Employee Benefits Market Checks

As constantly changing circumstances affect how employers handle their operations and benefits offerings, the ability to get a solid picture of what other companies are doing becomes even more important.

Assurex Global conducts monthly polls throughout the year with thousands of employers to gain an understanding from them on a variety of employee benefits, human resources, and health care topics.

In our EB Market Check Surveys, you will find useful information on these topics you can use to help guide your own decisions as you evaluate your employee benefits offerings. Here are three key takeaways from our findings:

  1. Inflation and the Impact on 2023 Insurance Purchasing – It was evident from the data above and our prior surveys that there is enough concern amongst business leaders around this issue. 58% of employers in the construction industry expressed concern that inflation will cause their employees to scale back on their insurance purchases. It is more important than ever to provide year-round communication on the employee benefits package to ensure employees are maximizing their coverage.
  2.  2023 Annual Enrollment Methods – Embracing different methods of benefits communication and enrollment will vary by employer industry. We found employers in the education industry are far and away the highest utilizers for online/mobile as their main enrollment vehicle, with 95% doing so. Conversely, employers in the construction, manufacturing, and non-profit sectors are less likely to use technology, and printed methods are still a prominent enrollment method in those industries.
  3.  2023 Employer Health and Well-Being Strategies – Our survey showed that the top priority around employer medical offerings is focused on limiting the employee’s financial exposure, either through the payroll contribution or by reducing the plan’s cost-sharing requirements. This trend appears to be a direct response to the inflationary issues impacting most workers today and for the foreseeable future.

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