What People teams, benefits brokers, and consultants can do now to serve their employees and clients better in 2024.

As 2024 begins, organizations are facing economic uncertainty, cost-pressure, and a rapidly changing workforce. While inflation is beginning to cool, the economic outlook remains uncertain and People teams are under pressure to continue to do more with less. Despite a strong job market, workers’ confidence remains low, especially as they contend with diminishing savings and increased financial stress. In this environment, Lively has observed three trends for employee benefits that will help organizations, and their people, better navigate the cultural, demographic, and financial changes that are taking place this year. This report is based on industry trends we’ve observed as a consumer-driven benefits provider, with data drawn from Lively’s proprietary research and reports. To meet this moment, in 2024 organizations must:

• Focus on retaining employees as workplace demographics shift
• Invest in flexible benefits to meet culture and budget goals
• Emphasize employee benefits education

In this report we break down these three trends and provide crucial action items that employers and the benefits brokers that serve them can take to meet employee needs, respond to cost pressure, and support their culture, recruiting, and retention goals in the year ahead.