Recent research from the Rewards & Employee Benefits Association in conjunction with Howden Employee Benefits and Well Being indicates that company expenditures on employee benefits and perks are going up.
Some of the factors contributing to this increase include the tight labor market as well as climbing cost of living which has left employers with larger gaps to cover when it comes to limiting employee vulnerabilities and their potential negative impact on both the employee and company workflow.
64% of responding employers, for example, plan to increase benefits spending, with 60% specifically expecting to expand offerings to include well-being technology within the next 2 years.
And in many cases, the benefits spending increases will manifest as more than merely minor tweaks around the edges of existing benefits packages, however, with 48% of respondents recognizing that changing employee benefits value propositions and expectations will have a major impact on their employee benefits strategies.
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