5 Hottest Current Employee Benefits to Consider
Competition is tough out there in the job market not only for applicants, but employers as well. To attract and retain top talent, employers should offer a strong compensation package that includes coveted benefits on top of a good salary.
But what makes a benefit coveted? There’s no fixed answer because employees’ priorities change along with the times. For example, the provision of free meals at the office is still an attractive perk, but not as much as it used to be. Nowadays, many people would rather work remotely even if it means paying for their own lunches.
If your company’s employee benefits are already outdated and need some fresh changes ASAP, take a look at these five hottest employee benefits in the job market today:
1) Flexible work arrangements
Since remote work has been normalized since the pandemic, many employees don’t want to return to the office full-time, or to work within a fixed schedule. To stay competitive, your company should consider providing several options, such as:
- a work-from-home setup for most — if not all — workdays,
- compressed workweeks whenever possible, and
- flexible operating hours.
Performance could be assessed by the quality of output and not by the time spent at work, allowing employees to enjoy better work-life balance.
2) Remote work infrastructure
Providing laptops and/or desktops for remote work is standard for most employers, but if you want your company to stand out among the rest, invest in other tools and equipment that would help employees build a conducive work setup at home, at no cost to them. There’s a big chance that some employees will not spend their own money for an ergonomic office chair or an adjustable-height desk, so it’s incumbent on your company to ensure your employees have access to these perks for free.
3) GLP-1 medication coverage
A current hot topic in recruitment is whether or not companies should offer partial or total coverage for Glucagon-Like Peptide-1 (GLP-1) medication (like Ozempic), a class of drugs used to treat type 2 diabetes and weight loss. If your company can afford to do so, it’s a good idea to provide it as an employee benefit, especially given the prevalence of type 2 diabetes cases and obesity. With free or subsidized access to the proper medications, employees with type 2 diabetes will be able to manage their condition more easily. They will use up fewer sick days and have fewer hospital visits, leading to better attendance at work.
4) Mental health resources
Millennials and zoomers already make up the majority of the workforce, and you should know that people from these generations prioritize their mental health in a way that previous generations have not. By offering paid mental health days, employee assistance programs, counseling sessions, and stress management, your company will have a bigger chance of enticing these younger applicants. These benefits are also great for cultivating loyalty among current employees.
5) Financial wellness programs
Paying your employees competitive salaries is great, and helping them make the most out of their money is even better. By providing access to financial advisors, extending assistance with retirement planning, and facilitating workshops for effective budgeting, you’re giving your employees the tools they need to achieve financial stability. Since peace of mind comes with financial stability, your employees will become more productive and inspired, thanks to having fewer things to worry about.
These five benefits are among the most coveted among employees in the current workplace landscape. But it’s always evolving, so as an employer, your task is to keep on top of changes so that your benefits plan always aligns with what employees want.