The war for great talent is on.
In the era of the “Great Reshuffle,” more people are quitting their jobs and looking for the right career opportunities that match their personal and professional goals. Employers who want to retain and recruit top talent need to evaluate what matters most to employees and what makes them stick around.
One of the biggest perks you can offer employees is a benefits package. Here’s a deeper look into the most popular employee benefits in 2022 and possible ways you can incorporate them into your business.
After two years of the pandemic and the uncertainty it has brought, simplicity reigns. Employees are more interested in back-to-the-basic benefits rather than bells and whistles.
That starts with financial wellness and stability. People are feeling the squeeze right now due to inflation, supply chain issues, and skyrocketing housing prices. Consider how you can support employees’ financial stability. Competitive pay is key to attracting talent, but there are also other benefits you can provide that promote financial wellness.
- Retirement Savings Plans. Many employers have dialed back or cut out company matches for 401(k) plans, so you can stand out by continuing to offer a retirement savings match.
- Financial Advisors. Financial counseling is an excellent benefit for employees. You might partner with a financial advisor group to serve as a resource to employees, and you could arrange for on-site meetings where an advisor answers your employees’ questions.
- Employee Discount Programs. Put money back into your employees’ wallets with perk programs. Employee discount or perk programs, which can range from a gym reimbursement to online learning programs, can tremendously boost employee satisfaction.
The new “must-have” for employees in 2022 is flexibility. In fact, more than half of employees would consider quitting their job post-pandemic if they are not afforded some flexibility, a global EY study found.
With that said, you can incorporate flexibility in a way that will work for your business as well. This could include:
- Hybrid & remote work. Providing hybrid work, remote positions, or a combination of both will help you recruit new employees and prevent your current team from looking for other opportunities.
- PTO. As the desire for work-life balance takes center stage for Millennials and Gen Z, paid time off is a major selling point. PTO isn’t just good for employees; it also improves their job satisfaction and workplace productivity.
- Flexible Schedules. Even a small amount of flexible scheduling can mean a lot for employees, especially for parents. You may consider flexible start and stop times that employees can customize to fit their lives.
Physical & Mental Health
Health care coverage remains the most important benefit for employees, but employers must not only consider physical health care, but also mental health care. Employees are looking for benefits like more therapy sessions, access to counselors, and other ways to support their mental health.
We don’t expect mental health care to be a passing trend either. Emotional well-being is a high priority for Gen Z, so it’s an important benefit to consider for the long term.
Evaluating What Your Business Can Do
With these broad trends in mind, now is the time to evaluate what’s right for your business. What are the most important benefits in your industry and what is feasible for your company?
A great starting point is looking at the average age of your employees. Do you have a workforce made up of 90% Gen Z and Millennials, one that is mostly Gen X and Baby Boomers, or a mix of all ages? Gathering data on your employees can be pivotal in creating an ideal benefits package.
Additional steps you can take to determine the right benefits include:
- Conduct a survey and ask employees what they are happy about in terms of benefits and what they think needs improvement. There are several online providers – including SurveyPlanet and SurveyLegend – that will let you send basic, anonymous surveys for free.
- See what your competitors are offering to ensure you are meeting or exceeding them.
- Work with your HR department or a consultant to map out a benefits strategy that will make your employees happy while working for your business as well.
If you have further questions about employee benefits or Human Resources, reach out to us via the online chat tool in the lower left corner of your screen. We love helping companies align their people with their business needs, and we love to share what we know.