Employee benefits market trends 2024
As we reach the second half of 2024, we look at the latest trends in the employee benefits market, plus conditions in healthcare, group protection, other benefits and pensions.
The healthcare, group protection, and workplace pensions markets continue to experience high levels of activity resulting from legislation, provider proposition changes, medical inflation, continued high demand for medical treatment and the changing workplace pensions environment. In this issue, we look at current market conditions and give views on the outlook for the rest of 2024 and early 2025.
Market Insight - Employee Benefits Market Trends
Our full overview of employee benefits market conditions, as at July 2024, and our predicted trends for the remainder of 2024 and early 2025.
What are the headlines impacting the health and protection market?
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Benefits for all - Increasing focus on diversity, equity and inclusion
Developing inclusive benefit strategies that cater to the diverse needs and preferences of various employee groups within a workforce is crucial. This involves gaining insights into the wide range of requirements and preferences and using that information to inform benefit offerings whilst providing resources and support to employees. -
Benefits for a fast-changing world - Make it personal
As life becomes more intricate, unpredictable, and digital, leveraging benefits as a reflection of company values and a means to mitigate people risk is gaining greater significance. It is increasingly crucial to provide a diverse range of benefit options and empower employees to select the ones that align with their lifestyle and priorities. -
Benefits for healthier societies - Focus on sustainability
Promoting employee wellbeing is an essential element of the environmental, social, and governance (ESG) framework. To actively contribute to positive change, companies must address the physical, financial, and emotional needs of their workforce. -
Digital - Data insights
Companies are seeking tools and platforms that enable them to access their data and gain valuable insights. This includes understanding why certain benefits may not be engaging employees or exploring hypothetical scenarios, such as the cost implications of a 10% increase in headcount in a specific location.
Author
Mark Waters
- Market Development Leader, UK, Mercer Marsh Benefits
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