Viewpoints from Adam Okun
The late 1990s tech boom introduced novel approaches to employee benefits, characterized by recreational perks like ping pong tables and complimentary snacks. However, today’s talent attraction and retention landscape presents far more complex challenges with significant financial implications. As healthcare costs continue to skyrocket, HR teams, finance departments, and C-suite executives are scrutinizing employee benefits more closely than ever. They seek to leverage these benefits as competitive differentiators for attracting and retaining talent from a limited pool.
Meanwhile, employee demands are becoming increasingly diverse and complex, stretching beyond traditional definitions of “flexible” benefits. Workers now expect comprehensive packages that include remote work options, enhanced behavioral health support, work-life balance provisions (including family care), and financial wellness programs. Additionally, the demand for GLP-1 medications continues to grow rapidly.
LIVE EVENT | FEBRUARY 20 BENEFITS CURVE SESSION
💡Adapting to Change: Key Lessons & Strategies for the
Future of Employee Benefits
J.P. Morgan Research forecasts that the GLP-1 market will exceed $100 billion by 2030 – driven equally by diabetes and obesity usage – and that total GLP-1 users in the U.S. may number 30 million by 2030, around 9% of the overall population.
The gap between providing flexible benefits and maintaining tight budgets may seem impossible to bridge – but you’re not alone. In today’s dynamic workplace ecosystem, understanding how employee benefits affect morale and retention is crucial for both finance and benefits teams.
Leaders across industries face unprecedented challenges as they navigate rising insurance premiums, escalating prescription drug costs, and the complexities of supporting hybrid workforces. With the right approach to employee benefits, organizations can better meet their people’s needs and support their journey toward professional fulfillment.
Fortunately, our team’s strategic thinking has evolved alongside our access to sophisticated claims and pharmaceutical data. We now have powerful tools and solutions to address these complex challenges, enabling us to serve you as an indispensable business partner while creating a workplace where employees feel supported and empowered.
Shared Lessons, Collective Wisdom
Our experience in employee benefits management has taught us that these challenges are deeply interconnected. Adjusting one element – such as addressing the increase in high-cost claims for catastrophic care and medications – inevitably affects the entire benefits ecosystem.
Consider mental health, which drives a significant portion of rising healthcare costs. As employees face mounting pressure and stress, the tight labor market reminds us that retaining valuable team members is worth the investment. Taking a holistic approach to mental wellbeing can improve both health outcomes and productivity.
The insights gained from managing employee benefits in 2024 provide a strong foundation for successfully navigating 2025 and beyond.
Current Market Dynamics & Challenges
Benefits are more than a line item on the budget – they reflect your company’s culture and values and are a critical tool for attracting and retaining top talent. Strategic investment in employee health and wellbeing can provide a significant competitive advantage. Some key considerations for your benefits strategy decisions:
- New Administration: Potential policy changes under the new presidential administration and their impact on employee benefits.
- Cost Management Strategies: Navigating provider networks, drug formularies, pre-approval processes, and medical management.
- Pharmacy Benefit Management: Addressing consolidation, increasing scrutiny, and emerging drug pricing transparency initiatives.
Join Us |💡Adapting to Change: Key Lessons & Strategies for the Future of Employee Benefits
Early planning is essential in today’s complex benefits landscape. Don’t miss this opportunity to gain strategic insights that will help you navigate the future of employee benefits.
Join the EPIC team for our Thursday, February 20 Benefits Curve webinar, where our trusted consultants will share:
- Lessons learned from the current benefits landscape
- Innovative strategies for optimizing employee benefits programs
- Actionable approaches to managing costs effectively
Whether you’re a benefits professional, HR leader, or financial executive, this webinar will equip you with practical strategies to enhance your organization’s employee benefits offerings.
Register now to secure your spot and gain valuable insights for future-proofing your employee benefits programs.
EPIC offers this material for general information only. EPIC does not intend this material to be, nor may any person receiving this information construe or rely on this material as, tax or legal advice. The matters addressed in this document and any related discussions or correspondence should be reviewed and discussed with legal counsel prior to acting or relying on these materials.
