Stethoscope on dollars

The tough labor market continues to plague employers with challenges of finding and retaining employees. A new report from USI Insurance Services, the 2023 Employee Benefits Market Outlook, looks at the strategies to reduce the impacts of health care costs.

Elaborating on other reports USI highlights some statistics that show employers are spending more on compensation and benefits, with wages having increased 22.7% in 2022 for employees who changed jobs and 7.5% for those that stayed.

Benefits spending also continue to be impacted by increasing health care costs. Employee burnout and staffing shortages in the health care sector resulted in higher wage growth than the rest of the private sector, while higher costs in general drove up the price of medical commodities by 5.5% in 2022.

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