In the face of economic uncertainty, focus on core benefits

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Over the past couple of years, employers and employees have had to adjust to a new world of work. COVID-19, the ensuing Great Resignation, and continued economic uncertainty have not only changed the way we work, but they have deeply affected the ways employers support their workers. In the face of what has become a job candidate’s market, employers quickly offered new voluntary benefits and perks to help attract and retain top performers. Everything from tuition reimbursement to legal services, debt assistance, and even pet insurance is now on the table.

Yet, as employer health care costs go up (projected to rise as much as 5.6% next year) and we continue to see hints of an economic downturn, employers may find it difficult to sustain current levels of spending on employee benefits. And as news about high-volume layoffs continues to circulate, many employees may start to feel anxious about the security of their own jobs — and any or all of their benefits.