Ever since the pandemic hit, the workplace has undergone significant changes, throwing employers unexpected curveballs left and right. Now, more than ever, employers are grappling with labor challenges that require some serious juggling skills. They have to navigate around rising costs and inflation while still giving their employees benefits they value and need. By staying up-to-date with the latest employee benefits trends, you can evaluate if your current offerings match what your employees are yearning for. After all, you want to make sure your talent pool stays filled with the best and brightest, don’t you? With that in mind, here are six new trends in employee perks and benefits to keep on your radar.
Pet Perks
We all know pets offer us humans companionship and comfort, and many organizations already offer pet insurance for their employees to help reduce the cost of pet medical care. We’re upping the ante in 2023 as employers are now starting to include pets in their bereavement policy. It's official, folks: furry family members are getting the respect they deserve when it comes to dealing with loss. Because hey, studies show that 1 in 3 people grieve and feel sadness for at least six months. That's some serious puppy love!
Another pet perk emerging in the workplace is pet-friendly offices. It turns out that interacting with pets isn't just a fun pastime—it actually is proven to reduce stress levels and boosts productivity, happiness, and well-being. Who needs a coffee break when you can have a cuddle break? Having adorable creatures trotting around the office provides the mental break we all need, lifts morale, and creates a positive work atmosphere. Plus, embracing a pet-friendly environment doesn't just make your employees happier— it can help create a positive public image for your company. It shows that you prioritize employee well-being, work-life balance, and a progressive approach to work. This can enhance your employer brand and attract positive attention from clients, customers, future applicants, and the general public.
Now, before you start sending out "Bring Your Pet Palooza" invitations, let's not forget to approach this pet-friendly revolution with some common sense. Allergies, safety concerns, and proper guidelines should be considered to make sure everyone has a “pawsitively” delightful experience.
Unlimited Paid Time Off
Statistics show that 15% of employers offer or plan to offer unlimited PTO in 2023. That's a significant jump from a mere 4% back in 2021! And here's a mind-boggling stat for you: 50% of workers actually prefer unlimited PTO over a higher salary.
Now, you might be wondering, why should you hop on this unlimited PTO bandwagon? Well, apart from keeping up with workers' evolving desires, there are some awesome advantages such as increased productivity, trust, and communication and less administrative time required to handle leave requests.
But don't go announcing unlimited PTO without a plan in place. You'll need a clear policy to avoid any vacation chaos. Who qualifies for this dreamy perk? Will there be a waiting period? How should employees request time off? And let's not forget about those performance and productivity expectations. Setting some ground rules will ensure smooth sailing and prevent any beach towel battles.
Work Flexibility
Embracing work flexibility is a great way to care for employees and show trust in their ability to manage their own time. Whether you're not quite ready for remote or hybrid work setups, there are other fantastic options to explore. Consider offering flexible start and stop times or a four-day work week.
There's more to this flexibility fiesta than just adjusting schedules and locations. It's time to wave the flag of a shifting organizational culture that supports a work-life balance worth celebrating! Encourage your employees to disconnect electronically and set boundaries around their availability. Let them truly step away and enjoy their personal time without any work-related interruptions.
Sustainable and Socially Responsible Benefits
In the ever-evolving landscape of employee benefits, companies are stepping up their game to embrace their values and prove they're superheroes of sustainability and social responsibility in creative ways. It's not just about offering the usual perks anymore; it's about making a positive impact on the world around us. If you're looking to go the extra mile in creating a workplace that stands for something meaningful, consider incorporating eco-friendly commuting incentives, charitable donation matching programs, and paid time off for volunteering.
Reproductive Health
The popularity of family-building benefits is on the rise, offering valuable support to employees. These benefits cover a range of areas, including fertility and surrogacy, with 19% and 14% of companies respectively providing coverage in these areas. It's important to note that these benefits extend beyond just fertility, as companies are increasingly recognizing the significance of supporting women's reproductive health throughout all stages of life. This includes benefits for pregnancy loss, post-partum care, parenting support, and menopause. In fact, a significant 37% of companies now offer some form of resource or service to support reproductive health, and one-third of companies plan to expand these benefits further. This highlights a commitment to prioritizing the well-being of employees on their family-building journeys.
Expanded Parental Leave
When it comes to paid parental leave, the United States finds itself at the bottom of the barrel among 40 countries. It's a dubious distinction, as the US stands alongside just six nations in the entire world without a national policy for paid parental leave. Companies are stepping up to bridge the gap by expanding their own parental leave benefits. They understand the significance of providing new parents, whether through birth, adoption, or foster care, with ample time off to bond with their little ones and adjust to the joys and challenges of parenthood.
As these companies lead the charge in expanding parental leave benefits, they're not just changing diapers, they're changing the game! They're making a profound impact on the lives of new parents and showing the world what it means to be a trailblazer. By proactively addressing the gap left by a lack of national policy, they're challenging the status quo and creating a work culture that embraces inclusivity and support.
Focus on Mental Health
So, besides the good ol' Employee Assistance Program (EAP), there are innovative alternatives worth exploring. These options go beyond the traditional to further support mental health in the workplace. Consider providing specialized training for managers and employees that turn them into mental health superheroes! They'll learn to spot the telltale signs of a struggling colleague and swoop in with the perfect response. It's like having a mental health Avengers team right in your office!
Another creative avenue is offering complimentary subscriptions to mental health apps, providing your employees an arsenal of digital tools to conquer stress, boost happiness, and feel like the invincible mental health warriors they truly are. It's like having a personal therapist in the palm of your hand.
Additionally, adjusting plan designs to increase the affordability of mental health care can make a significant impact. Employers can help remove the financial burden that often prevents individuals from seeking the support they need while promoting early intervention and fostering a supportive work environment where mental health thrives.
Financial Wellness
Get ready to uncover the surprising truth about employees and their financial aspirations! Brace yourselves, because a staggering 93% of employees are longing for their employers to provide them with financial planning and advisory services. But here's the kicker: only a mere one-third (28%) of companies are stepping up to the plate.
By implementing comprehensive programs that cover budgeting, spending habits, financial goal setting, debt reduction, and credit building, you can work wonders in reducing employee stress and anxiety related to their finances. Not only will this have a positive impact on their mental well-being, but it can also work its magic on their physical health. It's like waving a financial wand that brings balance, peace, and overall wellness to their lives.
Before you embark on the journey of offering financial wellness benefits, take a moment to delve into your workforce's needs. By conducting a thorough assessment, you can unveil the key topics that will truly resonate with and bring the most value to your employees.
Not sure how to get started? Reach out to our team of experts at Atomus Partners today and leave the rest to us.