Your 2024 State of Benefits Report
The benefit landscape is always evolving. With 2023 in the rearview, employers are taking a closer look at which benefits topped the charts and why. We’ll help you understand what’s trending, how participation could look, and what to expect in 2024.
We’ve analyzed significant changes that occurred in 2023 and their impacts on the industry. We’ve also illustrated the trends we’re seeing in voluntary benefits and what we anticipate in 2024. To ensure we offer you a holistic view of what’s happening, the data in the report is provided by external and internal resources. Deep at the heart of regulatory changes is paid family and medical leave (PFML). As we’ve seen for the last few years, new states are adding some form of paid leave each year. Among the biggest trends expected in 2024 are new types of paid leave programs. We expect to see more states implementing programs like paid leave for any reason, expanded paid sick leave and voluntary paid leave insurance.
In addition to PFML, the report reviews 2023 requirements for the SECURE Act 2.0, and what is expected in 2024. It also tackles new trends and innovations that have the potential to cut employer costs and improve employee satisfaction. For example, we’ll look at:
- Streamlining processes and promoting automated systems
- Artificial intelligence (AI) and blockchain based benefits administration
- Voluntary benefit options employees want
When it comes to benefits overall, the biggest trends relate to how employees view benefits offered to them. The majority of employees want help from their employer to better understand their benefits – not just during enrollment, but year-round. This number increases to 78% for millennials who say they want more information about their benefits.1
As a leader in benefits administration and a dedicated partner to human resource teams, we understand the challenges you face. We know the ebb and flow of recruitment and retention can be daunting. We also know many HR professionals have the desire to spend more time cultivating culture.
While you keep the day-to-day operations running, we’re here to help you fill in the gaps. We hope this data gives you a snapshot at what to expect in 2024. If it leaves you asking, ‘What is the single most important challenge my organization faces this year, and what can do I about it?’ you’re on track to a game-changing year.
This blog is up to date as of January 2024 and has not been updated for changes in the law, administration or current events.
