Top 3 Employee Benefits in 2024
In an ever-evolving professional landscape, staying ahead with enticing employee benefits offerings is paramount for companies looking to stand out and foster thriving teams. Employers are recognizing that employee benefits are more than just perks — they are strategic tools for attracting, retaining and engaging top talent. The rise in employee burnout coupled with increasing demands for flexible work arrangements signals that 2024 is going to be the year of rethinking the company benefits packages.
Read about this trend and more in our roundup of the top 11 Employee Engagement Trends for 2024.
We see it every day. Businesses are reevaluating strategies to attract and retain top talent. By offering the most popular benefits for 2024, companies will remain competitive in the job market and cultivate a culture that values their employees' well-being and growth.
Let’s dive in.
TABLE OF CONTENTS
- Why Do Companies Need Employee Benefits?
- What Are The Top 3 Employee Benefits in 2024?
- What Should Internal Communicators Do?
Why Do Companies Need Employee Benefits?
These days, skilled professionals have many job options. A good benefits package is now a key factor in deciding where to work. Benefits like health insurance, retirement plans, flexible schedules, learning opportunities and wellness programs make employees happy and create a positive work environment. This helps in keeping employees motivated and dedicated, leading to higher productivity and loyalty.
Employee benefits go hand in hand with employee experience and employee engagement. When companies show they care about their employees' well-being, it makes them more appealing to talented individuals and sets them apart as a great place to work.
What Are The Top 3 Employee Benefits in 2024?
Generous parental leave policies and high-quality healthcare packages are the new table stakes, while wellness programs will continue to be increasingly popular amongst employees. Think gym memberships, stress management programs, meditation retreats and more! After all, mental health and physical health go hand-in-hand.
Here are the top three employee benefits offerings for 2024:
1. Flexible Work Arrangements
The future of work is flexible. Embracing remote work options, compressed workweeks, or hybrid models not only accommodates diverse employee needs but also enhances productivity and work-life balance.
The Flexibility Advantage study by WerkLabs notes that “If organizations offer greater flexibility in work, employees are more likely to recommend the organization, not only as a flexible place to work but also as a compassionate organization. When organizations invest in creating and sustaining flexible work structures, they will reap the benefits of employees who will (1) stay longer, (2) be more productive, and (3) encourage other professionals to apply.”
Your employees value the autonomy to structure their work in a way that suits their lifestyles, making flexible arrangements a win-win for both employers and staff.
RESOURCES FROM BRILLIANT INK:
- Developing and Communicating Benefits Beyond Open Enrollment
- How to Rock Open Enrollment Communications in 2023
- How to Actually Support Your Employees’ Mental Health
2. Mental Health and Well-Being Support
According to a recent Health and Benefit Strategies report by Mercer, “US employers are well aware of the mental health challenges affecting their workers as we emerge from the long crisis of the pandemic into an uncertain economy, high inflation, escalating climate events, social discord at home and was in Europe.” These events have underscored the importance of mental health support in the workplace.
Companies need to increasingly offer comprehensive mental health benefits, including counseling services, mindfulness programs, and resources to promote well-being. Prioritizing mental health initiatives demonstrates a commitment to employees' holistic wellness, fostering a healthier and more engaged workforce.
3. Financial Wellness Programs
Employees are increasingly concerned about their financial stability. In PWC's 2023 Employee Financial Wellness survey, “One in three full-time employees says that money worries have negatively impacted their productivity at work.”
Financial wellness programs, such as retirement planning assistance, financial education seminars, or even access to financial advisors, are ways companies can demonstrate that easing financial stress and supporting employees' long-term financial goals is a top priority.
What Should Internal Communicators Do?
Communicators should get ready to partner closely with human resources in the new year. Companies will look to their internal comms teams to make the Total Rewards offerings and benefits packages clear and desirable to employees.
Employers who don’t adjust to the growing demand for financial wellness, well-being, and flexible work benefits will run the risk of creating disengaged employees. Once they disengage, it’s a short path to employee churn and turnover.
In 2024, prioritizing employee-centric benefits isn't just a choice — it's an investment in your company's success and your most valuable asset: your people.