2.5 minute read
Employees needs have changed over the past few years. Right now, their needs are shaped by the lingering effects of the COVID-19 pandemic, rising inflation, and a tight labor market. Many workers are wondering how to stretch their dollars further.
Employers are uniquely positioned in 2023 to offer more than just a health care plan, including holistic benefits, resources, and perks that today’s workers need most.
Trending 2023 Benefits
Voluntary Benefits
Voluntary benefits can provide value to employees without raising an employer’s costs, making them powerful tools for attracting and retaining top workers.
Popular voluntary benefits include:
- Critical illness
- Accident insurance
- Hospital indemnity insurance
- Disability insurance
- Life insurance
- Identity theft protection
- Pet insurance
Financial Wellness Benefits
Inflation may be making employees feel financially strained and impacting their decisions about benefits. Financial wellness benefits need to go beyond only offering educational resources to be impactful. Here are some popular financial wellness resources and tools:
- Retirement plan options with matching contribution
- Health savings account contribution
- Flexible spending account contribution
- Financial planning assistance and coaching
- Employee discount or purchase program
- Financial reimbursements (tuition or student loan repayment plans, professional development stipends, etc.)
Family-friendly Benefits
Family-friendly benefits are becoming increasingly popular with employees, as they inclusively support the unique and complex ways individuals and couples build families.
These types of benefits can provide employees peace of mind as employers demonstrate their emotional and financial support for employees’ decision to build a family. Popular benefits may include adoption or surrogacy benefits, parental leave, and access to fertility treatment coverage.
Conclusion
Organizations can start optimizing benefits packages by evaluating employees’ preferences and thinking about ways to improve offerings or tailor them for the workforce. Download the bulletin for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
