What Benefits are Employees Looking for in 2023?

Current benefit trends include an increase in mental health support, family benefits, and more financial rewards. Review your benefits regularly to attract the best employees, which can help your company grow.

Check out our blog to see what some of benefits employees are seeking in 2023.

Mental health support

Poor mental health costs increased by 25% in 2020-2021 when contrasted with 2019, according to Deloitte.[1]This shows why it is important businesses take steps to support their employees’ mental health. Services offered by companies include Employee Assistance Programmes (EAPs), online resources, and group activities.

Activities are a great way to build team morale and communication in your workforce, while assistance programmes often have the benefit of being accessed remotely.

Logging onto these systems from the comfort of their own home means employees can receive the aid they need in a relaxing environment. Online resources are also advantageous because they can be used on the go.

Positive change also comes from the heart of organisations. Consider strengthening the training in your business around mental health support. This enables your employees to become more aware of others’ struggles, and encourages an empathetic working environment.

Financial rewards

As a result of rising costs in everyday living, employees are seeking higher salaries to provide for themselves and their loved ones. Employers who set high wages and reward staff with bonus schemes are more likely to attract new talent.

Other financial assistance employers could offer include ensuring that an employee’s home set-up is functional, and that they have all the equipment required to do their job effectively.

Additionally, financial incentives are something companies could look to do to increase employee satisfaction. Initiatives such as employee of the month are an opportunity for staff to flourish in their role and be celebrated for their hard work.

Receiving a good salary could improve your employees’ quality of life. This can increase productivity in your workplace, as staff are more energised when happier in their roles.

Annual leave flexibility

Flexible annual leave is another benefit employees are looking for in 2023. Companies who endorse this aim to show they understand the struggle of balancing the stresses of life.

One benefit implemented in some businesses is unlimited annual leave. This gives staff more freedom in how they choose their time off, appealing to working parents who are limited in when they can take holiday with their children.

Another perk utilised by employers is flexible working hours, meaning staff can work at times suitable to them. This highlights that the way businesses treat their staff is constantly evolving to adapt to the needs of the modern worker.

At the same time, it is important to consider job cover for those on holiday to avoid disruption at work. This prevents benefits like flexible annual leave being taken advantage of.

Personalised benefits

Work benefits have been a fixture of the workplace for quite some time now. However, staff in the future are looking for something that is more personalised.

An online employee benefit platform is a popular option, giving employees plenty of choice on what perks to use, from gym discounts to trips away. It is vital as an employer to consider what benefits suit individual employees’ needs, as each person is different.

It is not enough nowadays to simply offer staff a good salary and 9-5 working. Employees expect more from their employees and will seek it elsewhere if they are not receiving it from you.

Regularly reviewing the benefits you offer is recommended, as this means you are keeping up to date with workplace trends and can monitor what your competitors are offering to their staff.

Family support

Employees are also looking for more family-friendly support from their employers in 2023. This helps them balance work life with their personal responsibilities.

Services could include bereavement leave, paternity leave, or childcare support. This type of help is very welcome since many people became used to working from home during the COVID-19 pandemic.

It is not about implementing what you think are the best employee benefits, but a case of considering what would make your workforce happier and more fulfilled. In return, you will have a productive workforce who will help your company grow.