Employers are increasingly turning to innovative ways to improve recruitment and retention with renewed interest in family formation benefits, onsite childcare, telehealth, and even pet insurance.
A new Milliman report found:
- 38% of employers are currently offering pet insurance, and another 37% plan to offer it in 2023;
- 71% of employers are offering tuition reimbursement and 64% are offering financial well-being services; and
- Compared to five years ago, an additional 23% of employers are providing free onsite snacks and meals.
Outlook: Nontraditional benefit innovation will continue to increase as employers seek to differentiate themselves in the war for talent and as Gen-Z enters the workforce in greater numbers.