As the year begins, businesses are making a list of ways to hold the line on costs in 2024.

"Yes, we need to cuts costs, but it's also important to make sure employees have the benefits they deserve," said Becky Randles, director of business development for health plan provider Imagine360. "I once heard it said, `why would it be called employee benefits if there really isn't any benefit to it?' It's definitely about finding a balance between cost and actually providing a strong benefit plan for retention, growth and all of those things that are important."

Randles participated in Warm Up to Savings: Employers' Guide to Reducing Health-care Costs, a webinar sponsored by Imagine360. Jason Hamelin, director of financial planning and analysis for Werfen, agreed that it is important to carefully evaluate expenses.