By Ashley Snodgrass, Employee Benefits Analyst
It is not too late for you to set goals for your company for 2022, specifically surrounding employee retention strategies, which are needed now more than ever. Each year, RISQ Consulting clients have access to the Employee Benefits Market Outlook. We encourage you to incorporate some trends and insights from the experts.
Download the full 2022 Employee Benefits Market Outlook here. Below are some highlights of what to expect and focus on in 2022:
- Renewed Focus On Employees – “Should their current employers fail to provide sufficient value in terms of salary, benefits, and upward mobility, workers are more willing and able than ever to find employers who will.”
- Expectations – “Employees have higher expectations and greater leverage than ever.”
- Spending Balance – “Health care costs are set to rise considerably as a greater number of patients seek services that were deferred during the pandemic. This leaves employers in a position of needing to rein in spending while still providing competitive benefit offerings to attract and retain top talent.”
- Focus Behavior Health – “The pandemic also shed light on workplace issues that have been unaddressed for years, particularly concerning behavioral health. Approximately 4 in 10 U.S. adults have reported feelings of anxiety or symptoms of depression during the pandemic, according to the Kaiser Family Foundation. These issues should be top of mind for many employers as they witness firsthand how quickly personal health problems can bleed into the professional realm.”
- Are You Considering All Your Options – “In 2022, employers will need to be strategic about reining in health care costs. A long-standing mitigation method is increasing employees’ share of health plan costs. But, that might generate more problems for an employer; after all, many individuals are struggling financially and are prepared to leave their jobs for those with better benefits offerings. With that in mind, employers will need to tread lightly when addressing rising health care costs. One strategy for cutting costs is adopting an alternative health plan model.”
- Rising Pharmacy Costs – “The best method for reducing prescription drug costs without cost-shifting is through employee education.”
- Employee Education is Key – “The education employers invest in now will be repaid later through healthier employees and reduced health expenses.”
- Holistic Benefits – “As more employers realize issues like depression, anxiety, financial uncertainty, caregiving stressors and substance addiction—all rampant during the pandemic—can greatly affect workplace performance and turnover rates, [voluntary benefits] have never been more important.”
