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Top 5 Employee Benefits in 2023
When planning your 2023 HR strategy to provide affordable benefits that meet employees’ needs, keep these trends in mind.
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Over the last few years, employers have been faced with many workplace challenges. Striking a balance with rising costs and inflation has been at the forefront of those challenges, particularly with providing affordable benefits that meet employee needs.
Because workplace perks continue to be key for attracting and retaining talent, here are 2023’s benefit trends to help with your strategy.
Prioritize Employee Well-being
While quiet quitting appears to be on the decline, employee stress, burnout, and poor mental health are still prevalent. To combat these trends, employers are expected to prioritize overall well-being in 2023. This includes:
- Expanding Employee Assistance Programs (EAPs)
- Offering wellness perks and programs
- Training managers to recognize employee behavioral issues
- Providing employees with holistic health resources
- Offering flexible work schedules
Being open and providing supportive resources will help employees improve their happiness and overall performance.
Support Workers’ Reproductive Health
After the Supreme Court reversed the Roe v. Wade ruling in June of 2022, many states enacted their own laws on reproductive healthcare. Despite the challenges this has created for employers, many are turning to family-friendly benefits, such as paid parental leave, paid adoption leave, and surrogacy benefits. Others are considering legal reproductive care benefits, such as family planning assistance, high-risk pregnancy care, travel benefits, and other support.
Be sure to assess the implications of offering any form of reproductive care as individual state laws continue to evolve.
Reign in Healthcare Costs
It’s no secret that healthcare costs have increased year after year for decades now, and there are no signs of that slowing in 2023. While the easy solution may be to modify health plan designs, educating employees on how they can be smarter healthcare consumers is a preferred long-term strategy.
Here are four tips to teach your staff to be smarter healthcare consumers:
1. Urgent Care vs Emergency Room (ER)
Save the ER for true emergencies (life- or limb-threatening) and choose urgent care for everything else. Better yet, try getting a same-day appointment with your primary care doctor. While the copay differences are minimal to you, the actual cost difference is significant -- and the insurance company will make up for it in future insurance premiums.
2. Telehealth vs Doctor’s Office
When you have a nonemergency concern (cold and flu symptoms, allergies, burns, bug bites, eye infection, etc.), contact a telehealth provider first. Telehealth is significantly cheaper (and more convenient for you), and most providers will not bill you if they are unable to diagnose the problem and end up referring you to an in-person visit.
3. Generic vs Name Brand Prescriptions (Rx)
Ask for a generic Rx instead of the higher tiered drugs while at the pharmacy. Generic prescriptions use the same ingredients as name brand but charge the insurance company significantly less.4. In-Network vs Out-of-Network Providers
Always go to an in-network provider. If you are away from your normal providers, look online or call your insurance company for a list of in-network providers to get the contracted rate.Without educating employees on how to be better healthcare consumers, you will continue to be shocked by expensive medical bills and premium increases year-over-year. Learn more here.
Provide Voluntary Benefits
Because many workers are experiencing financial strain, providing voluntary benefits is even more important in 2023. These types of benefits are optional, meaning employees can select what matters most to them.
The following are some of the most popular voluntary benefits in 2023:
- Dental insurance
- Vision insurance
- Accident insurance
- Critical illness insurance
- Hospital indemnity insurance
- Disability insurance
- Life insurance
- Identity theft protection
- Pet insurance
- Student loan repayment assistance
Offer Flexible Work Arrangements
Supporting employees with finding work-life balance is still an important way to improve overall health and well-being. Many employers are finding ways to continue or implement work-from-home arrangements, hybrid work schedules, or other flexible work configurations.
In the event remote work options are not possible for your company, consider allowing your employees to create flexible scheduling options that work for them individually, where permissible.
How to Use Employee Benefits as a Competitive Advantage in 2023
While large businesses have big budgets to attract and retain talent with lucrative benefits packages, small and mid-size companies can stay competitive by outsourcing to a PEO (Professional Employer Organization) like Stratus HR.
Outsourcing to Stratus gives your staff immediate access to competitive healthcare benefits at economies-of-scale pricing. Without any additional effort on your behalf, employees can choose from multiple insurance plans and à la carte products such as dental, vision, accident, life, or other popular voluntary options. Meanwhile, our team absorbs the headache of enrollment and administration.
Stratus also provides certified HR experts to guide you through implementing best practices such as flexible work arrangements, provide training for your staff, and help you maintain compliance with complicated federal and state laws.
For more information, book a free consultation today.