In the ongoing quest to attract and retain top talent, employers are constantly reevaluating their benefits packages. While health, vision and dental coverage have long been standard offerings, today’s competitive job market demands a more expansive benefits menu.
In fact, the future of benefits plans is shifting to be one of greater employee involvement. Companies are recognizing the importance of engaging employees in decision making, moving away from top-down approaches. Gathering data and feedback directly from employees has helped benefits plans align with their needs and preferences — and has given rise to innovative options that are slowly becoming more mainstream.
Care & Concierge Services
An evolution on the healthcare benefits horizon is a shift toward quality care and concierge medical services where businesses can better help guide employees through their healthcare journey. These concierge professionals assist employees in navigating their care options, helping them understand their insurance plans, finding “the right” in-network providers and even scheduling appointments with top-rated physicians. Additionally, the company may provide financial incentives such as reduced co-pays and reduced out-of-pocket costs for visits to high-performing doctors or healthcare facilities, thereby encouraging employees to seek care from providers known for delivering excellent outcomes and patient satisfaction.
Caring for the Caregivers
Care services are also on the rise with long-term care benefits becoming more prevalent and aligning with the aging workforce, while mental health care offerings have surged as businesses and employees prioritize 360-degree well-being. Parental and childcare benefits are also in demand, reflecting the rising costs and the challenges employees face when transitioning back to the office.
Expanding Beyond the Basics
Outside the benefits trinity of health, vision and dental coverage, employees are increasingly seeking benefits that address their broader financial well-being. Advisory services, with a focus on 401(k) plans and money management, are gaining traction. Employees recognize the importance of understanding and optimizing their financial future.
Work Benefits: A New Norm
In the age of remote work and hybrid office models, employees are looking for a holistic package that supports work-life balance. Companies are responding by offering working benefits, which include providing flexibility, training and further career development alongside traditional benefits to attract top talent.
The landscape of employee benefits is evolving rapidly, and employers are realizing that branching out of the traditional benefits arena is critical to meet the ever-changing needs and expectations of their workforce. The future of benefits plans promises to be more employee-centric, empowering individuals to make choices that enhance their overall quality of life.
Bryan Yates is a vice president and employee health and benefits consultant at Marsh McLennan Agency. MMA provides business insurance, employee health and benefits, retirement and private client insurance solutions to organizations and individuals, combining the personalized service model of a local consultant with the global resources of the world’s leading professional services firm, Marsh McLennan.
