Employees are paying greater attention this enrollment period to their employer-offered benefits. Inflation and the tight labor market impact how employees view their benefits as they weigh if the benefits are meeting their needs. Today it takes more than a competitive salary to recruit and retain top talent; it takes equity compensation, Fortune 500-caliber benefits, financial wellness, retirement preparation, and more. Here are eleven of the top benefits employees expect their employers to offer in 2023:
1. Financial assistance. Employers should be involved in helping employees through financial challenges. Benefits include grants for financial hardship, referrals to EAPs for financial resources, etc.
2. Financial education. Helping employees understand how to maximize their financial benefits and ongoing education is expected with an employer-sponsored retirement savings plan.
3. Equity compensation. A benefit plan with equity compensation motivates and retains employees and helps attract top talent.
4. Financial wellness. Employees are looking to their employers to provide the resources and tools they need to navigate financial challenges and offer financial education and professional guidance.
5. Retirement solutions. Amid economic uncertainties, employees look closely at retirement planning and desire access to a financial professional through their retirement savings provider.
Source- State of the Workplace II Financial Benefits Study, Morgan Stanley
6. Affordable or free medical care. A medical plan option with low deductibles, no deductibles, or free employee-only coverage is on the radar for many employees. Free coverage has been more common among small employers—with 29% currently offering it—than large ones.
7. Paid maternity leave, paid adoption leave. Employees no longer want to bank time off or use vacation for maternity or adoption leave. They expect it as a benefit:
- 23% of those working in private industries have access to paid maternity leave.
- The average amount of paid maternity leave given by companies is 8 weeks, which isn’t mandated by law. Federal law only requires 12 weeks of unpaid leave.
- 40% of employers offer paid maternity leave in some form.
- 70% of women take some form of maternity leave.
- The average maternity leave in the US is 10 weeks, paid or unpaid.
8. Fertility benefits. Fertility benefits include a wide range of treatments and services that are covered by an employer. A recent survey conducted by Carrot found that Millennial and Generation Z employees value fertility benefits: 77% of respondents said that they would stay at a company if it offered fertility benefits, and a large majority of them said they would even consider changing jobs for better benefits.
9. Adoption and surrogacy benefits. Employees view employers that provide adoption and surrogacy benefits as caring for their family and the adopted child. The benefits and policies for adoptive parents and surrogates would look similar to those offered to biological parents.
10. Daycare benefits. Employees are looking to their employers to help with in-house employer-sponsored daycare facilities, discounted rates, and partnerships with daycare centers near work or home.
11. Flexible work schedules and remote work. Employees’ expectations of where they work and when dramatically changed during COVID. Now, employees expect to maintain that same work-life balance and view both as employee benefits.
Employers must consider their benefits and understand their employees’ specific needs and values. One way to assess the benefits their employees desire is to survey them and then add new benefits to help employees balance their work and personal lives.
Employers who want to support their employees’ wellness should be motivated to source better benefits during this enrollment period. At Aspen HR, we help power your company’s growth with the most innovative benefit programs available.