Employee benefits are especially significant amidst rising costs and an election year. A recent report shared by Lively found that 80% of benefits leaders feel that offering competitive financial benefits is more important than it was a year ago.
As economic volatility and inflation continue to rise, 40% of benefits leaders say that employees are becoming more stressed about finances with nearly half asking for increased pay or bonuses. Intensifying costs will only add to that stress as 64% of benefits leaders say they expect to see health insurance costs rise between 10% – 35% in the next year.
How organizations respond to the current economic conditions, especially when it comes to health insurance will be critical. According to the report, 50% of benefits leaders say that health insurance is the most important benefit for employee recruitment and retention.
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