The 2024 open enrollment season is behind us, but the insights we’ve gained are just beginning to take shape. Employers, brokers, and benefits consultants are now digesting the trends and takeaways that will shape benefits planning for years. What did we learn from this year’s open enrollment, and how can employers and brokers use these insights to refine their benefits strategies?

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Personalization of Benefits is a Must: One of the most significant shifts in employee benefits preferences is the increasing demand for personalization. Gone are the days of one-size-fits-all benefits packages. Today’s employees expect benefits tailored to their unique needs, from customized health plans to voluntary benefits that offer additional support in areas like mental health, financial wellness, and work-life balance.

Employers who fail to provide personalized options risk losing top talent to competitors who offer more flexibility. Brokers are seeing greater demand for plans that allow employees to select only the coverage they need rather than paying for options they’ll never use.

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Employee Engagement is Higher, but Education is Key: In 2024, employee engagement in open enrollment hit new highs, partly driven by better communication and easier-to-use digital platforms. However, while participation rates increased, many employees still reported feeling overwhelmed by the complexity of their options.

This highlights a critical takeaway: Offering a variety of benefits is not enough. Employers and brokers must ensure employees have the resources and education to make informed choices. Tools like SelectSmartTM can help bridge this gap, providing employees with the clarity they need to navigate complex benefits decisions.

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Balancing Cost Containment with Competitive Offerings: As inflationary pressures continue to affect healthcare costs, many employers are focused on balancing containing costs and offering competitive benefits packages. This year’s open enrollment trends show that cost-saving strategies such as high-deductible health plans (HDHPs), telehealth, and wellness programs remain popular.

However, employers must ensure that cost-cutting measures don’t sacrifice employee satisfaction. Employers increasingly rely on data to strike the right balance between offering cost-effective benefits and providing the support employees need to stay healthy and productive.

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Health and Wellness Continue to Dominate: Wellness programs have been growing in importance for several years, and the 2024 open enrollment season further solidified this trend. Mental health support, in particular, has become a critical component of benefits packages as employees increasingly prioritize mental well-being alongside physical health.

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We’re also seeing a growing emphasis on preventive care, including programs encouraging healthy lifestyles and offering participation incentives. Brokers and employers who want to stay ahead of the curve should continue to invest in comprehensive wellness programs that address physical, mental, and financial well-being.

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Remote Work is Reshaping Benefits: The continuation of remote and hybrid work is reshaping how employees interact with their benefits. This trend was particularly evident in the 2024 open enrollment period, where remote workers showed increased interest in benefits like telehealth, mental health apps, and flexible spending accounts for home office expenses.

As remote work continues to be a fixture of the modern workplace, employers will need to consider how they can tailor their benefits offerings to meet the unique needs of remote employees. Brokers, too, will need to guide employers through the complexities of offering remote-friendly benefits packages.

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Financial Wellness is Here to Stay: Lastly, financial wellness has emerged as a must-have benefit, especially amid economic uncertainty. Employees are looking for more than traditional retirement plans—they want comprehensive financial wellness tools that can help them manage debt, plan for emergencies, and achieve long-term financial goals.

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SAVVI Financial’s platform is uniquely positioned to meet this demand, offering a full suite of financial wellness tools that empower employees to take control of their finances. The 2024 open enrollment season has revealed several significant trends that will shape the future of employee benefits. From the need for personalization to the growing importance of financial wellness, employers and brokers must stay attuned to these shifts to remain competitive in the talent market. By embracing these trends and leveraging innovative solutions like SAVVI Financial, you can ensure that your benefits offerings remain relevant, competitive, and valuable for your employees.

Interested in learning more about how SAVVI can help? Click here to schedule a 15 minute chat. Or simply call 781-583-7017 or email at sales@savvifi.com.

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