The competition for top talent remains fierce as we approach the new year. To keep up, it’s important that your company builds an innovative benefits package to attract new talent while retaining current employees.
In 2022, the workforce continued to adapt to the new normal of a remote and hybrid workplace, as well as a more holistic approach to employee well-being.
Jobseekers are looking for a better balance of physical, mental and financial well-being, including a wider array of benefits.
In this blog, we’ll cover the top benefits employers need to offer to stay competitive and thrive in 2023.
More Affordable and Accessible Benefits
Inflation is hitting employees hard. With the rising costs of gas, groceries and necessities, it is crucial that employers find a way to help employees control the costs of healthcare.
There are several ways you can provide employees with the benefits they need without breaking the bank or jeopardizing quality of benefits. One solution to consider is an HSA-Qualified Plan, which on average can be less costly to employers and allow a triple tax advantage for employees.
Access to benefits is just as important as providing affordable benefits. Offering a telehealth solution with your benefits package is a great way for employees to have access to healthcare professionals anytime, anywhere. Rather than delaying or postponing treatment, they can easily get the care they need from the comfort of their home.
An affordable and accessible healthcare plan increases employee retention and reduces employee stress—creating a win-win situation.
Customizable Voluntary Benefits
Voluntary Benefits allow employees to personalize their benefits packages to meet their employees’ unique needs. According to a recent study, 73% of employees say that a wider array of benefits would persuade them to continue working at their employer for longer—and 75% of employees believe more benefits choices would reduce stress.
With a mix of generations currently in the workforce, the best way to accommodate employees of all age groups is by offering a variety of voluntary benefits and allowing employees to build a benefits package that meets their personal priorities, needs and budget.
Our recent blog on the top non-medical benefits you should be offering your employees can help you get started.
Flexible Workplace
It’s been almost three years since the pandemic has turned the modern workplace upside down. Employees now know they are more than capable of being productive at home, have cut the costs of commuting, and have gained time back in their day for a healthier work-life balance. When searching for new jobs, employees are demanding a flexible workplace, especially Gen Z and Millennials.
Offer employees a remote or hybrid option and promote flexibility among your managers.
Flexibility not only in where employees work but also the ability to take time off as needed is a top priority for the current workforce. It is unusual to see companies offering unlimited PTO or more flexible time-off packages.
If you are unsure about offering an unlimited PTO package, your company can offer standard PTO to be used for both personal and sick time off versus offering those days separately. Employees are seeking the freedom and empowerment of using their time off as they seem fit.
Fertility and Family Benefits
As employers begin to focus on diversity, equity, and inclusion in the workplace, they recognize the importance of offering fertility coverage to their employees.
Many employees are starting families later in life, and families are being built in a variety of ways, including single parents or same-gender couples. Offering inclusive fertility and family-building benefits help support families and diversity, equity and inclusion efforts.
These benefits cover a wide range of treatments and services that are costly when an employee needs to fund it out of pocket, causing mental and financial stress. Some of these services include infertility diagnosis, in vitro fertilization (IVF), egg freezing, donor sperm or eggs, intrauterine insemination (IUI), and gestational carrier services, among others.
In conjunction with fertility benefits, more employees are now looking for paid parental leave programs, including paternal leave. Paid time off for parents can reduce financial stress, allow time for both parents to bond with the child, and increase gender equality.
Offering inclusive fertility and family benefits significantly impacts a positive company culture, and shows that you believe in the importance of a work-life balance for all employees.
Mental Health & Wellness Benefits
As a part of a holistic approach to employee benefits, employers should consider all aspects of health and wellness.
Providing employees mental health benefits and encouraging them to take advantage of these resources should be at the top of your list in 2023. Many telehealth providers now provide mental health resources,, allowing employees to easily access help from home. When employees have access to mental health resources and seek out the help they need, it prevents burnout and increases productivity.
One of the top reasons for mental stress is financial concern, so by offering financial wellness benefits, including educational tools and resources, you may also help relieve employees’ mental strain.
Other wellness plans such a gym incentives, nutritional guidance, and wellness portals are also great ways to help employees reduce stress and promote physical and mental health.
By taking a holistic approach, your employees are more likely to be productive, loyal and satisfied with their job.
Are you adapting your employee benefits offerings with the latest trends?
If you’re not taking the time to customize and curate packages based on what employees want in 2023, than you are wasting money and run the risk of losing top talent.
Ascela works with employer groups to create innovative employee benefits packages based on your business needs.
Contact our team to learn how you can build a top-notch employee benefits package that attracts and retains industry top talent.
Sources: https://www.metlife.com/employee-benefit-trends/2022-employee-benefit-trends/