In today’s competitive labor market, traditional benefits (monetary and non-monetary) just don't cut it anymore. Now more than ever, organizations need to pay attention to how they compensate and recognize employees.
If you're looking to stand out from the competition, attract and retain top talent, and enhance your organization’s culture, here are 4 benefit trends to keep in mind for the year ahead.
1. Increased Paid Leave (PTO)
Forecasting the future is hard, especially during these times of uncertainty. Employees today want increased paid leave to account for the what-ifs in their life - from spending more time with an aging family member to taking a break for their mental health.
A recent study conducted by MetLife revealed that 80% of employees surveyed showed interest in increased PTO as a benefit, as it gives them the freedom to utilize time in a way that is meaningful to them.
2. Financial Wellness Benefits
Today, financial wellness plans extend more than just a 401(k) plan. To stand out as a top employer, businesses must show employees they are looking out for their future. On top of offering a standard 401(k) plan, consider also introducing profit sharing or employer matching, and providing access to investment advisors.
3. Flexible Work Policy
If there's one thing we've learned over the past 18 months, it's that remote and/or hybrid offices can be successfully implemented within many businesses. Many employees want to continue with this flexibility, which empowers them to factor lifestyle choices into their work schedule. And this workplace flexibility is not just limited to remote work, but also includes the work schedule.
Offering your employees a diverse range of health insurance options can help them create a benefits package that is unique to their personal needs. This includes not just traditional benefits like medical, disability, and life insurance, but additional perks such as pet insurance, telemedicine, and legal services.
With a rapidly changing employment landscape and new employee mindsets, implementing and/or acquiring these benefits can be a challenge.
Interested in learning more? Get in touch with us today.