It’s hard to believe it has been nearly three years since the beginning of the COVID-19 pandemic, and that in many ways it is still shaping the ever-changing workforce. With hiring and retention continuing to make up the bulk of an HR team’s day-to-day workload, monitoring and adjusting to employee benefit trends has never been more important for employers looking to attract and retain great workers.
Are you still thinking benefits play a small part in employee decision-making? Think Again! According to an article from Velocity Global,
Employees are 70% more likely to remain loyal to their employer if they’re satisfied with their benefits.”
Stay in the know of what employees are looking for by reading Bentek’s top benefit trends for 2023.
Employee Benefit Trends for 2023
- Employer-Paid Health Plans –
As healthcare costs continue to rise, more companies are moving to paying 100% of employees’ monthly healthcare premiums. Another option is funding an HSA (Health Savings Account) or HRA (Health Reimbursement Arrangement) for employees and their dependents. To read more about these different types of benefit plan options, click here.
- Expanded Ancillary Benefits –
Give the people what they want! In MetLife’s Annual Employee Benefits Trend Study, they revealed 57% of employees want benefits that are not currently being offered by their employers. Workers are looking for benefits that match their lifestyles and there is now a large array of different ancillary benefits you can offer your team – anything from pet insurance to daycare stipends to lifestyle spending accounts (LSAs). It is worth it to poll your employees and see which benefits most interest them.
- Increased Parental Leave –
Parental leave is a unique opportunity for employers to leverage when attempting to attract new talent. According to the Bureau of Labor Statistics, only 23% of private industry employees and 26% of state and local government employees had access to paid family leave in 2021.
Millennials make up 35% of the workforce and that number is expected to continue to increase in the next few years, along with Gen Z. As these generations look to expand their families, paid leave is of the utmost importance, along with other related benefits including pregnancy loss support, lactation support, and fertility treatment support.
- Better Work/Life Synergy –
Traditional work environments continue to evolve, and it is important to evaluate and adopt changes that will help retain and attract great talent. In a research study conducted by the ADP Research Institute, nearly 70% or respondents stated that “if they didn’t get some level of flexibility, and if their company required them to come back into the office full time,” they would seek new job opportunities.
Allowing for flex scheduling goes a long way with employees. Whether they need to work remotely while caring for a sick child or leave early for a doctor’s appointment, allowing your employees to work when and where it is convenient for them can create a significant impact when it comes to retention.
Interested in learning more about how Bentek can help you and your organization with managing employee benefits administration and enrollment? Contact us!