Global spending on prescription drugs will reach nearly $1.8 trillion by 2026—and the United States alone will spend up to $715 billion, according to the IQVIA Institute for Human Data Science. Furthermore, the global medicine market is expected to grow at a 3% to 6% compound annual growth rate through 2026.

As prescription drug costs continue to increase, it’s important to understand the trends behind them and how to manage your organization’s healthcare expenses better.

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Employee handbooks are important tools for establishing employee expectations, addressing workplace
issues, and defending against potential lawsuits. Failing to update employee handbooks regularly can make employers vulnerable to legal risks and liabilities, resulting in costly fines, penalties, and attorneys’ fees.

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Whether employees are close to retirement or have decades left in the workforce, saving for retirement is a
key component of their financial security. Offering a 401(k) retirement savings plan or other retirement
benefits as part of your benefits packages can increase employee loyalty, especially if you offer a
contribution match. Good retirement benefits are also a great recruitment and retention tool. However,
benefits are only helpful if your employees are aware of and understand them.

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Just as HR teams quickly adapted to changes at the height of the pandemic, they must now adapt and
respond to today’s evolving expectations of organizations and employees. Savvy HR leaders and professionals
will approach this year with human-centric strategies that holistically support and benefit workers.

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