By the Numbers: New 401k Limits Announced and a Gradual Return to the Office

Each week, the Mployer Advisor team parses through dozens of reports, industry news, updates, and headlines. Not every statistic or data set warrants an exclusive blog post, but there are numbers that deserve to be reported on a smaller scale.      

Here are some of the top numbers that caught our attention over the past month.  

10 million

This is the estimated number of Americans that suffer from Seasonal Affective Disorder (SAD), according to an article from EBN.  SAD is a type of depression that is caused by changes in seasons and the amount of daylight, according to the National Mental Health Association, and often is misdiagnosed and mistreated. With Daylight Savings Time in effect, a seasonal reminder on ways to best support your employees’ mental health could be useful.  

55%

This is the percentage of employees who expect to maintain a hybrid work schedule moving forward, according to a Gallup survey.  The survey found that 24% of employees expect to work exclusively remotely and that the number one reason employees prefer hybrid work is to avoid time spent commuting.   Considering ways to coerce employees back into the office? One popular option could be to offer commuter benefits.  

$22,500

This is the new pretax contribution limit for employee 401k plans for 2023, according to an article by Human Resource Executive. This number is up $2,000 from last year.   See this article for other changes in contribution limits, deductible minimums, and max out-of-pocket costs for 2023.  

37%  

This is the number of women business leaders who have had a coworker get credit for their idea, compared to just 27% of men, according to the “Women in the Workplace 2022” study by Lean In and McKinsey & Company.  

Furthermore, women in leadership are twice as likely to get mistaken for junior-level employees than their male counterparts. These are just a few of the factors contributing to large numbers of women in leadership quitting their jobs.  

45%

According to a study by the Association of American Medical Colleges (AAMC), 45% of doctors are currently 55 and older, with more than 40% who will be at retirement age in just 10 years. This is just one of the reasons the staffing shortage in the medical field is becoming increasingly pressing.   Addressing burnout and work-related stress among healthcare workers is a crucial practice for employers in the wake of COVID-19.  

6.2%  

This is the average rate increase in insurance premiums across the country for 2023. Eleven states have increases of over 10%. Read this article for more information, and see the full list of rates by state here.  

19.04%

This is the new average credit card annual percentage rate (APR). This is the highest the rate has been in over 30 years, according to an article from Fortune.  The rates have increased by 274 basis points so far, which is a new record for a single calendar year.  

For tips on how to help employees combat harsh financial realities, check out  “Insurance 101: Financial Wellness Benefits Explained.”

47%

This is the percentage of office occupancy in the U.S. as of mid-September 2022, according to a new report. This number is up from 10% in March 2020, but it is still significantly below the pre-pandemic rate of 95% from February 2020.   Will employees ever fully go back to the office? Read more in “The Future of the Hybrid Work Model.”  

Looking for more exclusive content? Check out the latest over on the Mployer Advisor blog, or read on for our most recent “By the Numbers: Cybersecurity and Disability Awareness Month.”

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