HFS Research Releases Groundbreaking Report on Employee Benefits Administrators
Report seeks to understand benefits administrators' capabilities and unveils industry insights and transformative opportunities
NEW YORK, July 12, 2023 (Newswire.com) - HFS Research is thrilled to announce the release of its "Horizon Report: Employee Benefits Administrators, 2023." This report, the first of its kind by HFS Research and in the industry, presents an in-depth analysis of the role and capabilities of employee benefits administrators, revolutionizing the way employers approach benefits management.
HFS Research evaluated an unprecedented 25 benefits administrators and interacted with 125 enterprises that are clients of the employee benefit administrators, ensuring a robust and well-rounded perspective. "This study represents perhaps the most comprehensive analysis conducted thus far in the employee benefits administration industry," said Phil Fersht, HFS CEO and Chief Analyst. "Our report dives deep into the role of benefits administrators in managing benefits for employers, examining the 'Why? What? How? and So What?' dimensions that define their service capabilities."
The report finds that employers are increasingly looking to their benefits administrators to go beyond traditional cost management and focus on improving health and financial outcomes. The report highlights a positive trend of benefits administrators expanding their role but finds that they are becoming more expensive year over year while their value diminishes.
In addition to the evaluation of benefits administrators, the report sheds light on significant trends and considerations within the industry:
- Shifting workforce landscape: As technology continues to transform work dynamics, including work location, tools, and performance metrics, employers must recognize the evolving needs of their workforce and adapt their benefits paradigm accordingly.
- Incorporating social determinants of health: To promote disease prevention and overall wellness, benefits administrators must prioritize the incorporation of social determinants of health into benefits design.
- Technology's impact on outcomes: The enablement of technology has affected the triple aim of care, including cost reduction, enhanced experiences, and improved health outcomes.
- Market consolidation: The benefits market is experiencing consolidation, with mergers, acquisitions, and spinoffs as administrators seek to reimagine value and address new challenges in the industry.
- Regulatory complexity: Compliance with healthcare, financial, and employee benefits regulations at federal and state levels remains a challenge for benefits administrators.
"The report shines a bright light on the changing needs of the five generations of workforce and the need to rethink how their wellness, healthcare, and financial health is addressed," said Rohan Kulkarni, Practice Leader, Healthcare and Life Sciences Research. "By focusing on the specific capabilities and dynamics of the industry, we provide employers with targeted insights that enable them to make informed decisions and enhance their benefits administration strategies."
The report not only provides an extensive evaluation but also highlights transformative opportunities for benefits administrators to adapt, innovate, and lead in the rapidly evolving landscape of employee benefits administration, empowering organizations to make informed decisions and enhance the overall employee experience.
About HFS Research
HFS is a unique analyst organization that combines deep visionary expertise with rapid demand-side analysis of the Global 2000. Its outlook for the future is admired across the global technology and business operations industries. Its analysts are respected for their no-nonsense insights based on demand-side data and engagements with industry practitioners.
Source: HFS Research