In 2023, employers were forced to confront several new and enduring challenges, including rising health care costs, regulatory changes, ongoing high inflation, a competitive labor market and growing employee demands. For many organizations, these challenges resulted in a difficult and demanding year. While many of these difficulties will likely continue through 2024 and beyond, understanding these challenges as well as likely trends can help employers develop effective and efficient strategies to address them.
Employers that prepare and act proactively will likely gain a competitive advantage in the market. Addressing the challenges presented in this Market Outlook will be the key to employers’ success in 2024 and beyond.