Rising Mid-Year Benefit Trends for Open Enrollment 2023
August 30, 2022 | Winston
With open enrollment comes new benefit trends, and with the many changes currently affecting the workforce and daily life as a whole, there is an emphasis on HR leaders to appease employees through benefits packages. In recent months, some notable trends have risen to the surface as employees pay closer attention to their long-term benefits needs. Today, we’re looking at three mid-year benefits for Open Enrollment 2023 that we foresee being increased topics of discussion for the future.
Unlimited Paid Time Off (PTO)
Generous amounts of PTO have long encouraged employee attraction and retention, but what if employees were offered unlimited PTO? The idea isn’t so far-fetched. In fact, since 2019, unlimited PTO offerings have increased by 75%, according to an article by HR Executive. Due to the high-stress levels since 2020, many employers have implemented the offering to help combat that. According to Fortune, employees are appreciative, with 50% of workers in the U.S. stating they would prefer access to unlimited PTO more than earning a higher salary.
Benefits to Combat Inflation
As of June 2022, inflation was up 9.1%, leading many employees to seek help from their employers to help offset the costs. While some companies are increasing employee salaries, not every industry has the means to do so, and some are utilizing benefits to help combat inflation. Some of these common offerings include remote working options, childcare assistance, student loan assistance, and spot bonuses. Interested in learning more about how you can support your employees through rising inflation? Read our blog on benefits to combat inflation.
Healthcare Cost Management
While many will lump this category in with inflation, rising healthcare costs are a more significant issue within the healthcare industry that’s been looming for years. Healthcare affordability is an area of concern for workers in all sectors, especially those with chronic health conditions or low-wage workers. Employers can help put their employees at ease is to offer low-deductible or no-deductible medical plans, which can be supplemented with co-pays and premiums. If they choose to offer a high deductible plan, consider an employer contribution to employees’ HSA plans. Employers can also provide virtual or telemedicine healthcare options, which may be more affordable for the patient and the company. For example, according to K Health, the average in-person physician visit for an acute respiratory infection such as a sinus infection or bronchitis is $146 compared to $79 for a telehealth visit.
During open enrollment, make sure you’re offering employees benefits that will support them long-term and communicate that clearly. Our team of experts can help guide you through the administration process and will work with your broker to determine plans and offerings that suit your team’s needs. Check out our Services page to learn more about how we can support you during open enrollment.
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.
