Are your benefit offerings addressing a wide range of needs?
A new report from Gallagher has revealed that 90% of employers have taken steps to enhance support for various core employee wellbeing aspects.
“Today’s workforces consist of multiple generations and people from a variety of backgrounds, and this requires employers to analyze whether their benefit offerings are addressing a wide range of employee needs,” William Ziebell, CEO of Gallagher's benefits & HR consulting division, said, as quoted in BenefitsPRO.com.
“As organizations continue to focus on recruiting and retention as top operational and HR priorities, it’s clear that they’re paying closer attention to important issues, such as flexibility, burnout and inclusive medical coverage.”
Here are the key findings in the Gallagher 2023 Physical and Emotional Wellbeing Report:
Investment in employee morale: Approximately 22% of employers provided mental health training for managers, leaders, or HR personnel, marking a 5-point increase from the previous year. Additionally, around 71% of employers now offer clinical care options such as virtual or telephonic mental health counseling.
Combatting burnout: One in four employers (25%) allowed time off for mental health and burnout, a 3-point increase from 2022.
Evolution of paid leave policies: Access to new child or parent bonding paid leave saw a 5-point rise from 2022, reaching 41%. However, unlimited paid time off (PTO) remains less common, with only 5% of employers offering it.
Specialty drug coverage challenges: About 48% of employers reported challenges in managing specialty drugs, such as weight loss treatments, gene therapies, and biosimilars. Nearly half of employers (48%) either didn't know or didn't use strategies to manage the use and costs of specialty drugs.
The Gallagher report also indicated that medical benefits received significant attention from employers, with almost 39% enhancing these benefits in 2023, representing a 6-point increase from the previous year. This suggests a potential growth in the use of cost-sharing and cost-management tactics for employee medical benefits.
Ziebell stressed the importance of tailoring coverage and utilization approaches to meet the specific needs of diverse employee populations.
“It is essential to recruitment, retention, and the overall wellbeing of employees to serve diverse needs,” he said. “As such, employers should determine what approaches to coverage and utilization will provide the best results for their employee populations, without driving excessive costs.”