2.5 minute read
Current labor changes are making employers find ways to balance the rising costs and inflation while providing employees with benefits they value and need. Understanding this year’s employee benefit trends can help employers assess if their offerings meet their employees’ demands and needs so that they can attract and retain talent.
Many employees are experiencing elevated stress, burnout, and poor mental health due to inflation, increased job duties, and the lingering effects of the pandemic. Many employers enhanced their mental health and well-being benefits to better support workers in the pandemic and more are expected to prioritize employee well-being in 2023. Here are some things that employers are further investing in:
Reigning in health care costs while keeping benefits affordable is critical for employees in 2023. Planning and implementing multiple strategies to manage health care costs can help employers develop cost-saving strategies such as:
Many states and localities have implemented pay transparency laws. And pay transparency is becoming more important to workers. Employers that provide pay transparency information tend to receive more applicants. By disclosing this information, employers can save time and money in recruiting by ensuring candidates won’t reject job offers due to insufficient pay. Employers may consider implementing practices such as published pay scales for their open positions.
Offering voluntary benefits can be an effective way to help workers avoid financial setbacks and stretch their dollars without raising costs. With voluntary benefits, employees can choose which benefits matter to them. Dental and vision insurance are popular voluntary benefits but nontraditional offerings are increasing in popularity as well. These include:
Critical illness insurance
Accident insurance
Pet insurance
Student loan repayment assistance
Identity theft protection
Disability insurance
Life insurance
Many employers are increasing providing employees with family-friendly benefits, such as paid parental leave, paid adoption leave, and surrogacy benefits. Other support includes family planning assistance, high-risk pregnancy care, and pregnancy, lactation, postpartum, and menopause support.
One of the most effective ways to improve employee mental health and well-being is to find work-life balance. Some employers have helped employees by offering remote and hybrid work. This can also benefit employers on overhead costs and gives them access to a larger talent pool.
Current benefit trends can help guide employers as they strategize and take action. This will help employers to respond in meaningful ways to help keep employees healthier, happier, and more productive. Download the bulletin for more details.