"Benefits by Life Stages" was the overwhelming response to a recent NEEBC survey gauging interest in various benefit topics.  Perhaps this response shouldn’t be a surprise.  For the first time ever, workplaces may have up to six generations in their workforce¹, spanning across as many life stages².  While each generation is typically at a different life stage with unique benefit priorities, there may be some overlap.  As shown in the diagram³ below, each stage has unique employee benefits priorities. Recognizing and addressing these diverse needs – both by life stages and generations – and reconsidering a one-size-fits-all approach to plan design may lead to a more engaged, satisfied, and loyal workforce.

Characteristics and Recommended Employee Benefits
by Life Stage

In today's ever-changing workforce, benefits are evolving at a rapid pace. From flexible work arrangements to mental health support, employers are recognizing the importance of offering comprehensive benefits packages that will attract and retain top talent. Yet offering these advancements may not be enough.  There is still the challenge of ensuring that employees are fully informed and educated about all their benefit options.

According to Employee Benefit News’ The State of Healthcare 2024, only 31% of employees who took a healthcare literacy quiz (i.e. what is a deductible, copay, etc.) scored over 70%!¹ Obviously, employees need more benefits information and education to make better consumers of their benefits. 

Retaining talent is the top organizational concern this year according to an isolved survey of 1,000 HR-decision makers. These same decision-makers say employees’ increasing expectations for the experiences they have at work is the biggest threat facing retention.

Although increasing employee expectations can be driven by external factors (like what employees see on social media and the consumer experiences they have outside of work), total compensation still plays a critical role. In fact, HR decision-makers say competitive compensation and competitive benefits are the top two investments that can be made to deliver employee experiences that matter.

Reflecting on an insightful and engaging experience at the New England Employee Benefits Council’s recent conference, “Innovation in Employee Benefits: The Power of Progress,“ which focused on innovative benefits (including a breakdown by many life stages), point solution fatigue,  AI, and strategies to help control expenses without compromising coverage.  It was truly inspiring to be surrounded by a community of brilliant minds, all dedicated to the shared mission of helping our clients – countless organizations around the region and beyond – and their employees navigate the complex landscape of benefits with strategic vision.

The discussions around Point Solution fatigue resonated deeply, highlighting the challenges organizations face in managing an overwhelming array of solutions. In the era of information overload, employers must find a balance between value and confusion, which makes streamlining and optimizing benefits through innovative approaches paramount.  In the quest to tailor benefits packages for employees, employers are increasingly turning to targeted solutions to add a personalized touch. However, they face the delicate task of balancing customization with the risk of inundating employees with an excess of choices leading to less impact, and costs becoming a deterrent without a true ROI.

February is Cancer Prevention Awareness Month, and to many employers, that likely sounds like yet another opportunity to highlight standard prevention advice: quit smoking if you smoke, prioritize fresh foods and exercise, and make sure to follow cancer screening guidelines. But the truth is that there is much more to this issue than this one-size-fits-all advice. Increasingly, health experts and employers alike are discovering that no standardized message is enough to adequately solve this persistent problem.

FAST FACTS:
- A little over 2 million Americans are diagnosed with cancer each year, and more than 600,000 die from the disease, according to the American Cancer Society.^[1]
- Research suggests that less than half of cancers can be prevented by a healthy diet and lifestyle alone.^[2]
- Only 14% of diagnosed cancers in the U.S. are detected by a recommended screening, per research from the University of Chicago.^[3],[4]

To kickoff 2024, we once again called on our annual corporate partners to share their outlooks and perspectives on industry trends for the NEEBC community to consider in the new year.  The current landscape and workforce have taught us that benefits are more important to employees than ever, and the fight for talent, exacerbated by the labor shortage, has never been more challenging.