6 interesting employee benefits trends

The current job market leans into a culture of quiet quitting and actual quitting. This tendency toward leaving unsatisfying jobs has led to the phenomenon known as “The Great Resignation” (remember that?). While the labor market has changed in the last year, attracting and retaining top talent continues to be an HR north star.

Employees often cite low pay as a reason for leaving their jobs. But it's not the only reason for changes in the workplace. Other top reasons employees quit have to do with employers not keeping up with employee benefits trends.

Benefits like health care, dental plans, and vision plans still matter, but so does a more creative take on benefits packages. Understanding today’s trends can increase retention rates and improve company culture.

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The Shift Away From Traditional Benefits Packages

Traditional employee benefits packages include things like medical coverage and retirement plans. But for companies hoping to stay competitive in today’s market, these traditional benefits are no longer enough.

Employees aren’t content to live for their careers. Millennials and Gen Zers instead often see work as a necessity to fuel other facets of their lives. They want to spend more time with family or friends. They want to have more time for their hobbies. They want to be supported as individuals. And they want to be prepared to face their futures.

One benefit to this is that even small businesses can offer some of the non-traditional benefits that today’s employees are on the lookout for.

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Top 6 Employee Benefits Trends

Some of the top employee benefits trends are designed around improving the quality of life for employees. Here are six to consider.

1. Flexible Working Schedules

The COVID-19 pandemic led to a lot of people working from home. Many employees now understand what they’re missing out on by being at work five days a week. The result is that they're looking for more flexible work schedules.

This looks different for each company. For some, it means offering employees the option to work remotely. For others, it means shortening the work week or offering benefits like unlimited PTO.

There are pros and cons to each of these strategies. Initial research into more flexible schedules has been promising. It suggests that flexibility leads to less absenteeism, greater workplace engagement, and better productivity.

2. Mental Health Support

Anxiety, depression, and other mental health conditions are on the rise. As a result, employees are looking for more mental health support in the workplace.

Supporting mental health can mean including mental health services with employee healthcare packages.  It can also mean alternative benefits like supporting mental health days, offering rest spaces, or offering wellness programs.

3. Continuous Learning Opportunities

For some employees, the ability to move up through the ranks serves as a workplace benefit. Mentorship programs may help these employees feel connected. Or they may want to enroll in paid conferences or online courses through work. Employees may even want tuition reimbursement from their employers. Each of these options supports the underlying goal of moving up in the business.

4. Financial Wellness Programs

Fifty-seven percent of employees consider finances the biggest stress of their lives. For these employees, financial wellness programs are a major boon. Such programs may discuss things like retirement planning or debt management. They help employees learn to manage their money and stop living paycheck to paycheck.

5. Expanded Parental Leave

Many young people support the idea of offering paid parental leave after a new member joins the household, whether it's through birth, fostering, or adoption. Allowing mothers and fathers the time off they need to care for little ones is significant.

Providing parental leave within less traditional family structures, such as grandparents taking in a dependent grandchild or foster parents with new foster children, makes employees feel supported.

Regardless of circumstances, expanded parental leave allows changing families to make adjustments. It empowers families to prioritize their needs at home and feel secure in their careers at the same time.

6. Benefits Tailored To Working Remotely

As more employees switch to working outside a traditional office setting, remote benefits are becoming a trend as well. This could include purchasing office supplies for remote workers. It could also mean providing company laptops or cars to remote workers. Covering high-speed internet connections on the company dime is another consideration.

Ensure that in-office benefits are available for remote workers as well. This means putting team-building activities online and investing in an intranet that promotes collaboration regardless of where team members are located. Add services like meditation apps or online fitness programs for all employees.

The Importance of Personalizing Benefits

Remember the mantra: “Fair isn’t everyone getting the same thing; fair is everyone getting what they need.”

A 60-year-old employee with no children of their own probably doesn’t care about paternity leave benefits. But for a 22-year-old looking to start a family, that single benefit may mean the difference between sticking with a job and hunting for a job elsewhere.

Asking employees about their needs can help organizations choose which benefits to prioritize. Working with benefits advisors, also called employee benefits brokers, can help employers decide how to personalize benefits for their unique team.

The Future of Employee Benefits Trends

Employee benefits will continue to change as employee demographics shift. Current trends suggest that employees will continue looking for a better work/life balance. They are less willing to stick it out with unsupportive jobs than employees in previous generations.

Around the globe, workplaces are testing the idea of condensing a workweek to four days rather than five. Doing so can reduce the number of days employees request off. It gives employees time to schedule appointments and take care of errands during normal business hours but not work hours.

They may also be more likely to be productive when they are in the office because more work needs to be done in a shorter period of time. As a result of these findings, a five-day workweek may soon be a thing of the past.

Offering Flexible Benefits Benefits You and Your Employees

Offering flexible benefits packages improve office morale and job satisfaction. The result is a more engaged, dedicated team. Invite your employees to review their benefits packages and offer feedback about which benefits matter most to them.