The employee benefits that companies choose to offer can make the difference between an employee staying or quitting, an employee joining a company or singing with a competitor, and whether a company's people feel their company supports their financial, emotional, and physical health and wellbeing. 

In this environment, employee benefits are more than just “benefits,” but a critical business decision. To understand what benefits make the most impact this year for recruiting and retaining employees, as well as how HR leaders make these decisions, Lively surveyed 250 benefits decision makers in conjunction with CITE research. Our 2024 Employee Benefits Market Check report captures this critical data, insights, and action items for companies, benefits brokers, and consultants. It enables readers to understand the state of the benefits landscape and helps guide benefits decision making as benefits professionals look towards open enrollment and next year.

Critical insights from the report include: 

• 81% of organizations are adding or improving benefits in the next year to support employee recruitment and retention.

• One-in-four-organizations plan to add wellness benefits, bonuses, and emergency savings accounts in the next year, and one-in-five plan to add Lifestyle Spending Accounts, pet insurance, and professional development. 

• Employee feedback, over cost, is the chief driver of choosing and switching benefits providers, with four-in-ten benefits leaders saying employee complaints are the main catalyst to look for a new provider.

• Ease of use for employees is the most important factor in choosing a benefits provider according to one-in-three HR leaders, but also the top area where providers fall short.

As companies and benefits leaders begin considering the benefits that they will offer in 2025 and the providers they will work with, choosing benefits that are for their people to use will make the biggest impact on company culture and employee recruitment and retention. 

For benefits brokers, consultants, and providers, deeply understanding your clients’ needs and the employee experience they wish to create, as well as understanding feedback and what employees do and do not like about benefits providers, will help enable you to make stronger recommendations and ensure that your clients, and their people, are happy.

Read the report.