Benefits Bonanza 2024: Unwrapping the Perks Your Employees Really Want! – The People Perspective

Why Researching Benefits is Important?

• Attract and Retain Talent: Over 70% of employers enhance benefits to retain employees and attract new talent. A competitive benefits package can differentiate your company from others.
• Employee Well-being: Comprehensive benefits support employee health and productivity, leading to higher job satisfaction and reduced turnover.
• Meeting Diverse Needs: A diverse, multigenerational workforce requires benefits that cater to varied needs, from health care to flexible work arrangements.

Top Benefits Employees Want?

• Health Insurance: Health insurance is crucial as it provides security against rising healthcare costs, which are expected to increase by 6-8.5% in 2024. This benefit is essential for maintaining employee loyalty and satisfaction.
• Flexible Work Options: Flexibility, including remote work and flexible hours, is highly valued, especially for work-life balance. 73% of employees prioritize flexible hours, and 61% prefer the option to work from home. This flexibility is crucial as employees focus on long-term well-being rather than just their base salary.
• Paid Time Off (PTO): Generous PTO policies are essential for employee satisfaction and mental health. 92% of employees say PTO significantly impacts job satisfaction.
• Retirement Plans: Offering 401(k) matching or similar plans helps employees plan for the future, reflecting their focus on long-term financial security rather than immediate salary increases.
• Professional Development: Opportunities for learning and growth, such as tuition reimbursement, are increasingly important as employees seek to enhance their skills for future career advancement.
• Wellness Programs: These support physical and mental health, contributing to overall employee well-being. Employers are expanding mental health services and wellness programs to address stress and burnout, which are key concerns for employees.

By aligning your benefits with these priorities, you can create a more satisfied and productive workforce. Consider conducting employee surveys to tailor your offerings further and ensure they meet your team’s needs.