Employee Benefits Trends of 2022
How has the pandemic affected today’s employee benefits?
With The Great Resignation of 2021, employers are struggling to attract and retain the best talent in the new year. The shift of the socio-economic climate since the beginning of the pandemic has changed what employees are searching for when it comes to benefits in their job search. Employers need to take current conditions into consideration and begin redesigning benefits to accommodate all the changes that the pandemic has brought about.
Which benefits are employees on the lookout for?
- Mental Health Services: One of the top concerns going into the new year is the wellbeing of employees as far as mental and emotional health. One in every five adults experience annual mental health problems, and providing resources to address these problems such as employee assistance programs (EAPs) and being sure to address mental health at the workplace on a regular basis through training.
- Flexible Work Schedules: Flexibility in a work schedule post-pandemic can mean a number of different things. With the implementation of remote work as a result of early Covid-19 action, many employees have found this to be their preferred way of working while many others feel the opposite. As candidates search for a job, they’ll generally have a strong preference for one or the other, and being able to provide a hybrid work experience to accommodate their search for flexibility will be a key benefit.
- FTO vs. PTO: Flexible time off (FTO) is now a growing trend over the traditional paid time off employees are used to. Rather than limiting employees to a set number of days they’re allowed to take off annually, FTO provides an unlimited number of days off to be regulated/evaluated on a management-level basis to help employees enjoy their time off without the looming “use it or lose it” policy, or feeling badly when they’re in need of a sick or mental-health day. Recognizing that productivity also depends on time away from the office is a benefit prospective employees are on the watch for.
- Retirement Plan Fund Matching: Employer matching when it comes to retirement plans such as 401(k)’s is not only a great way to set companies apart from competition but it also shows employees you are for their financial wellbeing. As the affects of the pandemic still linger, many people have become more invested in their financial futures. Showing compassion for this through fund matching will strengthen your appeal to top talent.
Interested in reshaping your benefits plan but not sure where to start? Get in touch with one of our consultants today to begin developing the best employee benefits plan your organization can offer.