09 Jun Top Current Trending Employee Benefits
Are you currently working or looking for a job? If yes, then you probably want to know what kind of employee benefits employers offer. Nowadays companies are offering better benefits packages compared to before.
In the past, companies offered only basic benefits such as health insurance and retirement plans. Today, however, they also provide more advanced benefits such as dental care and vision coverage.
Companies are now offering their employees various types of benefits, including paid maternity leave, flexible schedules, tuition reimbursement, and even free lunches. These benefits are designed to attract and retain top talent, and they can improve employee satisfaction and productivity. With the pandemic having a massive impact on how companies approach these benefits, one thing that has become a major staple of those looking for new jobs is the option of remote or hybrid working environments. Businesses must be able to keep up with the trends with benefits to retain good employees and get more employee engagement. In this article, we’ll discuss the best current trends of employee benefits and how this shift is helping organizations keep good workers and good people.
What are Employee Benefits?
Benefits are forms of noncash compensation that help cover necessities that the worker would otherwise have to pay for on their own. Employee benefits are defined by the U.S. Bureau of Labor Statistics to include paid leave, supplemental pay, insurance, retirement and legally required benefits such as Social Security. These benefits usually make up 30% of an employee’s total compensation. Wages and salaries account for the remaining 70%. There are additional perks that companies will offer employees that are not legally required, but those perks can help attract and retain employees. Some perks are partially tax deductible, whereas other benefits are fully tax deductible.
What are the positives of offering a wider variety of employee benefits?
Offering a wide variety of employee benefits can bring a lot of positives to the workplace and can assist in building a strong culture among your employees. They can also help you recruit and retain top-level talent in your industry. Another great positive is that health benefits keep health care costs lower, even as those costs continue to rise in our country. Well-designed health programs that include wellness perks like wellness classes and mental health perks have shown to lower costs in workers compensation and disability, as well as lower absenteeism.
Top Current Benefits for Employees
Here are some of the top trending benefits that help employers hire exceptional talent and retain their top workers:
Remote Working Opportunities
This is the top trending benefit for employees because it offers positives for both the worker and the employer! Remote work offers plenty of flexibility in work schedules, something that has become one of the biggest wants for job seekers. For employers, it can help reduce office costs, promote productivity over presence, and helps boost your bottom line. Not all workers want to be remote and not all jobs can be done remote, but by simply offering the option of remote or hybrid work environments, it can attract an entirely new wave of talent.
Cell Phone or Internet Reimbursement
This is one of the fastest growing trending benefits that employers can offer. While not every job requires a cell phone, those that do are required to reimburse their employees in some states, such as California. It’s quickly becoming standard practice for some employers to offer some sort of cell phone reimbursement. Along with that, some employers have started including reimbursement for internet services as well. This became more common during the pandemic when many employees were required to work remotely from their homes. It’s a great way for employers to show that they care about their employees and since they are cutting costs for internet usage at their own office, they reward their employees that are working remotely. Getting reimbursed for using these technologies can be a big draw for job seekers.
Wellness programs are already offered by more than half of employers in the United States. While programs that focused on particular health conditions and health screenings have declined, benefits like quiet rooms, fitness activities such as yoga, and standing desks have increased greatly. There are plenty of programs that also address mental health, something that has become more requested among employees and job seekers alike.
While most companies will suggest volunteering for certain charitable causes, other companies have taken a more hands-on approach and will offer days for employees to volunteer as an organized group. This is a great way for the company to help employees engage together while volunteering for their favorite cause or nonprofit organization.
Continuing Education, Upskilling and Reskilling Opportunities
Upskill opportunities can serve a great purpose to the companies that offer them because it can provide the company with the necessary skills to carry out their objectives while also engaging with their employees on a deeper level and retaining them at a higher rate. It’s an important strategy that more companies are willing to invest in because it attracts more diverse talent and ensures inclusiveness.
Gym or Fitness Reimbursements
In order to promote health and wellness among their employees, some companies will offer reimbursement for gym memberships or fitness classes for their workers. This is one of the most popular benefits among employees and job seekers. Some companies have even adopted apps or other services to promote healthy competition, contests, and challenges to compete for prizes!
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