Are you keeping up with the top 7 employee benefit trends?

The COVID-19 pandemic seems to have permanently changed employee priorities. It has reshaped the way people perceive their work-life balance. The unprecedented and widespread shift to working from home inspired many people to reconsider what they valued in life and what they needed from their employer. The crisis prompted individuals to prioritize their well-being, flexibility, meaningful work, and a sense of purpose. Employers seeking to attract and retain top talent must take a close look at some key employee benefit trends.  

  1. Mental health support: The pandemic had a widespread impact on mental health including loneliness, grief, stress, and financial woes. It made people more aware of their mental health and the importance of that kind of support. Employers are recognizing the importance of their employees’ emotional well-being as well, placing greater emphasis on mental health counseling services, digital mental health programs, employee assistance programs (EAPs), stress management resources, and mindfulness programs.  
  2. Flexible work arrangements: The COVID-19 pandemic accelerated the adoption of flexible employment arrangements such as remote work, flextime, compressed workweeks, and job sharing. This trend has continued as employees increasingly value work-life balance and seek more control over their schedules. According to one report, flexible work arrangements are attracting seven times more applicants than those that are not. 
  3. Remote work support: With the rise of remote work, employers must figure how to best support employees, sustain engagement, and maintain productivity. They are prioritizing resources and technologies such as equipment and technology tools, ways to collaborate virtually, financial allowances, and social support to retain employees and increase satisfaction.  
  4. Health and wellness programs: Progressive employers are recognizing the importance of holistic health – not just physical health. Wellness programs, gym memberships, fitness classes, online digital health tools, and incentives for healthy behaviors are becoming more prevalent and are often an expected benefit. These programs aim to improve employee well-being, reduce healthcare costs, increase productivity, and create healthier work environments. 
  5. Diversity, equity, and inclusion (DEI): As more job seekers recognize the importance of a diverse, equitable, and inclusive workplace, organizations will benefit from fostering those qualities. DEI initiatives can lead to increased innovation, better problem-solving, enhanced employee engagement, and a stronger reputation among customers and stakeholders. DEI is a trend that may seem like more words than action, but that is changing
  6. Expanded parental and family leave: Employers that enhance parental and family leave policies may have an advantage over the competition as work-life balance continues to grow in importance. This includes increasing the duration of paid parental leave, providing flexible return-to-work options, and extending benefits to include adoptive parents and same-sex couples. 

As organizations focus on attracting and retaining top talent in a competitive job market, keeping up with employee benefit trends is a must. The landscape of employee benefits is evolving due to shifting demographics, changing societal expectations, and emerging technologies. Companies need to position themselves as employers of choice, ready to meet the evolving needs and expectations of their workforce. Ultimately, investing in the well-being and satisfaction of employees through up-to-date benefits reflects a commitment to the success and longevity of the individual and the organization.