The 7 Most Sought-After Employee Benefits of 2024
Offering potential employees an excellent salary is no longer enough to retain high-performing staff members in today’s competitive markets. Prospective employees now emphasize a company’s benefits when deciding whether or not they should come aboard. While offering larger-than-life benefits to employees can be strenuous for business owners, taking care of your employees will pay dividends.
After all, increased employee retention rates save companies substantial amounts of money that would otherwise be spent on labor, rehiring, training, or onboarding efforts. If you’re interested in maintaining a stellar team of employees, check out these seven most sought-after employee benefits of 2023.
Remote Work
Following the onset of the COVID-19 pandemic, workers and employers have realized the benefits of working remotely. Employees enjoy the flexibility of remote work and can save money on transportation, while employers benefit from substantially decreased overhead costs.
Business owners can benefit from the fully-remote model by eliminating expensive office leases and replacing them with a cost-effective virtual office.
Working alone without the benefit of an office environment has a different feel for each employee. However, it is critical for employees to adapt to the change in environment in order to avoid any mental health issues. Most web developers opt for remote work, making it necessary to understand what it feels like to work remotely as a web developer.
Health Insurance
Comprehensive health insurance is a make-or-break company feature for most prospective employees in today’s employment market. Health insurance costs can be high for those who must look outside their company for coverage.
When it comes to insurance, women get their insurance more easily. Additionally, there are several ways women can get the best health insurance coverage.
By offering your employees access to attractive health insurance plans, you can help them afford to meet their other budget needs while building loyalty and long-term comfortability with your company.
Paid Time Off
While many employers are reluctant to give their employees too much paid time off, not offering enough will cost you. Unsatisfactory time off is one of the most common complaints among American workers.
Employees who choose between getting paid and spending time with their loved ones or engaging in activities they enjoy are more at risk for burnout and dissatisfaction. Those who know that they can safely take a reasonable amount of paid time off for sickness, personal reasons, or vacation are more likely to feel valued by their employer and stick around longer.
Tuition/Student Loan Repayment Assistance
Student loan payments present significant financial challenges for millennials entering the job force. Some find that their loan payments are so expensive that they can’t afford to spend money on other necessary living costs, and more millennials have roommates now than ever before.
If your company can help with repaying student loans, you’ll drastically increase your appeal to those entering the job market.
If your corporation has the means, consider supporting your employees with their tuition payments when they attend higher education courses in a field in your industry. Tuition payment support incentivizes skillset development and breeds a loyal bunch of employees.
Wellness Benefits
Health insurance isn’t enough to catch the eye of the most desirable employees. Companies that are catching on to the returns offered by comprehensive benefits packages are beginning to expand their wellness benefits and make investments in the well-being of their employees.
While offering reimbursement for investments in your employees’ health, like gym memberships or chiropractic care visits, will go a long way, business owners can reap similar rewards by keeping it simple. Consider stocking the kitchen with healthy snacks and beverages and encouraging your workers to share meals in the office.
Look into purchasing standing desks, as some people find it challenging to sit for long periods. Allow your employees access to plentiful opportunities for breaks and create an outdoor space or a game room where they can alleviate stress or get some fresh air. Offer lifestyle spending accounts (or LSA’s) so costs associated with taking care of their mental health or professional development don’t come out of their pockets.
Learn more at Lifestyle Spending Account – What It Is + How It Works.
Companies that want to go the extra mile may install exercise facilities or yoga/meditation centers. When you demonstrate care for your employees’ health, they’ll be more productive, miss fewer days due to illness, and have higher rates of satisfaction and appreciation.
Maternity/Paternity Leave
While the United States isn’t well-known for its generous parental leave, several American companies are beginning to catch on to the notion that offering employees adequate maternity and paternity leave is a morally and financially worthwhile investment. Moreover, American workers are aware of the discrepancies between US parental leave policies and those of other countries and are beginning to demand more.
Giving your employees sufficient parental leave sends a powerful message that you’re willing to support their journey through parenthood and would like to be a part of their lives throughout multiple stages of life. Since most people ultimately consider their family to be more important than their career, they will value and respect an employer who puts their family first.
Retirement
Both employees entering the workforce and seasoned employees approaching retirement age are concerned about retirement benefits.
By offering a robust and attractive retirement plan, you’ll attract forward thinkers and organized planners who are invested in their futures. Most people believe that mutual funds are the best option for them to pursue after retirement. As a result, you should be aware of mutual fund investing tips and tricks. Of course, employees will be much less likely to jump ship to another corporation if they feel secure in the retirement benefits that your company offers them.
Parting Shot
As a leader, you set the tone for your employees’ perception of your company. Once you’ve consulted this list of the seven most sought-after employee benefits of 2023, consider adjusting your benefits packages to demonstrate a genuine investment in your employees’ wellbeing. It will pay off in the end.
