Quick look: This year, continuing inflation challenges and the demand for personalized employee benefits packages made headlines. Likewise, our five most-read broker blogs in 2023 also reflected these trends. The articles focused on various topics, from helping clients’ employees make the most of their FSA funds to the results of the Forbes Best Employee Benefits survey, and will keep providing valuable insight as 2024 begins.
It’s that time of year again: 2023 is drawing to a close, and people everywhere, including benefits and PEO brokers, are pondering their key takeaways for the year.
The human resources (HR) industry experienced several key trends this year. Small- and medium-sized businesses (SMBs) and employees want to make the most of their budgets as inflation challenges remain. At the same time, there is a continued prioritization of tailored employee benefits packages. One-size-fits-all plans simply don’t cut it anymore.
Our most popular broker blogs of 2023 reflect these insights. Below, review the five articles that were most read by your peers—and that will continue to provide valuable insights in the new year.
Our most popular blog for brokers summarizes key happenings in 2023: it focuses on employee benefits—more specifically, flexible spending accounts (FSAs)—and helping your clients’ employees make the most of their hard-earned wages by reviewing 10 lesser-known FSA-eligible expenses:
- Sunscreen and insect repellent
- Supplies for babies and new parents, including breast pumps, diaper rash cream, and more
- Menstrual care products
- Over-the-counter medication
- Family planning healthcare
- Dental and vision care
- Weight loss programs
- Travel for medical care
- Alcohol or drug treatment
Looking for a reminder about the many things to be grateful for as a broker? Our second most-read blog will provide you with just that.
This piece discusses the projected growth of the HR outsourcing market; it’s expected to experience an incremental growth of nearly $11 billion between 2021 and 2026, and 56% of that is estimated to come just from North America!
This growth trajectory means one thing: your SMB clients will continue to turn to you to align them with employee benefits and various HR services like recruiting and performance management assistance—all of which can be sourced through a trusted professional employer organization (PEO) partner.
Not surprisingly, another benefits-related blog was our third most popular of the year.
With a myriad of insights from David Pearson, ExtensisHR’s SVP of People and Culture, this article explores the benefits trends that were expected to make a splash in 2023 and how a PEO can provide the leverage you need to help your clients succeed all year long.
- The importance of benefits personalization through the offering of mental health, substance abuse, family-forming, and physical- and financial wellness-focused plans.
- An increasing need for clear, thorough employee benefits communication.
- The expectation today’s workforce has for robust leave policies for illness, bereavement, caregiving, and more.
Sometimes PEO solutions are the answer to your clients’ challenges—but not always. Depending on the organization, human resources outsourcing (HRO) may be a better match. In some cases, a small business PEO client will experience rapid growth, substantially add to their internal HR team, and graduate to an HRO solution. In contrast to a PEO offering, which provides comprehensive HR services and involves a co-employment relationship, HRO allows clients to outsource specific areas of their HR operations and remain the employer of record.
This blog explores three critical questions to ask clients to determine if the best remedy to their HR pain points is a PEO or HRO solution:
- “How many employees does your company have?” Often, PEO services are ideal for SMBs with 10-150 employees, while HRO solutions may better meet the needs of larger companies with 150-500 staff members.
- “Do the people in your HR department wear many hats?” HRO offerings can help businesses better cope with a growing set of administrative burdens, like ever-changing compliance regulations, adapting to a multistate workforce, and more. Instead of current HR staff stretching themselves thin to accomplish several priorities, select tasks may be outsourced to experts, freeing up clients’ time and helping them achieve better outcomes.
- “Have your HR goals taken a backseat?” For many HR professionals, daily administrative tasks can quickly overshadow overarching business priorities and make it difficult to implement larger plans. With HRO, clients’ HR teams can focus more on recruiting processes, professional development initiatives, and benefits package creativity and leave daily nuances to the experts at a company like ExtensisHR.
The focus on employee benefits continues with our fifth most-read blog of the year. This recap of the Forbes Best Employee Benefits In 2023 survey highlights the plans workers are currently prioritizing, as well as what businesses are doing to adapt.
According to the survey, the most-valued employee benefits this year included:
- Employer-covered healthcare: 67% of workers believe this is the most important benefit.
- 401(k) plans: 34% of employees report they’re focused on saving for the future.
- Paid time off: This was named as a top benefit for 31% of the workforce.
- Work-life balance: Over half of employees feel this is a top priority and value perks like four-day workweeks, childcare assistance, and more.
- Workplace flexibility: 34% of workers state that flexible work hours are a main benefit.
- Professional development: 20% of respondents wanted their employers to contribute to their professional development, within or outside the company.
In response to these wants, many employers are changing course: 62% of surveyed businesses claim to have changed their benefits offerings in the past year.
A partnership you can rely on as the industry continues to change
The last few years have substantially shifted how employers operate and what solutions they seek from their brokers.
The right PEO partner, like ExtensisHR, can support your and your clients’ success in the new year and beyond by providing:
- Customizable, competitively priced employee benefits, as well as planning, administration, and management services.
- Comprehensive HR solutions, including HR guidance, payroll and tax administration, talent management, training and development, and more.
- Risk and compliance services with the expertise your clients need to stay ahead of evolving regulations and conquer multi-state workforce challenges.
- Complimentary, full-cycle recruiting services, from job advertisement creation to offer letter consultations and everything in between.
- Exemplary customer service, including a support team that answers the phone in 11 seconds or less.
Additionally, ExtensisHR prioritizes your business as a broker with its broker-centric philosophy that focuses on helping you expand your offerings, differentiate yourself, obtain new and long-term clients, earn competitive commissions, experience a seamless RFI process, and stay up-to-date on industry happenings.
How can a partnership with ExtensisHR boost your business in 2024? Contact us today to learn more.