Benefits Breakdown - February 2023

The Trendiest Benefits for 2023

There’s no denying that employees’ needs have changed in recent years. Employers are striving to offer benefits to meet evolving worker needs shaped by the lingering effects of the COVID-19 pandemic, a tight labor market and rising inflation.

Benefits have always been crucial for attracting and retaining top performers. In 2023, many employers are looking to offer more than just a healthcare plan. With workers paying more attention to their benefits and wondering how to stretch their dollars further, the following benefits could be popular offerings in 2023:

voluntary benefits, such as accident and critical illness insurance;
financial wellness benefits, including health savings and flexible spending account contributions and financial planning assistance;
healthcare full premium coverage; and
family-friendly benefits.

Organizations can start optimizing benefits packages by evaluating employee preferences through surveys and thinking about ways to improve offerings and how to tailor them for their workforce. It’s important to keep a pulse on employees and see what they find most valuable and necessary for their overall well-being.

Encouraging employee healthcare shopping

The rise in healthcare costs isn’t slowing down any time soon, and paying more for healthcare doesn’t necessarily mean the consumer receives a higher quality service or outcome.

Comparison shopping offers employers an opportunity to take a proactive approach to reduce costs and empower employees to take charge of their healthcare. Shopping around for healthcare can result in savings for both employees and employers. Employers are well positioned to provide data and information to help employees understand the saving potential of healthcare comparison shopping.

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods. Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams." In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin

Executive disability income protection program: C-suite FAQ

Implementing a comprehensive risk management strategy is imperative for C-level executives and senior management at HANYS member hospitals. One critical, but often overlooked component, is the executive disability income protection program. But what exactly is this program and why is it vital for high-income earners? With increasing interest in executive disability income protection programs from C-suite executives, TruePlan Benefit and Retirement Advisors interviewed Bernard A. Gleeson, Director, Employee Benefit Services on Executive disability income protection programs FAQs. What is an executive disability income protection program? An executive disability income protection program (EDIPP) is a specialized form of disability insurance designed to supplement existing group disability plans offered by employers. These individual plans provide additional coverage beyond the typical monthly maximum benefit cap found in traditional employer-based offerings. By overlaying on top of g

Employer Q&A: What is Financial Wellness?

There is a significant gap between employees and employers regarding financial wellness programs, according to the Harvard Business Review . “80% of employees report being financially stressed. Only 28% of employers offer financial wellness programs,” the article states. Similarly, Forbes highlights a 2023 Transamerican Institute study showing that 77% of workers consider financial wellness programs an important benefit. With so much research on the need for these programs, what should employers do? The first way employers can bridge this gap is to learn what financial wellness is and how it can improve an employee’s overall being. In this short Q&A, we introduce the topic and offer some essential tips to get started. Q1: What is financial wellness? A: Financial wellness refers to the sense of security a person feels about their financial situation in all aspects of their life. It means having control over day-to-day finances, being prepared for emergencies and having a plan

Blog | Expert Employee Benefits and Retirement Plan Insights | TruePlan

Search This Blog