Employee Benefit Trends for 2017

The new year is finally upon us, and with a new regime change in Washington, things are about to get stirred up. From healthcare reform to sweeping departmental overhauls, most experts anticipate plenty of changes afoot and that those changes will undoubtedly have ripple effects throughout the nation. Businesses owners and corporate HR personnel should particularly take note of the evolving political and corporate landscape and the following 2017 trends for employee benefits if they want to attract and retain top talent:

2017 Employee Benefits Trends

  • Customization. As wonderful as a company’s package appears to be, some benefits are more attractive to some than others. Where it used to not matter what cookie cutter benefit package got implemented, the improving job market means that employers will have to work harder in this upcoming year to appeal to those top, high-value employees. This goes doubly true if your target personnel are in the Millennial age bracket who place high value on personalized solutions that meet their more diverse needs.
  • Financial Wellness Targeting Student Debt. For many employees, regardless of age, finances are the leading source of their stress (and for the Millennial generation, the financial burden of compounding student loans can be nearly unbearable). One way businesses are making themselves more appealing is by zeroing in on financial stress and offering comprehensive financial wellness programs designed to alleviate that adversary. In addition to recruiting and retaining top performances, employers who implement these types of programs will likewise enjoy the side benefit of less-stressed employees for a more engaged and productive workplace.
  • Vision and Dental Coverage. While both of these health insurance specialties have been around for awhile, these employee benefits programs are expected to grow and trend this year. This is especially true if you’re courting Millennial generation employees as 60% of 18 to 34-year-olds wear either glasses or contacts, and experts believe sudden onset of vision issues could increase due to issues surrounding prolonged exposure to digital screens (from personal smartphones to work laptops). Additionally, more and more young professionals are looking for employer-offered orthodontic insurance that can assist with more elective procedures, such as teeth whitening and straightening to create a work/life confidence boost.

To learn more about these and other trending 2017 employee benefits packages, company offerings that will motivate your employees and help your company attract the top talent, contact Lewis and Palmer Benefits today.