For leadership buy-in, it's important to have data and measurement tools to showcase the effectiveness of a program that encompasses physical, mental, emotional, financial and social dimensions.

"No matter how fulfilling a job is, salary is significant," says BambooHR head of HR Anita Grantham.

Being proactive in the planning process will ensure that employers have a competitive employee benefits package that serves both their needs and those of their employees.

"What we are envisioning at this point is a brief and mild recession. Once that period elapses, the U.S. economy should start to expand again toward the second half of 2023."