7 Best Employee Benefits You Should Offer in 2023
The right benefits packages are one of the major elements that can help draw in top talents into your organization. They also determine whether an employee remains with your organization or leaves, which is why many businesses have been expanding their offerings in recent months.
Given the tough competition for talent, many businesses are looking to take the lead in recruiting and retention as 2023 draws near. Here are 7 cutting-edge benefits trends that will set your business apart in 2023.
1. Lower Cost Health Plan Options
Studies show that employees rank health insurance as their top desired benefit. Cost shifting is no longer an option as costs keep rising, hence making it necessary for benefits to be more accessible. With companies expecting to cut cost-sharing for virtual care, one of the major new trends in employee benefits is the provision of more virtual treatment for medical and mental health conditions. Many of these telehealth or virtual choices can be integrated with conventional medical coverage.
Another common alternative is to offer a medical plan with low or no deductible, which most companies presently do and others intend to implement in 2023. Providing a broader range of plan types that enable employees to select the best choice for their budget is another typical technique to meet workers' needs.
2. Family Leave
Supporting families at work has become even more crucial in this uncertain economic climate. Paid family leave, whether it is regulated by your state laws or not, is one of the most popular employee benefits trends to watch out for. In 2023, most firms will offer paid parental leave, while others will offer paid adoption leave. If you intend to give paid leave, keep in mind that other leave programs, such as Family Leave Act (FLA) and even short-term disability insurance, frequently come into play when employees need time off, so you'll have to be sure you're abiding by applicable rules and regulations.
3. Holistic Leave Policy
Employers will make a concerted effort in 2023 to broaden the scope of their parental leave programs. This entails providing ample paid leave to both parents, including adoptive and foster parents. Many firms are now introducing new paid leave alternatives that enable workers to take time off to attend to other family matters, such as caregiver and family leaves.
In 2023, 15% of firms plan to offer unlimited paid time off (PTO). Unlimited PTO not only accommodates employees' changing needs, but also benefits your organization by improving productivity, trust, and communication, as well as reducing time spent on administrative tasks related to leave requests. However, it is important to have a policy in place before implementing a benefit. This policy should outline who is eligible, whether a waiting period is necessary, the procedures for requesting time off, and your expectations for output and performance.
4. Financial Wellness
The current financial situation of a lot of workers is stressful, and inflation is making matters worse. Candidates in today's talent pool are searching for firms that assist their financial welfare in the short and long terms, in addition to retirement savings opportunities like 401(k). That entails assisting them in making choices that will result in a stable change in behavior.
Programs that cover everything from debt reduction and credit building to budgeting, spending habits, and financial goal setting can help employees feel less stressed and anxious about their finances, which can enhance their mental and even physical health. Start by evaluating the needs of your workforce before launching financial wellness benefits so you can choose which options will be the most beneficial to your employees.
5. Tuition Reimbursement
Employees are now more interested in opportunities for professional development than ever before. So it's becoming more and more common to pay for or partially fund continuing education or college coursework that enables workers to advance their education in relation to their current career path, broaden their knowledge of the industry, or acquire advanced skills.
Even a small business that cannot completely offset tuition can offer partial tuition reimbursement while controlling costs. To avoid spending money on education that you won't ever benefit from, you may, for instance, cap the amount of reimbursement or mandate that employees remain with your business for a specific period of time.
6. Evolving Employee Assistance Programs
The number of businesses offering Employee Assistance Programs (EAPs) is continuing to increase as a result of the pandemic's increased need for greater mental health care. Most firms already provide an EAP, however, employees continue to underuse them significantly. Therefore, the focus is on enhancing, rather than only providing an EAP.
Consider introducing other choices rather than just offering referrals to mental health and crisis care. Digital tools, instructional programs, or even direct access to care by pairing employees with in-house coaches or specialist therapists in only days or hours are a few examples of innovative options. Your business will gain more advantages by increasing utilization with more beneficial offers, including decreased absenteeism, increased productivity, and enhanced satisfaction and loyalty.
7. Expanded Voluntary Benefits
Voluntary benefits, also known as supplemental benefits, are extras that employees can choose to receive from their company at a lower rate because their employer has struck a deal with the service provider. Although there is still a cost associated with using these benefits, it is often much lower than it would be without business support.
Employees can tailor their benefits packages with these kinds of benefits to best meet their individual requirements. Offering these kinds of benefits can significantly enhance the quality of life of qualified employees who choose to take advantage, whether it's low-cost veterinary insurance for pet owners, subsidized pre-K daycare for new parents, or even reduced food delivery for the culinarily challenged.
In general, your 2023 employee benefit plans should be consistent with the principles of your company. Although it may be tempting to cut back on coverage to save money, keep in mind that your company's success depends largely on its ability to maintain a happy, healthy, and productive workforce. The money spent on benefits is more than justified if they foster a positive workplace culture and demonstrate respect for employees.
At Quantum Benefits, we provide companies with top-notch, affordable benefit options for their workers, and we can assist you in incorporating as many of these emerging trends into your benefits program. Call us now at 203-946-0320 to speak with a representative, or simply fill out our online contact form.
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