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By the Numbers: Rising Healthcare Costs in 2023 and Bracing for a Recession

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Published On: December 28, 2022

As we head into 2023, employers nationwide are worried about the impact of a possible recession, as well as rising healthcare prices and employer costs.  

 

Layoffs have begun at large companies, but most agree that employees still have the power. Belts may be tightening across the country, but the unemployment rate remained unchanged last month at 3.7%, and eight states even added new jobs.  

     

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

4.6% 

 

This is the percentage of the predicted average salary increase for 2023, according to a Willis Tower Watson survey. This figure is only 0.4% higher than last year.  

70% 

 

According to the third annual Workplace Report from iCIMS, 70% of workers are unsure of how to further their careers. What’s more, many do not know how to find and apply for open jobs within their own company. With the coming recession, 2023 is a great time to rethink your organization’s internal development strategy.  

72%  

 

This is the number of Americans who would be open to having specially-trained pharmacists prescribe medication instead of doctors, according to a survey by Wolters Kluwer. With healthcare costs rising, employees are looking for other solutions to get lower prices on healthcare services and prescriptions.  

 

See this blog on pharmacy benefits for more information on how your company may benefit from a pharmacy benefits manager, or PBM. 

4/5 

 

According to a survey by remote.co, four out of five people feel that their salary is not keeping up with inflation. Additionally, 31% said they have taken on a side job or have started freelance work. The biggest takeaway, however, is that 47% of people have already started looking for a higher-paying job.  

 

For tips on how to improve employee retention, check out “The Seven Strategies of Highly Effective Employee Recognition Programs.” 

 

26% 

 

Over one-quarter of executives surveyed in a PwC poll stated that they plan to lay off full-time employees, due to what 81% believe will be a recession in the next six months.  

5.4% 

 

According to a Mercer survey, this is the expected increase in healthcare costs for 2023. Additionally, in 2022, the average total health benefit cost per employee topped $15k.  

 

Unsure of how much your employee benefits should cost? Check out our 2022 Benefits Benchmarking report for more information.  

 

>50% 

 

New research by Sorbet has found that over half of PTO was not used in 2022. Additionally, the survey found that men were granted 10% more PTO than women and were 33% more likely to use PTO.  

 

Furthermore, the data revealed that workers were much more likely to use PTO prior to the pandemic. Specifically, 31% of employees stated that working remotely made it more difficult to take days off. As such, 2023 may be a good time to weigh the pros and cons of mandatory PTO policies.  

 

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: New 401k Limits Announced and a Gradual Return to the Office.” 


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Sarah Ann Johnson

Marketing Analyst, Mployer Advisor

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