the top ten employee perks for 2023
Top employers are aware that they must offer alluring employee benefits to recruit and retain talent and keep their businesses running smoothly. This includes benefits and incentives for employees in addition to compensation. But it’s not always simple to figure out which employee benefits are best for a company, especially as the working environment is constantly evolving.
Employees of today demand greater flexibility and work-life balance. They are willing to put in a lot of effort, but they also place a high value on flexibility, family, personal time, and health. Employers who provide benefits that address these vital employee needs see an increase in employee retention, a drop in turnover, and higher productivity.
Here is a list of the top ten employee perks for 2023:
Top 10 Benefits for Employees in 2023
1. Remote and flexible work options
2. Paid holiday days and leave
3. Advantages of family care
4. Benefits of pets
5. Advantages to health and wellness
6. Assistance with mental health
7. Pension benefits
8. Financial stability
9. Perks and recognition schemes for employees
10. Professional and career growth
Continue reading to find out how implementing these top employee benefits within your business can lower attrition, boost employee loyalty, and boost productivity.
1. Remote and flexible work options:
Employers must comprehend how these workplace changes may affect their employees and their overall business as more companies implement return-to-office policies. According to a recent survey by Care, 50% of employees want a hybrid work environment, 20% prefer fully remote work, and 75% anticipate having the option to work from home at least occasionally. Keeping valued employees will depend heavily on flexible work arrangements. This return-to-work manual can support your staff members during this period of change.
2. Paid Time Off & Parental Leave:
Offering paid time off and parental leave can do a lot to keep staff members content, effective, and motivated. Paid time off, which can be used for holidays, personal needs, illness, volunteering, jury duty, and even birthday celebrations, gives workers a chance to relax and refuel, which can help prevent burnout. Parental leave policies provide working parents with paid time off to acclimatize to new family routines while maintaining job security for parents who are starting a family through birth or adoption. In 2022, these 30 businesses had excellent parental leave policies. Here are a few quick suggestions to help you enhance your company’s current paid parental leave policy.
3. Benefits for family carers:
Although 73% of workers are responsible for taking care of others, many employers aren’t even aware that these benefits are available. The outcome? Failure to attract, support, and retain these essential workers costs U.S. businesses $35 billion every year. Make sure you are aware of the most crucial employee benefits and how they may affect your business. Businesses that provide family care benefits that aid working carers and employees in finding care for children and elderly family members reap the rewards of higher productivity and improved loyalty. 59% of employees said they want family care benefits in a recent Care survey, and 70% said they are more likely to stay at a company that offers those benefits. Do you go far enough to assist your staff members who require family care? Use this article as a guide to assess, enhance, and implement family care benefits at your business.
4. Advantages of Pet Care:
Since more than 23 million American families have added pets to their households since 2020, it should not be surprising that pet benefits are among the most popular employee benefits today. The ability to bring your dog to work, doggie daycare, pet backup care, and pet discounts are all popular perks. Additionally, businesses can keep pet owners interested by organizing entertaining events like pet photo contests or pet gatherings. Learn how businesses can increase productivity and workplace morale by offering pet care benefits.
5. Benefits related to health and wellness:
Studies have shown that employees who are in good health are more likely to perform at their best at work. One of the most cherished employee benefits will always be comprehensive health insurance with affordable premiums. However, businesses that also foster a culture of wellness by providing perks like discounted gym memberships, smoking cessation programs, biometric screenings, wellness check-ins, health subsidies, and wellness incentives further aid in luring and keeping employees while also reducing their healthcare costs. By setting up Slack channels or ERG groups where employees can set healthy goals and competitions, share healthy recipes and workout routines, and recognize and celebrate one another’s accomplishments, employers can also foster a culture of well-being. Here are a few quick resources to assist you in getting workers involved in workplace wellness programs.
6. Mental health support:
Health and wellness benefits are insufficient if they do not also offer employees mental health support. An estimated 12 billion working days are lost annually due to depression and anxiety worldwide, costing US$1 trillion in lost productivity. Employers can reduce these losses by giving staff members access to counselors and therapists via employee assistance programs or online apps. Webinars, meditation apps, sleep or drug abuse programs, and on-site relaxation areas are additional useful strategies for boosting employee resilience and lowering costly productivity losses.
7. Financial Wellness:
Almost everyone is experiencing some financial strain in today’s economic climate. Only 44% of Americans say they could cover a $1,000 unforeseen expense, and 49% say inflation is making it harder for them to save money for unforeseen costs. Employees can experience a great deal of relief from financial wellness benefits that teach staff members how to manage their money and lessen financial stress. Employees can budget and save money by being given access to employee discount programs, financial webinars, or free consultations with financial experts. Employees can overcome debt and financial hardship with the aid of additional benefits like subsidized health care, student loan repayment, tuition reimbursement, and emergency savings plans. Employers who make financial investments in their workforce reap the rewards of a less stressed, more productive, and more devoted workforce.
8. Retirement Benefits:
Unquestionably, retirement benefits are a significant financial perk and one of the top perks for staff in 2023. Regardless of the makeup of your workforce, it’s critical to provide retirement benefits that assist employees in making plans and saving for the future. This can include pension plans, 401(k) plans with matching contributions, and courses on retirement planning. You can show your concern for your employees’ financial security both now and in the future by assisting them with retirement planning and saving. Tax breaks are available to both employers and employees with retirement benefits. Take into account these recommendations when providing retirement benefits.
9. Employee Benefits and Recognition:
Employee recognition programs, which are simple to implement, honor workers for their achievements. To recognize top performers, use internal communication tools like Slack, company newsletters, or All-Hands meetings. Additionally, internal initiatives like Bonus encourage coworkers to commend and express gratitude to one another for a job well done. Employee engagement and loyalty are increased when milestones like birthdays, work anniversaries, new babies, and other occasions are celebrated. The best part is that employee appreciation and benefit programs are a low-cost, high-impact way to keep your staff members motivated and happy. Consider using these resources to implement or enhance employee recognition initiatives in your business.
10. Professional Growth:
One of the best ways to draw in and keep talent is to offer opportunities for professional development to employees. In actuality, millennials place the chance to learn and advance in a job above all other factors. Offering management and leadership training, professional and technical skill development and growth opportunities benefit both employers and employees. Employers gain from higher productivity, lower attrition, and lower hiring costs as employees expand their skill sets and perform better. Discover the best methods for delivering professional development and training to your staff.
Which of your employee benefits are the best?
How do your employee benefits compare now that you are aware of the best employee perks for 2023? Employee benefits are an essential part of every company’s retention and productivity strategy; they are not just a box to be checked. You must constantly assess your company’s benefits program if you want to remain competitive.
Make use of the resources in this article to assess the various needs of your workforce and put the best employee benefits in place for your company. Additionally, this step-by-step manual will show you how to create an employee benefits plan that better satisfies your company’s needs, stays within your budget, and offers benefits that employees actually want. Your staff will thank you, and your business will gain from improved employee morale, loyalty, and attrition rates in addition to increased productivity.