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Employee Benefits Market Trends for The Construction Industry

By September 27, 2022February 2nd, 2023No Comments

As constantly changing circumstances affect how employers handle their operations and benefits offerings, the ability to get a solid picture of what other companies are doing becomes even more important.

In 2021, Assurex Global conducted a series of polls with thousands of employers to gain an understanding of a variety of employee benefits, human resources, and health care topics.

In our Employee Benefits Market Trend Report, you will find useful information on these topics you can use to help guide your own decisions as you evaluate your employee benefits offerings. Here are three key takeaways from our findings:

  1. Wellness Programs – From our data, over half of respondents indicated their wellness program requirements were tied to employee participation only and did not require them to complete any health activities or meet any specific health metrics. Employers’ most common wellness incentive is a reduction in health plan premiums. Notably, despite the buzz in the market, none of the respondents indicated they had implemented a vaccine surcharge at this time.
  2. 2022 Employer Health and Well-Being Strategies – Our survey found that employers are most concerned with healthcare affordability for their employees. Significantly more employers are holding/reducing payroll contributions for 2022, and while not as prevalent a strategy, more are also reducing cost-sharing requirements like copays and deductibles.
  3. Changes in the Workforce – “The Great Resignation” Our data shows that over 60% of employers confirmed that the concerns about this phenomenon are real, and almost 60% are taking steps or planning to combat this phenomenon. Employers must examine new ways to engineer employee benefits offerings to secure employee retention.

 Interested in learning more? Contact the construction insurance professionals at Watkins Insurance Group for a copy of the full report or further discuss the information.