2018 has seen the prediction of many employee benefit trends that it’s essential to know about, whether you’re an employee or an employer of a small to large sized business. These trends include changes that may need to be made to finances in response to the new tax bill, customization of benefits, and the introduction of more wellness programs.
Here are five of the top employee benefit treads you need to know about in 2018:
- Service Automation
Automation is a big thing in 2018, and many businesses are jumping onboard the train and better automating their business. As technology has advanced, automation tools, like chatbots, have made it much easier for businesses to streamline their processes. Expect to see a rise in chatbot use, as it helps to solve problems in the workplace and even streamline the employee recruitment process.
- Tailored Benefits
Instead of offering employees a range of benefits that they don’t really need, many businesses are looking to create a tailored benefit plan, on top of the required benefits, like those stipulated in the Affordable Care Act (ACA). Not only do personalized benefits retain existing employees, but they help to attract new employees.
Tailored benefits for employees could include:
- Medical care or childcare on-site
- Dry cleaning services
- Memberships to off-site or on-site gyms
- Free lunches
- Reforms for Tax
The response from businesses in regard to the new tax bill is very likely to vary, but the likelihood is, there are going to be a number of businesses that start offering their employees more benefits. The trend has already been set by major businesses, like Walmart, who are introducing additional benefits for maternity and paternity plans.
There are a number of ways that you can offer your employees better benefits, including:
- Extra health benefits like coverage for dental and vision
- Improved health care budgets
- Higher retirement plan match rates
- Wellness Programs
Wellness programs have already been implemented and improved in many businesses, but the trend seems to be stronger than ever. The discounts available for employees that take part in wellness programs have certainly helped with this popularity, although businesses need to make sure they are protected against lawsuits and potential liabilities.
It’s highly likely that more lawsuits are going to crop up in the remainder of 2018, covering the ongoing issues with wellness plans and the sharing of certain employee health information.
- Reform for Health Care
It’s very likely that health care will go through another set of changes in 2018, and that means that more changes to your business might be needed. Some of the major employee benefit trends of 2018 are likely to be centered around the health care laws that are going to affect all businesses.
Need advice on lawsuit protection and business insurance, or healthcare reform and health insurance? Get into contact with us today, and make sure you know where you stand with insurance and employee benefit trends.