Third annual study from Alera Group shows shift in coverages and choices to help retain and attract talent
A new study measuring employee benefits and human capital management challenges reveals an increased focus on talent retention and recruitment, as well as an uptick in expanded services such as telehealth, behavioral health and financial wellness. Findings also show that employers are providing broader benefits choices and implementing measures to offset rising healthcare costs.
The “2022 Healthcare and Employee Benefits Benchmarking Report” is the third annual nationwide study commissioned by Alera Group to gauge changes in employer perceptions, shifts in benefits offerings and strategies for overcoming human capital challenges. The research analyzes results from a survey of 2,500 companies across the United States. It also examines changes in perceptions over the past year. Key findings from the analysis include:
- Vision and Caregiving Benefits Increase: Medical and dental still dominate as the most popular benefits offered by employers. But vision care, family care leave, student debt repayment and hospital indemnity coverage have increased in offerings since 2021. Identify theft protection is also on the rise.
- More choices to entice talent: Employers are recognizing that to retain and recruit employees, they need strong benefit packages. This includes providing more choices. The trend of employers offering two or more medical plans continued to increase in 2022 as more respondents are striving to differentiate themselves from their competitors.
- Cost Containment is Key: As medical plan expenses continue to grow, most employers are making plan design changes. Larger employers are more apt to implement HDHP with HSAs and change carriers/conduct RFPs. Some are offering point solutions through their medical plans. The most common “value adds” are diabetes management and second-opinion/expert-medical-opinion programs. A majority of employers are also covering substance abuse and behavioral health treatments through their medical plans, no doubt influenced by increasing oversight in relation to mental health parity.
“With retention and recruitment of critical importance, employers are striving to differentiate themselves with superior benefits offerings that ultimately position them as industry leaders,” said Sally Prather, Executive Vice President and Employee Benefits Practice Leader at Alera Group. “This research can help employers of all sizes remain competitive among an increasing tight talent market while also offsetting the rising costs of healthcare.”
“The survey provides profound insight into the employee benefits sector,” said Danielle Capilla, Vice President of Employee Benefits Compliance at Alera Group. “By implementing strategies and benefits highlighted in this analysis, companies can keep current employees satisfied and fulfilled in addition to having a better understanding of how to overcome recruiting and retention challenges.”
The Alera Group conducted this online survey November 18, 2021, through April 25, 2022. THE AGGREGATE REPORT WITH A SUMMARY OF KEY FINDINGS IS AVAILABLE HERE. To connect with a benchmarking expert who can answer your questions, contact your local Alera Group firm or email us at firstname.lastname@example.org.
About Alera Group
Alera Group is an independent, national insurance and wealth services firm with more than $1 billion in annual revenue, offering comprehensive employee benefits, property and casualty insurance, retirement plan services and wealth services solutions to clients nationwide. By working collaboratively across specialties and geographies, Alera Group’s team of more than 3,500 professionals in more than 150 offices provides creative, competitive services that help ensure a client’s business and personal success. For more information, visit https://aleragroup.com/ or follow us on LinkedIn.