Attract hot new talent and keep your employees happy and productive.
You may have existing employee benefits in place — but what your employees want changes often.
For example, if your benefits are a few years outdated, then financial or mental health support may not be as prominent in your plan as it should be. And with more top companies offering competitive benefit packages, it’s more important than ever to update your employee benefits to attract and retain the best talent.
So, what benefits should you provide your employees? Here are the hottest trends in 2024.
1. Enhanced health and wellbeing offerings
The Mercer Survey on Health & Benefit Strategies for 2024 surveyed 512 organizations with 500 or more employees. According to the report, 64% of organizations plan to enhance their health and well-being offerings in 2024.
While the cost of living is going up — food prices are up 2.9% year-over-year in November in the US, according to Forbes — healthcare affordability is a hot benefit for 2024.
For employers, there are two main ways you can help:
Lower the cost of coverage (help employees keep more of their paycheck)
Provide free employee-only coverage (in at least one medical plan)
Some employers are also tying paycheck deductions to income levels.
Further, another way to improve access to healthcare affordability is by providing financial support benefits — but more on this below.
2. Financial support for work and living expenses
Financial wellness is a big trend in 2024 — employees want all the help they can get to better manage their finances.
There are a few things you can do to help them cut costs and save money, as mentioned in the same Mercer survey:
Provide free/subsidized meals at work
Subsidized phone/internet payments for remote workers
Allocate yearly funds to stipend home office supplies/set-up
Transport cards
Offer support for student loan payments
It’s excellent to see benefits shifting from “after-work beers’ to adding real value to the lives of employees. And right now, financial support is understandably one of the hottest employee benefits trends that workers crave.
3. Work-life balance support
A lot of businesses started to provide greater work-life balance back in 2020 when the pandemic hit.
Workers were allowed to work from home instead of going into the office — and while a lot of employers plan to return to the office in 2024 — employees still want support to manage work-life balance better.
There isn’t a size-fits-all solution for this one — but there are a few trends that keep popping up.
For example, back in 2022, some businesses in the UK tried a 4-day work week. Some companies kept it, others scrapped. But what’s important here is the flexibility. Other than the 4-day week, consolidated schedules were also popular.
Other trends include the option to remote work (occasionally but sometimes more for some employees), paid leave, and some businesses even provide paid time off to volunteer.
The bottom line is your employees want better work-life balance; you just need to find the best way to implement it for your organization and employees.
4. Improve psychological wellbeing
In the 2023 American Psychological Association (APA) Work in America survey, it was found that 92% of workers said it was very important (57%) or somewhat important (35%) that they work for an organization that values their emotional and psychological wellbeing.
One way to provide support is to offer wellness solutions, including health talks, team-building activities, and meditation sessions. Increase access to holistic wellness and support their emotional and psychological well-being.
In the same survey, 95% of workers want to work for an organization that respects their boundaries, i.e., their time between work and non-work. Set clear boundaries and lead by example (let’s stop those weekend emails that can wait until Monday).
Finally, 92% of respondents said it is very important (52%) or somewhat important (40%) to work for an organization that offers mental health support. That could be access to a therapist, or other wellbeing resources (but ideally, a mix of different services).
5. Women’s reproductive health
Employers are beginning to expand healthcare coverage to include fertility care, family planning, and improved maternity and paternity policies. Additionally, more employers are beginning to offer or plan to offer menopause support.
Women’s reproductive health benefits are about to get a lot more attention, and your employees, especially new hires, will be looking for these benefits, especially as other companies begin to add them.
6. Provide custom employee benefits
No two employees or businesses are the same — and while we can recommend the hottest employee benefits trends, the most successful programs customize their benefits to their employee's needs.
For example, employees who receive higher pay may not need improved access to healthcare or financial support but may value an improved work-life balance. Ask your employees what they would find valuable to make real change. And please, let’s ditch those “after-work beers” advertised as an “employee benefit.” It’s 2024.
A few bonus trends
Recognition matters at work—employees want to feel seen and appreciated for their work. This is supported by the Work in America survey, where 95% of employees want to feel respected at work. It’s not exactly an employee benefit, but it is a trend and something your employees want.
Forbes says that employees who feel valued at work increase engagement, productivity, and even company loyalty. This is even more important for remote workers.
And better yet, show your appreciation with a personal approach. That could be a handwritten note or face-to-face in a Zoom call.
Moreover, with global worker stress at an all-time high, according to Gallup, stress management initiatives and benefits are a must. Health talks from experts can help educate employees on how to better manage stress. Exercises such as group yoga and meditation can alleviate stress. And better workload management and distribution can further tackle stress at work.
What's Left To Do?
What are your employees saying they need from you to support their wellbeing?
It is crucial as an employer to survey your staff to foster a healthy and productive work environment. By gaining insights into employees' physical, mental, and emotional health, employers can tailor support programs, benefits, and policies to address specific concerns. This enhances employee engagement, helps prevent burnout, reduces turnover, and contributes to a more resilient workforce.
Contact us today to learn how FitPros can support your employee's wellbeing by facilitating and analyzing their wellness data.
Author: Lindsay Johnson, CEO and founder of FitPros
FitPros is a turn-key wellness provider empowering people to take charge of their personal health.
Contact FitPros to diversify your company’s wellbeing offerings and help employees meet their health & fitness goals.