Alera Group is pleased to introduce a new and timely resource for business managers and HR teams, as well as members of the C-Suite: our 2023 Employee Benefits Market Outlook.
Those of us who make our living designing, administering and/or funding employee benefits programs live in unprecedented times, which are characterized by two seemingly contradictory propositions:
- Business managers and HR administrators in almost every organization these days find themselves performing a highwire act – balancing offerings that will attract and retain valued employees amid the Great Resignation with the need to contain costs amid the ongoing challenges of widespread inflation;
- There’s no one-size-fits solution to successfully navigate this challenge.
While the challenges we face are essentially the same, the responses we require may be necessarily different.
Unprecedented times call for unprecedented measures, and that makes this a fitting occasion to introduce our inaugural Market Outlook. Informed by surveys of employers, input from our partner vendors and carriers, and analysis by Alera Group’s extensive team of benefits experts, the Market Outlook provides valuable insights into what you can expect this year from a benefits perspective, bringing into focus the key factors driving market trends and the topics organizations should think about as they address their unique challenges.
The employee benefits program best suited to your business depends on a range of factors, including:
- Number of employees;
- Long- and short-term strategies for growth;
- What benefits your competitors are offering;
- Diversity, equity and inclusion (DEI) considerations;
- Employee demographics regarding generation/life stage;
- Federal, state and local regulations;
- And, of course, budget.
Complicating matters are global, national and regional issues including, but not limited to:
- Ongoing effects of COVID-19 on health and wellbeing;
- Transitions involving remote and hybrid work arrangements;
- Upheaval from the Great Resignation;
- High inflation;
- Regulatory uncertainty.
Without a clear picture of the employee benefits landscape, attempting to navigate the avenues and obstacles can be overwhelming. Alera Group’s 2023 Employee Benefits Market Outlook will help set you on the path to a benefits program that’s right for where your organization is today and where it wants to be in the future.
Sections are devoted to:
- Healthcare costs and the impact of inflation;
- Employee mental health;
- Balancing benefits enhancement and cost containment;
- Absence/disability management;
- Voluntary benefits;
- Regulatory changes;
- Strategies that enable organizations and employees to thrive.
Your local Alera Group office is available to assist you with your employee benefits and HR needs. Having the 2023 Employee Benefits Market Outlook as a resource will make you better informed for any discussion of your needs, challenges and options. To download the Market Outlook, click on the link below.
About the Author
Executive Vice President and Practice Leader, Employee Benefits
Sally Prather has more than 25 years of experience helping clients, associates and businesses achieve their goals through growth-oriented insurance, benefits and HR solutions.