Despite inflation, employers are striving to strengthen benefits packages and create more tailored offerings for their employees. That's one key takeaway from Alera Group's "2023 Employee Benefits Market Outlook." The first in what the independent national insurance and wealth services firm says will be an annual report reveals how inflation, changing medical needs and a multi-generational workforce are impacting employee benefits offerings. It also provides strategies and approaches employers can use to address challenges and achieve success this year and beyond.

"In 2023, there is no 'one size fits all' approach to benefits. Market conditions will be complex and uncertainty will continue," Sally Prather, executive vice president and employee benefits practice leader at Alera Group, says in a statement. "Employers need to tap into the data on what their employees need and want — as well as the factors driving costs — and shape their benefit plans, cost-containment, and retention strategies accordingly."