Key Findings
What's on HR leaders minds now and what it means for organizations and benefits brokers
Insight 1
70% of organizations have improved bonuses and base pay in the past year.
Despite economic volatility and budget pressure, employers are still working to improve benefits, including salary, bonuses, 401(k) matching, and paid time off, and are especially focused on employee retention.
Insight 2
40% of organizations offer Lifestyle Spending and Medical Travel Accounts.
While these important accounts are gaining in popularity, especially around combatting employee financial stress and ensuring equity of access to medical care, they are more common for larger businesses. About 75% of smaller businesses do not offer LSAs or MTAs.
Insight 3
80% of HR leaders say that offering competitive financial benefits is as important or more important than last year.
Employee stress around healthcare and finances is stabilizing compared to 2022, but financial benefits remain a critical part of employers strategies to attract and retain employees.
Insight 4
63% of employers report that employee education is the most challenging area of benefits administration.
Employee confusion around benefits, especially Health Savings Accounts, is a top barrier to adoption and takes more time than expected for 30% of HR leaders.