How to Stay on Top of Employee Benefits Trends for 2023
As we look ahead to 2023, there are several key employee benefits trends that businesses should be aware of. As a small marketing agency that prioritizes top-quality benefits to our staff, we have closely monitored these trends and want to share what we have learned with other businesses and HR professionals. Keep reading to learn about a few of the top employee benefits trends for 2023!
One of the biggest employee benefits trends for 2023 is the continued rise of remote work. With the COVID-19 pandemic showing that many jobs can be done from anywhere, more and more businesses are adopting remote work policies. This means that employees are looking for benefits that support this new way of working, such as flexible hours, and reimbursements for internet and home office expenses. At Online Optimism, we are happy to offer our Optimists a hybrid workspace, so they can work from home as often as they’d like or go into the New Orleans or DC offices.
An increased focus on mental health and well-being will also be a top topic in 2023. The past year has been incredibly stressful for many people, and employees are looking for benefits that support their mental health and well-being. This could include access to therapy and counseling services, mindfulness and meditation programs, and employee assistance programs. For example, our Health and Wellness culture committee has a monthly meditation and yoga session to help our team disconnect and relax a bit during the workday.
Another trend to watch out for in 2023 is the continued growth of voluntary benefits. These are benefits that employees can choose to opt into, such as pet insurance, legal services, and identity theft protection. These benefits can be a great way to offer employees a broader range of options without increasing the cost to the business. If you are unsure of which voluntary benefits to offer your team, ask them what they would like to opt into; that way, you can ensure they feel heard and are getting the benefits they want most.
2023 will likely see an increased focus on sustainability and environmental responsibility. More and more employees are looking for businesses that prioritize sustainability, which is reflected in their benefits offerings. This could include eco-friendly commuting options, recycling programs, and partnerships with sustainable companies.
As a small business, it can take a lot of work to keep up with the latest employee benefits trends. However, by staying informed and offering benefits that support the needs and priorities of your employees, you can attract and retain top talent and create a positive and supportive work environment.
Another trend to watch out for in 2023 is the increasing use of technology to administer and manage employee benefits. With the rise of remote work, it’s more important than ever for businesses to have access to online tools that make it easy for employees to access and manage their benefits from anywhere. This could include online portals, mobile apps, and automated systems for enrolling in and managing benefits. Talk to your departments and figure out what tools will allow your team to perform their job to the best of their abilities. We also suggest scheduling periodic check-ins with team leaders to ensure they are still utilizing the tools or opting for a different one.
In addition to the abovementioned trends, 2023 will likely see an increased focus on diversity, equity, and inclusion in the workplace. This includes a greater emphasis on providing benefits that support the unique needs of diverse employees, such as lactation rooms for nursing mothers and accommodations for employees with disabilities.
Advantages of Staying on Top of Employee Benefits Trends
As we move into 2023, it’s clear that the employee benefits landscape is undergoing significant changes. With the rise of remote work, the increased focus on mental health and well-being, the growth of voluntary benefits, and the push for sustainability, businesses need to be aware of these trends and adjust their benefits offerings accordingly.
Providing a comprehensive benefits package can be expensive, especially for small businesses. However, a strong benefits program can help a company attract and retain top talent. Employees who feel valued and supported are more likely to be engaged and productive and can help a business attract and retain top talent.
Companies can address the cost issue by offering a mix of mandatory and voluntary benefits. Mandatory benefits, such as health insurance and retirement plans, are required by law and can be expensive.
On the other hand, voluntary benefits are optional and can be a cost-effective way to offer a broader range of options to employees without significantly increasing the cost to the business.
Get a Head Start on Employee Benefits Trends for 2023
As a small business owner or HR professional, staying on top of the latest employee benefits trends can take time and effort. However, by staying informed and offering benefits that support the needs and priorities of your employees, you can create a positive and supportive work environment that will help you attract and retain top talent. To learn more about what it’s like to be an Optimist, check out our employee handbook.