By now, employers should understand that a good salary alone is insufficient to attract high-quality talent. More and more companies are now resorting to creative benefit programs to find and retain candidates.
But the workplace is evolving and there are new concerns affecting the personal lives of employees. Pizza lunches and casual Fridays fall woefully short of earning employee loyalty. And even more fun, creative programs are not enough. These days, practicality is in high demand.
Here are five top benefits that employers should consider, and employees should look for, in 2023.
1. Remote Work
This benefit is a no-brainer for most when applicable.
Covid-19 imposed a universal remote work experiment on corporate America. The result? Overall productivity increased for a myriad of reasons. In tandem with work productivity came a better work-life balance and cost savings.
Now that they have enjoyed the tremendous benefits of remote work, job seekers demand it and will avoid higher-paying positions in favor of lower-paying, remote work choices.
2. Work Flexibility
Remote work goes hand-in-hand with work flexibility. If remote work deals with where you work, flexibility deals with the when.
Today’s workforce is looking for positions that allow them greater flexibility over work hours, e.g. when the workday starts or finishes. And companies are responding by experimenting with shortened workweeks or result-driven work environments.
Flexible work environments allow employees to choose schedules that work for them.
3. Healthcare Premiums
For a while, it was enough that employers offered health plans to combat the rising costs of healthcare. Not anymore. Last year, according to Kaiser, premiums for employer-sponsored health insurance averaged almost $8,000 a year, with employers covering nearly $6,500 of that amount and workers paying the rest. Families were hit even harder – having to pay more than $6,000 a year in premiums.
These costs are only going to increase.
Employers have taken notice, and many are trying to lighten the financial burden by contributing even more towards the healthcare costs of their employees.
4. Continuing Education
As the modern economy evolves, it demands more specialized skills and higher qualified human capital.
There is no better way to ensure an employer’s workforce is at the top of its game than by offering tuition assistance or part-time work flexibility for their workers. This in turn allows employees to improve their skills and apply them to bettering the companies they work for.
5. Wellness Efforts
As discussed above, attending to the needs of employees requires more than just offering a health plan. Companies are realizing the need to also invest in the mental and physical health of their workforce.
One growing trend to help create a more holistic approach to wellness is lifestyle spending accounts. Lifestyle spending accounts allow employers to address common life expenses typically excluded from FSA, HRA, or HSA arrangements. Employees can use their lifestyle funding accounts towards gym memberships, exercise equipment, or even spa days.
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