In the coming year, 81% of organizations plan to add or enhance employee benefits to recruit and retain employees. This strategic move highlights the importance of a well-rounded benefits package to meet the evolving needs of today’s workforce.

Emerging Benefit Trends to Watch

Employers seek to address a broader range of employee needs through innovative and supportive benefits.

• Pet Insurance: According to Nationwide, 69% of employees rank pet insurance as the most significant voluntary benefit provided by organizations, reflecting the growing importance of pets in employees’ lives and their desire for comprehensive care options.
• Long-Term Care: As the population ages, long-term care benefits are becoming crucial for employees who need to plan for their future healthcare needs, ensuring they have support for extended medical care and daily living assistance.
• Student Loan Assistance: With the burden of student debt affecting many employees, offering student loan assistance helps alleviate financial stress and supports employees’ financial well-being, making it a highly valued benefit.
• Employee Assistance Programs (EAPs): These programs provide essential mental health and counseling services, helping employees manage personal and professional challenges.
• Legal and Identity Theft Benefits: Providing legal and identity theft protection helps employees feel secure and supported in managing legal issues and protecting their personal information, addressing growing concerns about privacy and security.
• Benefits for Part-Time Employees: Extending benefits to part-time employees demonstrates a commitment to supporting all workers, enhancing job satisfaction and loyalty among a broader segment of the workforce.

Strategic Considerations for Employers Navigating Employee Benefits Trends

Considering current employee benefit trends, it’s important for employers to be strategic about their offerings. Here are some considerations:

• Flexibility and Customization: Implement flexible benefit offerings that provide employees with tiered options or a variety of choices to best meet their individual needs and budgets.
• Employee-Centric Approach: Regularly seek and incorporate employee feedback to ensure benefits offerings remain relevant and appreciated.
• Holistic Well-being: Support employee well-being with programs that support financial wellness, mental health support, and wellness initiatives to meet a variety of needs.

Partnering with Pierce Group Benefits

At PGB, our team is a strategic partner for helping employers navigate the benefits landscape. For more insights and resources in optimizing your employee benefits strategy, connect with your dedicated Pierce Group Benefits Account Executive or reach out to a PGB Representative at partnership@piercegroupbenefits.com for further information.