As the new year rapidly approaches, employers are grappling with increasing health care expenses, scarcity of qualified candidates, inflation, and recession fears. Despite these challenges, it is incumbent on businesses to balance the needs of the business with those of current and future employees in their benefits package.

Talent shortages and inflation woes

Mineral's 2023 State of HR Report found that the talent shortage was the #2 trend business leaders were worried about, with 68% of leaders worrying it will negatively affect their business. Benefits play an important role in attracting and retaining employees. More employers are considering ways to provide benefits to part-time workers, like offering individual coverage health reimbursement arrangements (ICHRAs).

Inflation is a huge consideration for both employees and employers, and an opportunity for financial wellness benefits to thrive. Employers who offer retirement plans likely have a huge resource already available and built into their plan to provide financial education and planning support. Employees are vocal about wanting flexible work options, but even those businesses that cannot offer flexible work can make their in-office employees feel appreciated by providing commuter benefits as attractive incentives.