5 Employee Benefits Trends to Watch in 2023
Soon, it will be 2023, and with it comes deciding on employee benefits that not only help you attract new employees but retain your current ones. Your peers and colleagues are keeping this top of mind, as a study shows that 53% of small business employers and 70% of large business employers are already planning to up or enhance their benefits offerings.
Here are five benefits trends to keep an eye on in 2023.
Full coverage of healthcare premiums
A survey shows that healthcare is still a worry for employees and their families. Currently, the national average of coverage for healthcare premiums is 83%, but something to consider when attracting and retaining employees is paying 100% of an employee’s healthcare premiums. Some employers embracing this trend ahead of 2023 feel it will benefit their bottom line and positively impact employees’ overall well-being.
The pandemic continues to affect people financially, with half of U.S. workers saying the pandemic will make it harder for them to achieve their financial goals, and 62% of U.S. workers stressed by their current financial situation. Offering a 401(k) and monthly stipends are great financial support. To supplement that, you can help employees feel secure in achieving their financial goals by offering assistive tools like financial tracking software to help them regain financial agency and improve their spending behaviors.
Did you know that caregivers make up half of the U.S. workforce? Did you also know that of those caregivers, 70% of them feel they’ll have to leave the workforce to properly care for their loved ones? You may not even know if your employees are caregivers. If you want to offer a caregiver benefit, survey your employees to find out how many of them are caregivers and how much time they spend caregiving a week. Then, use the information gathered to give your employees the needed resources.
Bereavement and grief benefits
When employees lose a loved one or a beloved pet, they need time to grieve, and they need employers who understand their grief and are willing to work with them. Grief affects employees’ work performance and productivity, and you don’t want your employees to feel like they must soldier on through the workday during a difficult time in their lives. Having bereavement and grief benefits lets your employees know you have their back.
Family planning is important for employees, as 30 to 50% of a workplace’s employees are in the stage where they want to start or expand their family. The pandemic shifted priorities and focus, and more people want to spend time with their family, regardless of whether they are beginning or expanding it—both mothers and fathers alike. While you may already have a PTO (Paid Time Off) policy, consider offering a separate policy for family leave so parents can take the additional time they need to spend with their children.
Contributing to work-life balance
Overall, for 2023, it seems the trend is offering benefits that contribute to an employee’s work-life balance. Letting them know they don’t have to choose between work and whatever is going on in their lives goes a long way. As always, survey and ask your employees what benefits they want—and need. Reviewing and updating your employee benefits will help you stay competitive in the job market and may help you improve your bottom line by improving employee productivity, loyalty, and retention.
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