5 Employee Benefits Trends We Can’t Stop Talking About
It seems fitting that this World Health Day, organized by the World Health Organization (WHO), is themed around the concept of “Health For All.” With the ongoing pandemic and changing attitudes towards work-life balance, not to mention the continued shake-up of who’s in the workforce, your company needs to adapt in its employee offerings in order to survive and thrive.
Are you ahead of the curve in employee wellness? Here are some of our favorite emerging trends.
1) Increased Mental Health Benefits
As people continue to navigate the ongoing stresses and uncertainties left by the pandemic, mental health is no longer a “nice to have” benefit option. Many companies are now offering employee assistance programs (EAPs) that provide counseling and other support services for mental health concerns. Even better, employers are getting creative with strategies that deliver meaningful help to their employees, considering options like mental health first aid trainings and self-care days being added into paid time off (PTO) packages.
2) Financial Wellness Opportunities
Financial stress can have a major impact on an employee’s well-being, and that’s made worse during times of recession and inflation. Smart employers are now offering financial wellness programs that may include opportunities like financial planning workshops, access to financial advisors, and employer contributions to retirement savings accounts. Given that 70% of Gen Z is already saving for retirement, this is an attractive option for the up-and-comers in the workforce, as well.
3) Emphasis on Diversity, Equity & Inclusion
While many companies now have a DEI statement or vision and working supports for DEI efforts, taking these considerations into benefits is still a relatively new idea. Up and coming organizations are providing DEI benefits offerings like gender-neutral parental leave policies, more inclusive and comprehensive healthcare benefits with inclusions of fertility treatments and gender affirming surgery, and additional supports for LGBTQ+ employees.
4) Family-Friendly Offerings
Fully 81.2% of mothers and 95.7% of fathers with children over 6 work outside the home, and they need support to do so. Providing a dependent care flexible spending account (DCFSA) is one way to make it easier to shoulder the burden of childcare costs. Some companies even provide backup care to support families when their standard child or elderly dependent care falls through. And, of course, ensuring that paid parental, adoption and surrogacy leave are part of your benefits packages is a non-negotiable.
5) Personalization & Segmentation
Gone are the days of one-size fits all benefits. Modern workers are seeking supports that are relevant and personalized to them. Frontline workers, for example, might want a benefit like a PTO buyback where they can trade earned time off for additional money rather than taking it. That type of benefit, though, may have less appeal for C-suiters.
Providing different ancillary benefits that fall outside of the traditional benefits packages, and allowing people to sign up for what is most important to them, is a smart employer move. Some examples you might want to consider offering include ID theft protection, healthy lifestyle programs, public transportation packages, and supplemental insurance (cancer, pet) packages.
Curious about implementation?
None of these suggestions have to be overly daunting. Agile Talent Consulting can support you with reviewing your current compensation offerings and provide guidance on how to make them more competitive and cost-effective.
