3 employee benefits trends business owners need to know in 2023
The jobs report for the first month of 2023 showed a very strong start to the year, with nonfarm payrolls increasing by 517,000—the most significant gain since July 2022.
Michelle Meyer, Chief Economist at Mastercard Economics Institute, recently told CNBC, “It was a phenomenal report. This brings into question how we’re able to see that level of job growth despite some of the other rumblings in the economy. The reality is it shows there’s still a lot of pent-up demand for workers where companies have really struggled to staff appropriately.”
In other words, the ultra-competitive job market we’ve been experiencing for the past couple of years shows no signs of abating. This means employers will still need to seek creative, effective ways to stand out to applicants and recruit top talent.
Health insurance remains the most popular and sought-after benefit, with 71% of private industry workers currently having access—with the Bureau of Labor Statistics reporting that health benefits were available to 71% of private industry workers—the details of each specific plan matter, as do the other elements of the benefits package.
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