Employer takeaways from Biden and Trump's first debate

With the 2024 presidential campaign well underway, President Joe Biden and former president Donald Trump faced off in their first debate. 

With top issues like abortion, healthcare costs and the economy top of mind for Americans, the candidates' stances could impact employers and employees alike. According to research from EBN, 20% of employers think reproductive rights in the wake of Roe v. Wade is the most urgent issue for the next administration and Congress to address, while financial issues like the economy and economic inequality were a top concern for 46% and 16% of those surveyed, respectively.

At Thursday's debate, Biden and Trump took on the abortion issue. Biden said that he would continue to work to restore abortion rights, after Roe v. Wade was overturned in June 2022. Since then, battles have raged at the state level, with 14 states since instituting outright bans on abortion. Most recently, the Supreme Court upheld a decision to approve access to the abortion pill, mifepristone. Trump said he agreed with the Supreme Court's decision and would not block it. 

Access to medication abortion is a critical component of supporting the reproductive health of employees, says Kiki Freedman, the co-founder and CEO of Hey Jane, which provides access to this care, along with other sexual health resources. She shared why employers should be aligned with employees on this issue in a recent episode of EBN's podcast, Perk Up! 

Listen to the episode here: Giving birth, then back to work: Supporting reproductive rights

Inflation is another top issue for voters this election cycle, as the cost of living remains high and wages have not been able to keep up. During the debate, Biden and Trump argued over which administration was to blame for the poor economic climate. 

Yet finger-pointing does little to mitigate the stress employees are facing around their finances, and employers have also struggled to keep pace with salary expectations. Exclusive research from EBN found that half of employers feel their wages have failed to keep up with inflation, though of those employers who plan to give raises in 2024, half will address cost of living increases, rather than merit. 

Employers have taken on a variety of strategies to address compensation pain points and help employees pursue financial wellness. This week, EBN took a closer look at compensation, and the role benefits, pay transparency and more can play in creating a more equitable workplace.  

Here are the benefits that can fill in financial gaps around compensation: 4 benefits that make your compensation package competitive in 2024

Rising healthcare costs are also a major challenge for Americans, with Biden and Trump addressing these concerns in their debate. The candidates addressed the cost of prescription drugs, as well as the future of Medicare. Biden touted his efforts to reduce prescription drug costs — this week, the Inflation Reduction Act, signed by Biden in 2022, reduced the cost of 64 prescription drugs whose prices outpaced inflation for those on Medicare. 

Managing healthcare spend is a critical area of focus for employers, and organizations have used a variety of approaches to do so. Switching to a self-funded care model, adding new benefit platforms that address lower cost preventive care, and turning to virtual care solutions are all strategies that could help employers pass thousands of dollars in savings down to their workers. 

Read more about how employee benefit plans from WeightWatchers and Sword Health are addressing healthcare costs: WeightWatchers has a plan to help employers lower healthcare costs and How employers can save $3,000 per employee on MSK care

For more on how the election will impact businesses, check out EBN's Election 2024 page right here.