Mastering employee benefits: Aligning your strategy with evolving needs

With global medical trends continuing to exceed general inflation, a cost-of-living crisis, and global economic uncertainty, it’s critical that companies ensure their benefits strategies are keeping up with their, and their employees’, needs.
The COVID-19 pandemic has shown employers that the success of a business is dependent on the health and wellbeing of its workforce, with benefits programs gaining more attention from the C-suite. While this renewed emphasis is good news for employees, HR and benefits teams need to be laser-focused to ensure plans deliver the right value for money and support wider business objectives.
Our MMB Health Trends 2024 research highlights three actions benefits professionals can take to step up their game and achieve their goals:
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Take a more active role in managing your benefits:Per-person medical cost increases continue to outpace inflation; despite this, 57% of insurers expect employers to make plan improvements that will require intentional monitoring.
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Develop a multiyear benefits strategy:Breaking down benefits changes over time can help prepare stakeholders while getting ahead of cost increases.
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Engage stakeholders early and often:Delivering a consistent and clear message on your strategy can help ensure success.
Three tips for taking your benefits to the next level
Actively managing your employee benefits strategy
Employers face a difficult environment, with competing needs pushing the boundaries of typical practice for benefits. Employers need to balance economics and empathy when reviewing plan design, keeping in mind the hardships many employees experience in the face of inflation. On the other hand, employers should acknowledge that many economies are not yet out of the woods when it comes to a possible recession.
Benefits professionals can remain focused by actively managing their plans, planning for the long-term changes needed and bringing all stakeholders into the process. These actions could be critical to your success.