The tough labor market continues to plague employers with challenges of finding and retaining employees. A new report from USI Insurance Services, the 2023 Employee Benefits Market Outlook, looks at the strategies to reduce the impacts of health care costs.
Elaborating on other reports USI highlights some statistics that show employers are spending more on compensation and benefits, with wages having increased 22.7% in 2022 for employees who changed jobs and 7.5% for those that stayed.
Benefits spending also continue to be impacted by increasing health care costs. Employee burnout and staffing shortages in the health care sector resulted in higher wage growth than the rest of the private sector, while higher costs in general drove up the price of medical commodities by 5.5% in 2022.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
