Today's employees are becoming more discerning when it comes to vetting the benefits programs of potential employers — and given the tight labor markets of recent years, businesses are responding. That's a key finding of a
Beyond traditional medical benefits, employer interest in holistic wellness programs that address multiple facets of employee health increased dramatically. Benefit brokers reported in the survey that the top five non-traditional benefits requested by the employers they work with centered on supporting the mental, financial, physical and digital health of employees.
What's more, employers seem to be weighing factors beyond the mere price per employee. During the previous three years of the survey, price per employee was the top benefit consideration for employers. In 2023, value to employees claimed the top spot.
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Our sense is that it seems a reimagination of employee benefits paradigms may be underway.
By far, the most requested progressive benefit reported in this year's survey was mental health, as 91% of respondents listed it among the top-five benefits requested. Considering all that society has experienced during the past few years – a global pandemic, civil unrest, political violence, economic uncertainty – it's not hard to imagine why employees would seek mental health resources.
The survey results reflect a broader national conversation around ending the stigma of mental healthcare, along with recognition of the increased need for mental health resources. This has seemed to make employees more likely to seek help and employers more willing to offer it. In 2023, the American Psychological Association found
There are also pragmatic economic arguments to be made for greater support of mental health in the workplace. The World Health Organization reports depression and anxiety cost the global economy $1 trillion each year, predominantly in the form of reduced productivity.
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If there is one emotional issue that crosses all facets of employee wellness, it might well be stress. Stress can arise from many sources, but in TransUnion's quarterly study of U.S. consumer attitudes, there are two issues that have remained persistently on the minds of many Americans in recent years: financial concerns and the vulnerability of personal data.
Despite currently strong economic indicators, inflationary pressures of the past two years continue to weigh heavily on many Americans. In Q4 2023, inflation was the No. 1 financial concern for 44% of consumers and a top-three concern for 79%. Overall, only 34% said their household incomes were keeping up with the rate of inflation.
It's in that environment that 2023 benefit brokers reported an increase in employers asking about financial wellness coaching and financial advice as possible benefits for their employees. It was the fourth-most requested benefit in 2023. An employee benefits program that includes access to financial advice and coaching can help facilitate greater stability and peace of mind for workers at every level of the organization.
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On the data privacy front, public attitudes appear to be changing — even as the number of data breaches hit historic highs. In Q4 of 2023, 74% of consumers surveyed reported concern with having their identities stolen, and nearly half reported being targeted by or becoming victims of digital fraud schemes within the previous three months. The emotional and mental — not to mention financial — toll of identity crimes on their victims has been well-documented in research conducted by nonprofits such as the
On a related front, employers' cybersecurity landscape has become crowded with threats, and remote and hybrid work arrangements have more deeply intertwined personal and corporate risk. In terms of concerns expressed by employers, the biggest mover involved data breaches and cyber threats, with which more than doubled to 53% last year from 25% in 2022.
Benefit brokers also reported that more employers asked about identity theft protection benefits, which can help reduce the anxiety and stress their employees experience while also strengthening the organization's security posture. While "digital wellness" is a newer entrant to the field of employee wellness, it seems to grow more important each year.
Another key survey finding revealed a disconnect between the benefits requested by employers and actual benefits they offer employees. This points to critical opportunities for the 83% of benefit advisers who said they're actively looking to present new products and features to the corporate leaders they advise.
Benefit brokers who are equipped to meet today's demand for comprehensive solutions beyond traditional health insurance will make their services more relevant and valuable. The employee wellness market is poised to grow, and benefit brokers who effectively respond to the trends can differentiate themselves, deliver more comprehensive value and build long-lasting client relationships.
