As a result of COVID-19, priorities of employees have shifted significantly, resulting in a greater emphasis on the benefits offered by employers.
To meet the changing needs of employees, employers should consider expanding upon their current offerings and broadening their benefits options. Offering a comprehensive benefits package allows your business to build loyalty, retain current employees and attract top talent.
In this blog, we will cover five employee benefits trends for 2022.
Focusing on a Holistic Benefits Approach
As a business owner or HR administrator, it has become crucial to take a more thorough approach when curating employee benefits packages to retain employees and attract top talent—focusing on offerings that prioritize mental, financial, and social health.
7 out of 10 employees experienced symptoms of burnout since the start of COVID-19, and feelings of stress and depression are on the rise.
By offering the proper support, such as access to nutrition counseling, gym memberships, mental health resources, Employee Assistance Programs (EAPs) or other benefits that build employee optimism, employers can increase productivity, build loyalty and attract new talent.
More Value-Added Voluntary Benefits Offerings
60% of employees would like their employer to provide a wider mix of non-medical benefits that they can choose to purchase on their own.
Offer your employees a variety of voluntary benefits that go beyond medical, this allows them to create a personalized benefits package to meet their needs. Many voluntary benefits have minimal to no cost involved for the employer and offering them could make all the difference.
Check out our recent blog on the top non-medical benefits you should be offering employees.
Increased Demand for Financial and Retirement Benefits
78% of employees believe an employer-sponsored retirement plan is a must-have benefit.
More employees are stressed about being able to retire as planned and on schedule. Providing options to save for retirement, like offering a 401K match or long-term savings accounts, helps employees reduce stress, build confidence, and reach financial goals.
Another source of financial burden and stress for employees is student loan debt. Student loan repayment programs have been growing in popularity over the past few years and are a great option to help support employees’ mental health and increase work performance.
Investing in Benefits Education and Technology
55% of employees wish they were more informed about their benefits.
As an employer, you can better assist your employees in managing their health and becoming more informed consumers. It all starts with helping them understand their benefits—what’s covered, basic terms, treatments, payment options, etc. This knowledge and trust in their coverage will help employees lead healthier lives and will boost satisfaction and loyalty.
When using a Benefits Administration system, employees have access to their benefits 24/7—allowing them to make informed decisions and access alternative care options, like Telehealth, which lead to higher employee engagement. Higher engagement leads to better health outcomes, a win-win situation for both you and your employees.
Adapting Benefits to Fit a Remote Workforce
A remote workforce is here to stay. 76% of employees are interested in alternative work arrangements like remote work and flexible schedules after the pandemic, while 90% of employers say they plan to return to pre-pandemic working arrangements once they can. There is a significant disconnect between what employees and employers envision when it comes to the future of virtual work—and if employers don’t adapt, they will lose out on attracting and keeping top talent.
In addition to a flexible workplace, 21% of employers say that in 2022 they will add or enhance well-being initiatives that are targeted specifically to remote workers. Some of these perks can include: home delivery of meals or snacks, subsidized ergonomic office furniture, or a stipend to help pay for well-being services or activities.
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 2022, then you are wasting time and money.
Contact our team to learn more.
Sources:
2 https://www.metlife.com/employee-benefit-trends/#ebts2021-report-download