It’s almost time to ring in the new year with a bit of holiday cheer. This was a fast one, wasn’t it? But before we say ciao to 2024, we thought we’d take a look back at the year that was. For us at Selerix, it was an exciting one. We hope it was for you, also.
As 2024 zooms to a close, we are in the exciting throes of a dynamic, ever-evolving benefits administration landscape. This year saw big changes in compliance, technology, and employee engagement strategies, all while organizations tackled rising costs and shifting workforce demands.
What’s ahead for 2025? More opportunities to innovate, navigate challenges, and elevate the role of benefits administration as a driver of organizational success. Let’s take a look back at the trends that shaped 2024 and what we’re keeping an eye on for the year ahead.
The Top Trends That Defined 2024
ACA Compliance Stayed in the Spotlight
- The IRS doubled down on enforcement this year, leading to a significant uptick in penalties and audits. Employers leaned on advanced tools to navigate ACA complexities, and many found themselves reevaluating their compliance strategies as deadlines grew tighter and stakes higher.
Employees Felt Less Stress (Slightly)
- According to a SHRM survey, concerns about overall well-being decreased in 2024, though burnout and financial stress remained significant issues for many employees. This slight improvement may reflect greater support from employers, as organizations prioritized mental health and holistic well-being programs.
Generative AI Shook Up HR
- Generative AI transformed how HR teams approached their work in 2024, from simplifying open enrollment processes to answering employee questions in real time. This technology helped organizations make smarter, faster decisions while improving the employee experience. As Tim Pratte noted in his recent Forbes article, HR’s intersection of data analytics and human insight is becoming the key to driving outcomes.
The Persistent “Open Enrollment Regret” Problem
- According to WorldatWork, many employees regretted their open enrollment decisions this year, particularly younger workers who cited confusion and rushed decisions. Employers are stepping up to improve communication and provide better educational tools to help employees make informed choices.
ACA and Healthcare Compliance News
- Just a little humble brag here but our recent acquisition of SyncStream Solutions was one of 2024’s highlights here at Selerix — and we think it’s important for anyone focused on keeping their healthcare compliance in check. Joining forces, we’re now one of the largest providers of ACA solutions in the U.S.! For you, this partnership means streamlined compliance, expanded services, and even stronger support for our clients.
Sustainability in Benefits Got Serious
- Green benefits like electric vehicle stipends and sustainable commuting incentives gained traction in 2024, reflecting broader organizational commitments to ESG goals and employee demands for eco-friendly perks.
What’s Coming Next in 2025
Navigating Uncertainty with a New Administration
- Changes in the White House could bring shifts in ACA regulations, health plan tax incentives, and other compliance requirements. With the GOP maintaining control of the House, the future of the ACA is sure to be a topic. Employers will need to stay flexible and informed as the regulatory landscape evolves. Watch this space for more news as it occurs!
Healthcare Costs Will Continue to Climb
- U.S. healthcare costs rose 9.3% in 2024, with a projected 10.2% increase on the horizon for 2025, according to WTW’s Global Medical Trends Survey. Employers and employees alike felt the squeeze, prompting more interest in cost-management strategies like telehealth and prescription cost tools. With double-digit increases expected in 2025, cost management will be a key focus for both employers and employees. Look for growth in telehealth, value-based care models, and partnerships with prescription cost management platforms.
Generative AI Moves Beyond Automation
- As Tim Pratte highlighted in his article, HR leaders are now leveraging AI not just for efficiency, but to predict trends, guide strategic decisions, and transform how organizations measure success. How will AI impact benefits administration? We’ll be sure to keep you abreast of all the latest developments.
Benefits for a Multi-Generational Workforce
- Tailoring benefits to a diverse workforce, from Gen Z to Boomers, will remain critical. Flexible options like pay-on-demand, student loan assistance, and robust retirement plans will gain traction.
Integrating Compliance with Strategy
- As compliance grows more complex, integrating it into broader business strategies will separate top-performing organizations from the rest. Look for tools and partnerships that make this integration seamless. (Hint: We’ve got a great roadmap coming your way in January.)
A Year of Growth
As we mentioned above, 2024 was a big year of transformation and growth here at Selerix as well. In addition to our Syncstream news, we introduced innovative product features like Employer Dash, offering real-time insights and streamlined workflows, and are about to share our SmartReports, which will gives clients drag-and-drop power over their data.
We also forged new partnerships, including a formal collaboration with CompareMedsRX, opening doors to lower drug costs for your employees — you can sign up for that here.
Plus, our award-winning customer support team earned recognition from Inspiring Workplaces, underscoring our commitment to delivering white-glove service to our clients and partners.
And we grew from the inside out, welcoming Tim Pratte as CEO and Jill Crawford as VP of Marketing, among others, to lead us into an exciting new chapter. All of these advancements position us—and our partners and clients—for even greater success in 2025.
But what about you?
What were your biggest challenges in 2024? What are your goals for the year ahead?
Take our 3 minute anonymous quiz to share your thoughts with us! We’ll compile the results and share them — so you can see how your goals and challenges compare with your peers and colleagues.
Here’s to another year of growth, innovation, and collaboration in benefits admin!
Looking for some help in staying on top of what’s coming next? Explore Selerix today and discover how to future proof your employee benefits experience. Contact our team for a tour of the Selerix platform.
