Health care costs are on the rise and both employers and employees have seen steady increases in health insurance costs over the last year. Now, organizations must grapple with rising expenses and how to prioritize employee wellbeing in a shifting labor market.
A new study by Optavise, an employee administration, benefits and HR solutions company, found that half of employers say inflation affected what benefits they are able to offer in 2024. Many employers say they want to offer more benefits but worry about cost amidst broader economic concerns. Sixty-two percent of employers said that cost was the biggest challenge in adding new benefits to their packages.
Other challenges included out-of-pocket costs for employees as well as economic uncertainty, reported by 46% of employers. Another quarter of employers said benefits administration, time and a lack of resources were barriers to adding benefits.
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