Click here for a full transcript of the episode.

Benefits are always evolving, and we often get requests from our listeners to do an update on the latest benefit offerings. Even if the newest trendy benefits don’t work for your organization, it’s always good to stay up to date, to know what’s our there, and to learn about what others are offering. The top employee benefit trends in 2024 include improving healthcare affordability, total health and well-being, support for hybrid and flex schedules, and more.

When we say the word benefits, we often think first about health insurance. It’s the highest price tag not only for individuals, but also for employers. Legislation has had the biggest impact on healthcare in the past few decades, from the Affordable Care Act to the removal of the individual mandate to pandemic era laws like the CARES Act and the Consolidate Appropriations Act. Employers want to offer attractive benefits programs to attract and retain employees, but it’s also a balancing act to make sure the cost isn’t too high.

The biggest trend in healthcare right now is GLP-1 drugs for weight loss. GLP-1s are often not covered by health plans when they’re used for weight loss rather than anti-diabetic, and they can be expensive. Pharmacy in general is a challenge as costs increase and people aren’t able to pay for the medication that they need.

Try to be innovative with your benefits – there are lots of alternative solutions that don’t fit neatly in your traditional benefits package, but can often integrate with them. Benefits have gotten complicated and difficult to understand, so communicating clearly with employees about their benefits and making sure they know where to go for information when they need it is key.

In this episode’s listener question, we’re asked for advice on dealing with a problematic employee. In the news, employers’ top priorities are employee morale and engagement, retaining top talent, and finding and recruiting talent with the necessary skills.

Mentioned in this episode:

• Purple Ink
• Susan Tinder White Consulting
• ”Employee Benefits Trends for 2024: What Does the Future of Employee Benefits Look Like?”
• Frame
• The MJ Companies
• The Affordable Care Act
• The CARES Act and the Consolidated Appropriations Act
• Email Erich
• 2023-24 SHRM State of the Workplace Report
• JoyPowered® on LinkedIn
• JoyPowered® on Instagram
• Email JoyPowered®

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