As we move into 2024, the landscape of organizational well-being is undergoing significant changes. The latest Workforce Trends Report from Gallagher Insurance highlights essential benchmarks and strategies for HR, technology, and healthcare cost controls to help organizations thrive in the upcoming year.

1. Strategic Focus on Employee Wellbeing

Investing in employee wellbeing continues to be a top priority. Companies that succeed recognize the central role of their workforce and respond to transformative trends with practical solutions that address essential needs and reduce risks.

2. Turnover Stabilization and Employee Retention

Despite facing economic pressures, such as high inflation and cost-cutting measures, organizations remain optimistic. Approximately 64% of employers expect revenue increases by 2025. However, addressing attrition is crucial. Organizations need to focus on reducing turnover by setting meaningful goals, providing growth opportunities, and rewarding achievements.

3. Leveraging HR Technology

With declining costs and improving capabilities, HR technology is becoming a game-changer. Nearly 50% of employers plan to upgrade or add HR tech solutions by 2026. Effective technology implementation can streamline operations, enhance employee experiences, and serve as a competitive equalizer for smaller organizations.

4. Managing Healthcare Costs

Rising healthcare costs remain a significant concern. Employers are navigating the expenses of new specialty drugs and therapies, alongside ongoing medical inflation. A mix of cost-control tactics and strategic benefit management is essential to curb these expenses.

5. Comprehensive Wellbeing Initiatives

The report emphasizes a holistic approach to wellbeing, covering physical, emotional, career, and financial dimensions. Employers are gradually increasing their focus on these areas, with emotional wellbeing, particularly mental health and social connectedness, being a primary focus.

6. Data-Driven Decision Making

Utilizing data and insights to inform decisions is crucial for maximizing ROI on employee benefits. Comprehensive dashboards that integrate various wellbeing metrics can provide valuable insights for better planning and implementation of wellbeing programs.

Conclusion

As organizations prepare for the future, the emphasis on employee retention, strategic use of technology, and comprehensive wellbeing initiatives will set the stage for success. Adapting to evolving employee needs and leveraging data-driven insights will be key in navigating the challenges and opportunities of 2024.

For a more detailed analysis and specific benchmarking data, refer to the full Gallagher Workforce Trends Report 2024.