Our 2024 analysis highlights four key trends reshaping the employee benefits landscape:

• Wellbeing-first benefits are on the decline: Employer spending on wellbeing benefits has dropped sharply. This signals a shift towards foundational benefits like pensions and medical insurance in a time of tight budgets. Companies must rethink how to get more from existing budgets to cover basic needs with holistic support. 
• Engagement matters, but it’s a challenge: Benefits engagement is a top priority for companies, yet many struggle with low employee appreciation and disjointed strategies. Solutions like unified platforms, flexible allowances, and data-driven strategies are key to boosting engagement and ROI on existing spend.
• Global benefits complexity is rising: Managing global benefits is harder than ever due to diverse regulations, market standards, product requirements, and employee expectations. A unified, consistent approach that balances global strategy with local relevance is crucial.
• Environmental, Social and Governance (ESG) wasn’t a priority in 2024, but it should be: Despite growing societal demands for sustainability and social justice, ESG wasn’t prioritised in benefits strategies in 2024. Companies that embrace ESG-driven benefits have a strong opportunity to lead and inspire in an increasingly values-driven workforce.