Happy National Employee Benefits Day!
April’s here again and this time every year, we celebrate National Employee Benefits Day which is dedicated to administrators, compensation personnel, and trustees who spearhead the provision of quality benefits for their colleagues—including our very own Kirsten Carroll!
It’s a great time for all the benefit gurus out there to take a breather, step back, and check out what’s new and exciting for plan beneficiaries.
So, in the spirit of celebration, let’s take a look at the year’s trending employee benefits while drawing inspiration from industry giants.
Top 4 Employee Benefit Trends in 2023
We’ve got the inside scoop on some of the hottest employee benefits out there, according to a recent survey by the Society for Human Resource Management (SHRM). Paying attention to what your employees want is key, so check out these top picks to help you prioritize in your organization.
Around 88 percent of respondents in SHRM’s survey ranked health-related benefits as the most important.1 From medical, and dental, to vision insurance, and wellness initiatives, these benefits are a big deal for employees. Healthcare costs can be a significant financial burden and offering coverage can help alleviate that stress.
Employees spend a considerable amount of time in their workplaces so it’s only reasonable to promote initiatives that promote their wellness. Such provisions not only have a positive impact on their productivity but also enhance their overall well-being.
What are the top players doing and what can we learn from them?
It is well-known that Google is providing its employees with top-of-the-line healthcare coverage. As a big company, Google already has the means to provide much for their employees but it’s also nice to know that they give importance to their workforce.
- On-site fitness centers
- Mental health apps
- Employee assistance programs on mental well-being
- On-site cafes with meals and snacks
- Medical, dental, and vision insurance including dependents
Standing out as a promoter of workplace wellness, Asana offers specialized areas for napping to rejuvenate during or after a tiring workday. They also provide various perks to their employees like:
- Health and wellness workshops
- Yoga sessions
- Complimentary gym memberships
- Daily meals prepared by in-house chefs
- Casual dress code
- A pet-friendly environment
As one of the biggest companies out there, Microsoft isn’t one to be left behind in its efforts to improve employee well-being.
- Walking and running tracks
- Sports facilities like cricket and tennis
- Weight management
- Health screening
- Fitness training
- Free Zumba and Yoga classes
- Personal dry cleaning and grocery delivery services
It’s no wonder why candidates strive to enter these companies because they prioritize the well-being of their team members. But here’s the catch—workplaces are still adapting to changes in employees’ priorities. This doesn’t change the fact that health costs keep skyrocketing.
So, it’s crucial to find a balance between protecting your company’s budget and offering valuable employee benefits. Initiatives like medical travel reimbursement, virtual care, and wearable wellness are good fits to consider.
Retirement Plans and Financial Wellness
A study by Voya found that Americans value retirement plans just as much as they value having the flexibility to work. 60% of people surveyed said they’re more likely to stick with an employer that offers retirement, but here’s the thing—planning for retirement can be daunting. ²
Employers can make it a whole lot easier by making it simple for employees to sign up for retirement plans and automatically deducting money from their paychecks.
The Congress is also on board with the importance of these features. In fact, they’re pushing for new 401(k) plans to make it mandatory to use both automatic sign-up and automatic increase as part of the SECURE Act 2.0. A comparison between plan-level data from 2020 and 2022 illustrates the greater significance of implementing auto features in retirement planning than ever before.3
Andrew Glaze, Forbes Finance council member mentioned in a report that they’ve spoken to some workers on retirement plans.
“I don’t know enough about money to invest in a 401(k)!”
“I can’t even budget properly to save for retirement with my SIMPLE IRA.”
But there’s always a way!
Researchers found that when employers offer financial education and training alongside retirement benefits, the workers are not only happier but also more loyal. It’s not a surprise that 25 percent of them say that the most awesome benefit an employer could offer is a financial wellness program, with access to unbiased advisors or training.4
PAID TIME OFF
When Blind, a platform that allows anonymous users to discuss work-related topics, asked more than 11,000 of the 30 biggest tech companies about work stress, 57% confirmed that they were burned out by their jobs.5
In April 2021, the entire LinkedIn company took some time off as an opportunity to unwind, recharge, and avoid burnout.
“Our primary aim was to provide employees with something of great worth, and currently, we believe the most valuable thing is a collective opportunity to step away and take some time,” said Teuila Hanson, LinkedIn’s chief people officer.
Employee burnout in tech is a double whammy—not only does it decrease productivity, but it’s also a top reason why people are packing up and quitting their jobs post-pandemic. To combat this, employers have been listening to employees more and making PTO dates mandatory.6
FLEXIBLE WORK ARRANGEMENTS
Who would’ve thought that a tiny virus could shake up the world of work so much? COVID-19 has molded the mindsets of employees to rethink the way they work, and many of them have grown to love the freedom that remote and hybrid work brings.
While some offices have reopened as restrictions ease, employees are demanding flexibility from their employers. But can we blame them? Their demand for flexibility is tailored to specific needs, including work-life balance, and physical and emotional well-being.
According to McKinsey’s report on “Three types of modern flexibility today’s workers demand”, 44% of the people who temporarily left, returned to their workplaces because of the provision of flexible work models.7 This report clearly shows that employers need to let employees:
- have control of where they want to work
- set their own working time and;
- allow them to decide how to pace their workload.
Similarly in Great Place to Work’s report on the top wellness trends to watch out for, here’s what industry leaders had to say about how they’ve incorporated flexibility into their system.8
SET YOUR COMPANY APART AS A GREAT PLACE WITH THE HELP OF PORTFOLIO CREATIVE
At the heart of any successful business is a team of dedicated employees, working tirelessly to help achieve the company’s goals—and it’s a no-brainer that you need a solid reward system to keep them satisfied and engaged in their jobs.
For us, it’s all about helping our clients keep their talented team members satisfied and motivated. And what’s better working with a recruiting partner that prioritizes employees first?
Here at Portfolio Creative, we know that benefits matter big time. We genuinely care about our candidates, and we want to show appreciation to our employees, which is why we go above and beyond by offering better benefits than any average recruiting firm.
Contact us now and join the long list of happy clients who have been able to create an attractive workplace environment through our detailed and well-structured employee benefits packages.
- “SHRMEmployee Benefits”. https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/pages/2022-employee-benefits-survey.aspx. Accessed March 27, 2023.
- Voya Financial. “Amid the war for talent, don’t forget the retirement plan, Voya survey finds”. https://www.voya.com/news/2022/11/amid-war-talent-dont-forget-retirement-plan-voya-survey-finds. Published November 15, 2022. Accessed March 27, 2023.
- “CNBCSecure 2.0’ clears Congress as part of omnibus appropriations bill, will bring more changes to U.S. retirement system”. https://www.cnbc.com/2022/12/23/secure-2point0-clears-congress-will-bring-changes-to-retirement-system.html. Published December 23, 2022. Accessed March 27, 2023.
- Forbes. “Why Offering Retirement Benefits Helps Attract And Retain Top Employees”. https://www.forbes.com/sites/forbesfinancecouncil/2022/08/24/why-offering-retirement-benefits-helps-attract-and-retain-top-employees/. August 24, 2022. Accessed March 27, 2023..
- Team Blind. “Close to 60 Percent of Surveyed Tech Workers Are Burnt Out—Credit Karma Tops the List for Most Employees Suffering From Burnout”. https://www.teamblind.com/blog/index.php/2018/05/29/close-to-60-percent-of-surveyed-tech-workers-are-burnt-out-credit-karma-tops-the-list-for-most-employees-suffering-from-burnout/. Published May 19, 2018. Accessed March 27, 2023.
- CNN Business. “To prevent burnout, LinkedIn is giving its entire company the week off”. https://edition.cnn.com/2021/04/02/success/linkedin-paid-week-off/index.html. Public April 5, 2021.
- “McKinsey Americans are embracing flexible work—and they want more of it”. https://www.mckinsey.com/industries/real-estate/our-insights/americans-are-embracing-flexible-work-and-they-want-more-of-it. Published June 23, 2022. Accessed March 27, 2023.
- Great place to work. “8 Top Workplace Wellness Trends to Watch in 2023”. https://www.greatplacetowork.com/resources/blog/8-top-workplace-wellness-trends-to-watch-in-2023. Published March 23, 2023. Accessed March 27, 2023.