EPIC’s 2023 Workplace Wellness Survey finds opportunities for benefits plans to embrace social determinants of health and financial incentives
Support for emerging GLP-1 weight loss drugs and the acknowledgement of social determinants of health represent major, untapped frontiers for employers as they build benefits programs to steer their workers to better outcomes, according to the 2023 Trends in Workplace Wellness Survey, released by EPIC Insurance Brokers & Consultants (“EPIC”), a specialized insurance brokerage offering clients employee benefits, property and casualty, private client, and tailored insurance solutions.
EPIC’s survey gathers insights from employers of all sizes to create a comprehensive snapshot of the challenges and opportunities as benefits programs work to positively impact employee wellbeing and manage the rising costs associated with health care benefits. Respondents reported that 3 out of every 4 programs saw a participation rate of less than 50%. But employers also saw promise in strategies that may bend the curve toward more widespread adoption.
Delving into the specifics of these challenges:
- The emergence of GLP-1 weight loss drugs has left employers at a crossroads. About 60% are uncertain whether the popularity of these weight loss medications will lead to changes in their workplace wellbeing programs.
- While the role of social determinants in health is acknowledged in benefits strategy, only 13% of respondents used these factors to design inclusive and equitable wellbeing programs.
- Financial incentives were found by 79% of respondents to be effective in boosting employee participation. Just over half have put these programs into practice. Of these, nearly 60% offer incentives exceeding $250 per employee for an annual program.
“Wellness benefits prove to be a consistent challenge for employers. The good news is they aren’t giving up. They understand what’s at stake, and the vital role they play in the holistic wellbeing of their employees,” said Erin Milliken, Director, Wellbeing & Health Management Solutions for EPIC. “As more employers view wellness programs as tools to nurture community, boost morale, and deliver mental, physical, and financial support, we'll undoubtedly see a transformation in these results."
[Click here] to download the full 2023 Trends in Workplace Wellness Report.
About EPIC Insurance Brokers & Consultants
EPIC Insurance Brokers & Consultants is a leader in risk management, providing clients with diverse and specialized property and casualty, employee benefits, private client and specialty insurance solutions. The EPIC team members operate from locations nationwide, bringing strategic and expansive specializations that allow them to collaborate for innovative and comprehensive risk-solution development. For more information on EPIC, please visit www.epicbrokers.com.
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Contacts
Gregory FCA for EPIC
epic@gregoryfca.com
