Top employers know that in order to attract and retain talent, and keep their companies operating efficiently, they need to provide attractive employee benefits. This extends beyond compensation to include employee perks and incentives. But knowing which employee benefits are best for an organization is not always easy, especially as the workplace climate continues to change.
Today’s employees are demanding more work-life balance and flexibility. They are willing to work hard but they also prioritize flexibility, personal time, family, and health. Companies that offer employee benefits that support these critical employee needs are reaping the benefits of increased employee loyalty, decreased turnover, and improved productivity. Here’s a quick list of the ten best employee benefits in 2023:
Top 10 Employee Benefits in 2023
- Flexible and remote work arrangements
- Paid time off and leave
- Family care benefits
- Pet benefits
- Health & wellness benefits
- Mental health support
- Retirement benefits
- Financial wellness
- Employee perks and recognition programs
- Professional/career development
Read on to learn how you can reduce attrition, improve employee loyalty, and increase business productivity by implementing these top employee benefits within your company.
- Flexible and remote work arrangements: As many companies implement return to office policies, employers need to understand how these workplace changes may impact their employees-–and their overall business. In a recent survey conducted by Care, half of employees say they want a hybrid work arrangement, nearly 20% prefer fully remote work, and nearly three-quarters expect the flexibility to work from home at least some of the time. Clearly, flexible work arrangements will be critically important to retaining valued employees. This return-to-office guide can help support your employees during the transition.
- Paid Time Off & Parental Leave: Paid time off and parental leave policies can go a long way in keeping employees happy, productive and motivated. Paid time off which can include time off for vacation, personal needs, illness, volunteering, jury duty and even celebrating birthdays–allows employees time to recharge and unwind and can help prevent employee burnout. Parental leave policies are offered to parents who are starting a family through birth or adoption–and give working parents paid time off to adjust to new family routines while maintaining job security. These 30 companies had great parental leave policies in 2022. Here are some quick tips to help you improve your existing paid parental leave policy in your company.
- Family Care & Caregiver Benefits: 73% of employees have caregiving responsibilities, however, many employers don’t even have these types of benefits on their radar. The result? U.S. businesses lose $35 billion annually from failing to attract, support, and retain these crucial workers. Make sure you understand the most important benefits for your employees–and how these benefits can impact your organization. Companies who offer family care benefits that help employees and working caregivers find care for children and older loved ones, benefit from increased productivity and improved loyalty. In a recent Care survey, 59% of employees surveyed said they want family care benefits, and 70% said they are more likely to stay at a company where they receive those benefits. Are you doing enough to support your employees with family care needs? This article will Use this guide to evaluate, improve, and implement family care benefits within your company.
- Pet Care Benefits: More than 23 million U.S. households added pets to their families since 2020, so it should come as no surprise that today’s top employee benefits include pet perks. Popular benefits include pet insurance, bring-your-dog-to work, doggy day care, pet backup care, and pet discounts. Plus, companies can keep pet owners engaged by creating fun events such as pet photo contests or pet gatherings. Discover how companies use pet care benefits to improve workplace morale and productivity within their organizations.
- Health and Wellness benefits: Research shows that employees in good health are more likely to deliver optimal performance in the workplace. Strong health insurance coverage with low premiums will always be a highly valued employee benefit. Yet companies that also create a culture of well-being by offering benefits such as: discounted gym memberships, smoking cessation programs, biometric screenings, wellness check-ins, health subsidies, and wellness incentives further help attract and retain employees while also lowering their healthcare costs. Employers can also create a culture of well-being by creating Slack channels or ERG groups where employees can set healthy goals and competitions, share healthy recipes and fitness routines, and recognize and celebrate one another’s accomplishments. Here are some quick resources to help you engage employees in workplace health initiatives.
- Mental health support: Health and wellness benefits are not complete unless they also provide mental health support for employees. Globally, an estimated 12 billion working days are lost every year to depression and anxiety at a cost of 1 trillion in US dollars per year in lost productivity. Employers can combat these losses by providing employees access to therapists and counseling through employee assistance programs or digital apps. On-site relaxation spaces, meditation apps, sleep or substance abuse programs, and webinars are also effective ways to improve employee resilience and help reduce costly productivity losses.
- Financial Wellness: In today’s economic times, almost everyone is feeling some financial pressure. Only 44% of Americans report they could cover an unplanned $1,000 expense—and 49% say inflation is causing them to save less for unplanned expenses. Financial wellness benefits that educate employees how to manage their money and reduce financial burden can be a huge source of relief to employees. Offering access to employee discount programs, financial webinars, or free consultations with financial experts can help employees budget and save. Other benefits such as: subsidized care, student loan repayment, tuition reimbursement, and emergency savings plans can help employees overcome debt and financial hardship. Employers who invest in the financial well-being of their employees, benefit from a less stressed and more productive and loyal workforce.
- Retirement Benefits: Of course retirement benefits are also a huge financial benefit–and one of the top employee benefits of 2023. Regardless of your workforce demographics, it’s essential to offer retirement benefits that help employees plan and save for their futures. This can include 401(k) plans with matching contributions, pension plans, and retirement planning education. By helping employees plan and save for retirement, you demonstrate that you care about their financial stability now and in the future. Retirement benefits also offer employers and employees tax breaks. Consider these best practices for offering retirement benefits.
- Employees Perks and Recognition: Employee recognition programs recognize the accomplishments of employees and can be implemented easily. Internal communication channels like Slack, company newsletters, or All-Hands meetings can be used to recognize top performers. And internal programs like Bonus also encourage colleagues to recognize and thank one another for a job well done. Celebrating events such as birthdays, work anniversaries, new babies and other milestones also fuels employee engagement and loyalty. Best of all, employee recognition and perk programs are a low-cost, high impact way to keep your employees happy and motivated. Check out these resources to help you implement or improve employee recognition programs in your organization.
- Professional Development: Providing employees with opportunities for professional development is a top way to attract and keep talent. In fact, millennials rank the opportunity to learn and grow in a job above all other considerations. Offering professional and technical skills development, management and leadership training, and opportunities for growth, is a win/win for employees and employers. Employees build their skill sets and improve performance–and employers benefit from increased productivity, lower attrition, and decreased recruitment costs. Learn best practices for providing your employees with professional development and training.
How do your employee benefits compare?
Now that you know the top employee benefits in 2023, how do your employee benefits compare? Providing employee benefits is not just a box to check, it’s a critical component in every company’s retention and productivity strategy. In order to stay competitive, it’s essential that you continually evaluate your company’s employee benefits package.
Use the resources in this article to help you evaluate the diverse needs of your workforce and implement the best employee benefits in your organization. Plus, this step-by-step guide will walk you through how to design an employee benefits program that better meets your organization’s needs, fits within your budget, and provides employees with the kind of benefits they actually want. Not only will your employees thank you, but your company will benefit from increased productivity and improved employee morale, loyalty and attrition.
