"Employers have an opportunity to strengthen engagement by pairing competitive benefits with greater flexibility and support that helps people feel more secure," said Jake Spiegel, senior research associate at EBRI.

The shifts from the Biden to Trump administrations have been stark: the suspension of a green card lottery, the revoking of 8,000 student visas, last week's ban on visa issuances to the citizens of more than 75 countries, the hiking of fees for investor visas to $1 million and — most resonant for employers — a $100,000 fee attached to H1-B work visas.

Demand for obesity and metabolic therapies is accelerating deal activity as pharma companies shift from blockbuster drugs to platform control.