From Sabbaticals to 4-Day Work Weeks: The Employee Benefits That Matter Most in 2023
Candidates are always looking for an employer who can care for them as much as they will care for the company. It’s difficult for employees when they’re making an all-out effort, but their employer fails to reward adequately. Or they find it hard to perform because there’s a toxic environment at the workplace that keeps blurring boundaries.
This 2023, reorganize your package by knowing what important employee benefits you should offer based on what other employers are now working on. Through this effort, you will see an improvement in the numbers you hire and retain.
Significant Changes in Benefits the Last Few Years
Over the pandemic, employers found new ways to rearrange their priorities when it came to providing their benefits packages and adapting to a new environment of uncertainty and burnout.
Paid Time Off (PTO) is offered more.
Based on the findings from an SHRM study that collected data from 2,504 HR professionals, 78 percent of employers broadened the options for remote work and designed benefits packages that were more specific for socially-distanced office setups.
These included options in telemedicine, more accessible resources in mental health, and broadened leave credits for people caring for children and adults at home.
Allowing paid family leave is currently at its height in the past five years, with employers providing paid time beyond what is required by state law. Maternity leaves have increased to 53 percent, paid paternity leaves are at 44 percent, parental leave at 39 percent, and family leaves at 31 percent.
The required in-person wellness programs decreased.
In general, wellness programs decreased by 7 percent. The premium discounts on health insurance that were rewarded for participating in these also decreased by 11 percent. Meanwhile, the rewards for accomplishing health and wellness activities decreased by 9 percent.
Virtually-accessible mindfulness benefits increased in number.
Perks that could be accessed online were implemented more. Stress management resources rose by 11 percent, while life coaching saw an increase of 7 percent. On top of this, reimbursed meditations and mindfulness activity offerings increased by 7 percent as well.¹
Essential Benefits to Provide this 2023
Providing the right set of benefits for your employees can improve their loyalty to your company because they would know you care enough to invest in them. Here are some traditional and voluntary benefits you may want to consider.
Increased or Unlimited Paid Time Off (PTO)
Allowing more PTO for your employees assures you they can prioritize the things they are working so hard for outside of the office. These include spending time with their families, going to places they’ve always wanted to visit, and pursuing interests they’ve always wanted to try. Unlimited PTO can sound attractive and may work in recruiting talent however the consensus is that there can be unintended guilt associated with a program such as this. As such, giving some boundaries of PTO can allow for guilt-free usage.
A Generous Wellness Allowance
An allowance for your employee’s well-being is one of the best benefits you can provide. You can provide this allowance through reimbursements that cover their wellness expenses. These wellness activities may include coaching, spa, and gym memberships. The budget you allocate for this benefit will contribute to their overall well-being and make them feel supported.
Online Learning Resources and Training
Training programs are important right now, especially since every business is striving to adapt to digital platforms. You may choose to enroll your employees in certification courses or subscription classes with Masterclass or Skillshare.
This will make your employees feel supported and cared for because you’re investing in their skills. Upgrading their skill sets and software knowledge can also contribute to making your business processes better and smoother.
A lot of people now have chosen to raise pets and pet insurances should be normalized to benefit these fur-parents. Offering this kind of insurance tells your employees that you acknowledge their pets as part of their families and that their medical expenses are significant costs you want to help cover.
Flexible Work Setup
Flexible hours, especially for remote work, can keep your employees from being exhausted or even burning out. This may allow them to produce the best output because they can work at times they feel their most comfortable and at their best. When calling team members into the office, pick days where you know team members can be there and collaborate with one another.
Snacks and Lunch
Offering prepared meals provides convenience and care for your employees. By taking care of their lunch needs, you alleviate the burden of bringing or purchasing meals. It also helps your employees save on costs. This gesture shows your concern for their well-being and helps maintain their focus on work without hunger distractions.
However, do take note of people’s allergies to ensure a safe working environment.
Student Loan Assistance
Support your employees educational aspirations by offering assistance with their student loans. In providing this benefit, you enable them to pursue higher education and upskilling opportunities. As they acquire new knowledge and skills, they can make valuable contributions to your company. Employees can repay the assistance either through tenure or salary deductions to ensure a mutually beneficial agreement.
Mental Health Assistance and Resources
It’s important to recognize the challenges employees face with burnout and job dissatisfaction. Providing mental health assistance demonstrates your commitment to their well-being. In doing so, employees have someone to talk to when facing personal difficulties. This can enhance their overall happiness and job satisfaction within your company.
Designing Your Own Benefits Program
In designing your own employee benefits plan, make sure that it is achievable and will benefit many. Your plans need to be discussed with your team to get better feedback.
1. Set a budget.
Allot a budget more for your new benefits package that’s a little more than your estimate. Be ready that it may become more expensive than you originally planned, especially if you want to provide more personalized benefits.
2. Identify what your goals are.
Identify how many employees you want to benefit from your new package. Make sure if a certain benefit is really wanted by your team or not. Setting goals lets you decide if you need to make changes to your offerings eventually.
3. Communicate your benefit package plans with your employees.
Since your employees will be the recipients of your program, involve them through surveys. Ask your Human Resources team to organize the surveys for you.
Once you have come up with a benefits package, ask for regular feedback to see how the benefits are being utilized and if your employees are satisfied with them.
Attract and Retain Through Your Generous Offerings
With your personalized benefits plans, you will attract more candidates to work with you. They will stay because of how you lead them and care for them. Show your gratefulness for them through an effective employee benefits program.
MEET THE NEXT TEAM YOU WILL CARE FOR THROUGH ODG
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1 “SHRM Study Finds Employer-Provided Benefits Have Dramatically Changed and Expanded During COVID-19 Pandemic.” SHRM, https://www.shrm.org/about-shrm/press-room/press-releases/pages/shrm-study-finds-employer-provided-benefits-have-dramatically-changed-and-expanded-during-covid-19-pandemic.aspx Accessed 11 Apr. 2023