With concerns over their financial situation growing, employees are planning to spend more time on their benefits decisions this open enrollment.
Nearly 8 in 10 U.S. employees (77%) "strongly agree" or "somewhat agree" that they plan to spend more time reviewing their benefit elections during annual enrollment to maximize their benefit dollars due to the current state of the economy, according to new data from Voya Financial. That's up significantly from 69% who said the same last year. The news highlights the growing fiscal concerns employees have and should be an important focal point for employers as open enrollment heats up.
"A big part of [the reason employees plan to spend more time on enrollment] is due to heightened economic uncertainty," said Christin Kuretich, vice president of supplemental products at Voya in New York City.
Economic uncertainty's impact on open enrollment is just one trending topic in the total rewards space. Here's a look at other recent compensation and benefits news.
How New Mexico’s Free Child Care Could Shift Employer Benefits
New Mexico is the first state to launch a universal free child care program — news that spotlights the growing momentum around helping working parents and has some industry experts wondering whether employers nationwide will beef up their child care benefits in response.
As of Nov. 1, New Mexico families — no matter their income — will be eligible for free child care for infants and toddlers. The groundbreaking initiative, announced by Gov. Michelle Lujan Grisham, will require no co-pays from families and is funded by the state's financial windfall from oil and gas production.
The news in New Mexico is the latest indicator that attention to challenges for working parents is gaining traction.
AI Enhances Benefits, But Human Touch Still Needed This Enrollment
The proliferation of artificial intelligence and other technology is evolving the employee benefits landscape, but HR leaders should keep in mind one truth about their benefits strategy in 2025 and beyond: Benefits is still an area that requires the human touch.
AI can be a boon to benefits engagement and help both employers and employees make better benefits decisions, Sheri Martel, SHRM-SCP, lead of total rewards at SHRM, and Keren Maldonado, SHRM-SCP, director of total rewards at SHRM, said during a recent SHRM webinar. But they warned that technology should augment the benefits experience, not replace it.
Prepare for W-2 Filings in 2026: Update Payroll and Time Systems
As a result of new temporary taxpayer deductions provided by the One Big Beautiful Bill Act, the IRS recently announced major changes for the 2026 tax year that may prove challenging for employers.
The deductions are provided for qualified overtime pay and qualified tip income for the 2025 through 2028 tax years, retroactive to Jan. 1, 2025.
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