, with new projections showing rises of 8-9 percent or more over this year’s spending. Read on for details.
Biden Administration Finalizes Mental Health Parity Rule
The Biden administration has finalized updates to the Mental Health Parity and Addiction Equity Act (MHPAEA), with the new Mental Health Parity Rule scheduled to take effect in 2025. Read on for details.
Finding the Goldilocks Zone for Employee Health Programs
Employers often struggle to find the “just right” employee health and wellness programs.
Offerings that are too broad fail to drive engagement, while those too narrow struggle to improve health. However, data shows a “Goldilocks zone” exists—allowing employers to care for employees in a way that benefits well-being and the bottom line. Read on for details.
The Battle to Make Employees Care About Benefits Sign-Ups
Despite the importance of open enrollment, most employees lack enthusiasm when asked to review health insurance and other benefits forms annually. Read on for details.
Employee Benefits Report – October 2024
Navigating the Benefits Buffet: How to Choose the Right Mix for Employees
With the number of potential employee benefits rising swiftly, employers face tough choices deciding which perks provide the highest value. Read on for details.
GLP-1s without Lifestyle Changes May Not Lead to Sustained Weight Loss
The popularity of glucagon-like peptide-1 (GLP-1) drugs like Wegovy and Ozempic has skyrocketed in recent years due to their effectiveness for weight loss and treating type 2 diabetes. Read on for details.
Employees Cut Back on Their Own Benefits amid High Inflation
As inflation continues weighing on employees, new research released just ahead of open enrollment reveals what some industry experts call a troubling trend: evidence that employers would be wise to step up their benefits education and communication. Read on for details.
Pay Raises Expected to Slow in 2025 as Labor Market Cools
As the white-hot labor market of the past few years shows signs of cooling down, pay raises for U.S. workers in 2025 are projected to be slower than recent trends. Still, most employers will give salary bumps above the 3% threshold that has become the norm in the pre-pandemic economy.Read on for details.
Employee Benefits Report – September 2024
New Moms Need More than Just Time Off: The Case for Postpartum Benefits
As any new parent knows, bringing home a newborn is exhausting and overwhelming. But for many moms in particular, it can also be isolating and stressful, and lead to serious mental health issues like postpartum depression or anxiety. Read on for details.
Court Halts FTC Non-compete Rule for Plaintiffs: A Win for Employers?
Unexpected injuries can lead to financial stress for many workers. With accident insurance, employers have an opportunity to provide additional financial support to employees. Read on for details.
Family Fitness Is the New Frontier for Employee Wellness Programs
As companies look to improve employee health and productivity while lowering healthcare costs, many are realizing the benefits of expanding wellness initiatives individual employees to include their families as well. Read on for details.
Enable Healing from Pet Loss with Thoughtful Bereavement Policies
As the number of American households welcoming pets continues its 30- year climb, now including more than 66% nationwide according to recent surveys, their role in our families and fabric of daily life has transformed dramatically. Consequently, the grief inflicted by losing these furry loved ones can be devastating. Read on for details.
Employee Benefits Report – August 2024
Set it But Don’t Forget it: Maintaining Your Auto-401(k) Features
When 401(k) auto-features like automatic enrollment, automatic deferrals, and automatic escalation first emerged, they seemed like a total game-changer. Read on for details.
Give Your Employees Peace of Mind with Accident Coverage
Unexpected injuries can lead to financial stress for many workers. With accident insurance, employers have an opportunity to provide additional financial support to employees. Read on for details.
The Remote Workforce Burnout Epidemic: How Employers Can Help
The rapid shift to remote work over the past few years has provided flexibility and other benefits for many employees, but it has also led to a troubling trend: epidemic levels of burnout. Read on for details.
States’ Bid to Block PWFA Rule Fails; Compliance Deadline Stands
A last-ditch effort by 18 states to block new federal regulations implementing the Pregnant Workers Fairness Act (PWFA) has failed, allowing the rules to take effect as scheduled on June 18. The regulations require employers to provide reasonable accommodations for employees with pregnancy-related medical conditions. Read on for details.
Employee Benefits Report – July 2024
Everything Employers Need to Know About Overtime Pay Rule Changes
The U.S. Department of Labor (DOL) recently implemented the first phase of a two-step update to overtime pay regulations under the Fair Labor Standards Act (FLSA) that will substantially impact American workplaces. Read on for details.
Working Moms Mean Business: Supporting Your Parent Workforce
Balancing parenting duties while holding down a full-time job is no easy feat. But with some strategic support from employers, working moms and dads can find greater success both at home and in the office. Read on for details.
How Well Are Current Employee Benefits Programs Meeting Needs of Modern Families?
When it comes to supporting employees with families, traditional benefit offerings may no longer cut it. As concepts of family expand beyond the nuclear unit, benefits must evolve to meet a wider range of needs. Read on for details.
Mixed Signals on Retirement Savings: Higher Balances But More Hardship Withdrawals
Americans have made strides in retirement savings account balances early this year, but financial strain continues to lead some to dip into those funds to make ends meet. Read on for details.
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.