Five Creative Ways to Cut Benefits Costs in 2023
In some ways, offering employee benefits has never been more challenging. Today’s benefits professionals are tasked with handling the perennial challenge of rising healthcare costs as well as mitigating the strain of the COVID-19 pandemic. Annual premiums for employer-sponsored family health coverage have increased more than 45 percent since 2011, reaching $22,221 in 2021, according to the Kaiser Family Foundation’s 2021 Employer Health Benefits Survey1. At the same time, the ongoing pandemic has tightened organizational budgets and made cost increases more difficult to manage.
The pandemic has also helped fuel a rise in resignations, resulting in a competitive talent market that demands generous and flexible benefits. Benefits teams clearly need to adjust their strategies for 2023. In this resource, we outline five creative ways organizations can potentially cut benefits costs without sacrificing their competitive edge.
- Healthcare offerings
- Open enrollment
- Wellness programs
- Employer contributions
1Kaiser Family Foundation: 2021: https://www.kff.org/report-section/ehbs-2021-summary-of-findings/
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