The challenges that lingered in 2022 affected how companies designed their entire workplace benefits packages. Workplace policies changed, turnover increased, employee expectations grew, and rising healthcare expenses led to higher medical plan prices.
With 2023 here, employers must adjust to the changing and trending societal and economic demands. For many, this will call for an evaluation and restructuring of employee benefit plans, along with the adoption of strategies that are effective for cost control and employee value creation.
Employee resentment and quiet resignations have by no means faded. The job market is still extremely tight, as it has been for the past couple of years. According to Forbes Adviser, 40% of employers think employees quit their jobs to seek employment at workplaces that offer better perks. As a result, offering the right workplace benefits along with rewards and incentives can be beneficial tools for recruitment and retention.
The Forbes Advisor study reports –
- 1 in 5 workers says they left their jobs to reap the benefits of work-from-home opportunities in a new position, while 32% of workers say they quit for higher income.
- One in five office employees was interested in transitioning to a 4-day work week.
- 26% of remote workers keep requesting their employers for flexible hours.
- One in ten employees would forego a pay raise in exchange for improved benefits.
- According to 22% of employees, their current position does not offer enough room for career growth.
According to this research, employees seek health insurance, life insurance, pension and retirement plans, required paid time off, and mental health support from their employers.
The survey also mentioned the most crucial aspects of corporate wellness and workplace culture as shared by employees and bosses.
For example, 51% of employees and 47% of employers say that work-life balance is one of the most fundamental aspects of a positive workplace culture. Team camaraderie was cited as an effective social benefit by 11% of employees and 8% of employers. Also, 20% of workers and 27% of employers felt that peer and manager trust is vital.
Virtual team-building activities were rated as a top benefit of working remotely by 31% of employers, but only 11% of employees agreed. This shows that employers greatly underestimated the significance of these activities for employees. Markedly, it was ranked among the top five in both categories.
Digital assistance was mentioned by 6% of respondents as being among the top 5 benefits for employees. This benefit did not even make it into the employers’ top five. Yet, as dependable internet access is essential for remote workers to do their duties, they may need to choose more expensive internet options or hotspot backups in order to maintain their connectivity for work.
Overall, interest in a 4-day workweek was low, but it was much higher among workers of age 26 and older than many younger workers. It was sometimes even twice as high as among those between the ages of 18 and 25. This might be an indication that older workers need to make time for caregiving work or that they are more confident in their abilities to do a better job.
The younger workers could perhaps feel more at ease with a five-day workweek if a majority of their social and personal growth opportunities come from the workplace.
Similar to a four-day workweek, the majority of employees did not cite working from home as a significant perk, but those who were most likely to have childcare or other caregiving duties expressed the most interest in the option.
Corporate executives should be well aware of the consequences of new models and work closely with employee engagement experts to ensure they are adopting the appropriate strategy. Above all, a higher cost-to-quality ratio should not be achieved at the expense of care quality.
Thanks to their capacity to adapt, businesses and employees that are willing to change will prosper in 2023. More businesses should consider alternative employer-sponsored workplace strategies, along with implementing the right employee wellness programs.
In short, the most prosperous businesses will be those that adapt to address challenges and meet the total demands of their workforce.