Jan 18, 2024

Navigate Employee Benefits Trends in 2024 by Tapping into Your EB Providers

As we step into 2024, Insurope, THE Premier Multinational Pooling Network, has identified several drivers that are shaping the way organizations approach employee benefits. In this article we’ll explore how our Network Members across the globe are responding and share insights into how Human Resources (HR) executives can leverage these solutions to help respond.

Controlling Healthcare Costs

Due to high medical inflation, controlling costs will certainly be top of mind for many HR professionals. Although the effect of COVID-19 on healthcare is diminishing, there is an increase in costs due to increased use of services for mental health and chronic diseases as well as pharmaceutical costs including the increased use of expensive weight loss drugs. As a result, employers will continue to look for solutions that focus on preventative care, wellbeing programs, and use of telemedicine.

Action: Employers should consider the use of mechanisms like Multinational Pooling as a strategic tool to curtail costs. This article outlines the rise of Multinational Pooling and its benefits.

Personalization of Benefits

One prominent trend in 2024 is the growing emphasis on personalized employee benefits. Recognizing the diverse needs and preferences of a global workforce, HR executives are now focusing on tailoring benefits packages to individual employees. This includes offering flexible work arrangements, wellness programs, and financial perks that cater to employees' unique circumstances. By personalizing benefits, organizations not only enhance employee satisfaction but also attract and retain top talent in an increasingly competitive job market.

Action: Consider country-specific benefits, as one-size no longer fits all for a global workforce. For example, through Multinational Pooling with Insurope, companies gain access to local Network Members with expertise in each country where they have employees. Read more on Insurope’s wellbeing solutions offered by Network Members around the globe here.

Mental Health and Wellbeing

As awareness surrounding mental health continues to rise, companies are placing a greater emphasis on employee wellbeing. Lyra Health surveyed 250 benefits leaders across the U.S. to identify trends in mental health benefits for 2024 and the survey reported that 94% of respondents say offering mental health benefits is “very important” to prospective employees—nearly triple the rate of benefits leaders who said this a year earlier (36%). As such, in 2024, HR executives will continue to integrate mental health resources into their benefits programs, including counseling services, stress management workshops, and mindfulness programs. Prioritizing mental health not only boosts productivity but also establishes a supportive workplace culture.

Action: Talk to your medical providers and discuss what tools your organization can gain access to. Read the article here, to see the innovative solutions our Network Members are offering to address mental health.

Sustainable and Inclusive Benefits

In response to the growing importance of corporate social responsibility, HR executives are incorporating sustainable and inclusive benefits into their programs. This includes environmentally friendly initiatives, such as commuter benefits and eco-friendly office spaces, as well as green investment programs, and diversity and inclusion programs that address the unique needs of a diverse global workforce.

Action: Talk to your employee benefits providers who may already have sustainability programs that you can highlight with employees. For example, our Network Member in Demark, Danica Pension, is dedicated to green investments—having achieved its goal of investing DKK 50 billion in the green transition in 2023.

Technology Integration

Advancements in technology are transforming how employee benefits are managed and delivered. HR executives are leveraging artificial intelligence and data analytics to streamline benefits administration, enhance communication, and provide employees with personalized insights into their benefits packages.

Action: Look for partners that offer digital options so that your employees can receive their benefits in the way that they feel most comfortable. Read the article here on how Insurope’s Network Members across the globe are using digital to reach more customers!

Elevating Financial Wellbeing

Numerous studies highlight the adverse effects of financial stress on productivity, sleep quality, and mental health. Recognizing the profound impact of financial stability on the overall wellbeing of employees, organizations are now actively seeking to integrate comprehensive financial wellness programs into their benefits packages. These programs go beyond conventional offerings and encompass innovative solutions such as personalized financial planning tools, resources for effective debt management, and tailored educational initiatives.

Action: See here what companies like Prudential are doing to encourage financial wellbeing.

As the workforce landscape evolves, HR executives must proactively adapt to employee benefits trends in 2024. Personalizing benefits, prioritizing mental health, embracing sustainability, and integrating technology are key strategies for staying ahead in the competitive global market. By aligning benefits programs with the evolving needs of employees, organizations can foster a positive workplace culture, attract top talent, and ultimately achieve long-term success. And don’t forget, many of these solutions may already be available through your benefits providers.

2024 is sure to be an exciting year. Look out for more Insurope insights in the coming weeks to see what Insurope’s Network Members are focused on!