2023 Benefit Enrollment Updates
Annual enrollment with a January 1st plan year is right around the corner and it is time to start planning for 2023 employee benefits. With benefit costs expected to increase 5.6% in 2023, companies are reviewing their benefit strategies now. Trends that being considered include;
Benefits of a Diverse Workplace
Employers are becoming more committed to Diversity, Equity, and Inclusion (DEI) in the workplace and realizing the benefits. According to the Diversity Hub, DEI encompasses the symbiotic relationship, philosophy, and culture of acknowledging, embracing, supporting, and accepting those of all racial, sexual, gender, religious and socioeconomic backgrounds, among other differentiators.
The "Great Reflection"
.Employers have heard of the “Great Resignation” as they struggle to find employees, but how about the “Great Reflection”?
Another trend spurred by COVID-19, the Great Reflection has employees re-imagining their lives. Studies show that closeness to family and friends and prioritizing experiences are more important than ever. For employers, flexible hours, autonomy on the job and more freedom to have family time are key benefits for retaining employees as well as recruiting new employees.
Reasons to stay with an employer vary among different generations. Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability
For more information on the survey, go to;
The Great Reflection (forbes.com)
Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay (yahoo.com)