From the importance of pay transparency to alleviating financial strain in an uncertain economy to holistic support of employee health and well-being, 2023 showed us that mindsets are shifting—something we’ll continue to see this year.
Here, we’ll explore evolving trends that are likely to continue to shape the industry in 2024.
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Health care costs
On par with 2023, health care costs are expected to continue to rise in 2024, with analysts forecasting that this trend is likely to remain in the coming years. Last year’s historic inflation, labor shortages in the health care industry and costly, complex care for conditions like chronic illness are among the factors behind health care inflation.
Addressing burnout in the workplace
Over half of employees are still experiencing burnout—a call-to-action for employers who aim to retain employees in 2024. This year, employers will be tasked with weighing the benefits of offering flexible work arrangements versus implementing return to work policies, along with ensuring mental health benefits are robust and reviewing paid time off policies to lessen burnout and support employee well-being, happiness and productivity.
Continuing to expand mental health benefits
Despite 2023’s behavioral health investments from employers, employees continued to rank mental health as one of their top concerns in the new year. This was particularly emphasized among employees with disabilities, LGBTQ+ and Black women. While inclusive benefits that support individual needs remain priority, in 2024, employers will be challenged to find even more effective ways to address the continued call for mental health support in the workplace and beyond.
Increasing awareness of women’s health
With the 2022 U.S. Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization to overturn Roe v. Wade, employers have been carefully revisiting their benefits for how they support women’s health at every life stage, from family planning to reproductive health to menopause. According to Mercer’s 2024 benefits survey, the percentage of employers planning to offer menopause support has more than tripled since last year’s survey. In 2024, we can expect to see continued emphasis on whole-health benefits for women and mothers across pre-conception, pregnancy, pregnancy loss, postpartum and caregiving.
Benefits will always be one of the driving factors of recruitment and retention. But as our industries shift with the times, so must our benefits. Be sure to re-evaluate your offerings every year to keep up with what top-talent wants.
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Benefits will always be one of the driving factors of recruitment and retention. But as our industries shift with the times, so must our benefits. Be sure to re-evaluate your offerings every year to keep up with what top-talent wants.
