2023 Predictions for HR Benefits Providers

2023 will be the year benefits and talent management strategies converge to optimize outcomes.

Mike Leonard, Cleo’s President and Chief Commercial Officer, sat down with Hassan Azar, Digital Health Thought Leader & EHIR Advisor; Megan Neumann, Principal Total Health Management, Mercer; and Raju Parikh, Global Benefits Industry Leader to discuss the critical role employers have in prioritizing their workforce’s external needs in order to create holistic support and whole family health while supporting improved outcomes and fewer point solutions.

Webinar highlights:

Prediction #1: Understanding benefits as a key to talent management opens decision-makers up to new thinking on ROI

Companies aren’t only going to see the ROI of a benefit through reduced medical spend on a balance sheet. Benefit leaders have an opportunity to alleviate the distraction that life events bring to workers — child care issues, sick parents, spousal problems — and provide them a solution to help take the pressure off, so they can focus on their work.

Prediction #2: With workers in revolt, companies have a vested interest in keeping people happy

The next generation of workers are looking to their employers to support them — they’ve been empowered to ask for that support. “Sticky” benefits are those that can support people in their life journey, such as pathways to parenthood, supporting raising a child or a teenager, or supporting caregiving for an adult loved one. They benefits can create equity in the workplace, which allows everyone to show up fully as employees in their work life.

Prediction #3: The collective benefit of vendor solutions working together outweighs the risks of duplication

Having higher engagement in existing programs is going to be a win for benefits team leaders, who want to see their programs being used. Because benefit leaders are addressing concerns outside of the traditional health space, people are getting both real-time help but also additional insights to other benefits that may be available to them in the future.

Prediction #4: Buying based on value

We still have a ways to go, but benefits are getting a lot closer to a more crisp story where we can both assess and survey an employee population for their needs, as well as measure impact on people — did employees stay with us longer, was there less absenteeism, did they engage with family benefits, etc. — which is ultimately what matters.