Employee Experience

TOP Benefits for Employees in 2023

To ensure that employees are happy, productive, motivated, willing to stay in the company and to ensure the attraction of future employees, the company needs to include non-mandatory benefits besides mandatory ones. Such benefits include smarter working, health and wellness, financial security, and work-life balance.

Some of the benefits that are sought after by current employees and future employees in 2023 are flexible working, four-day week, dog-friendly offices, employee wellness programs, health insurance coverage, retirement benefits, and more.

Forbes Advisor found that 40% of employers say workers leave their jobs to find roles that offer better employee benefits. Other findings include:

  • One in 10 workers would take a pay cut to have access to better benefits.
  • Around 68% of employees believe that the most important benefit is employer-covered healthcare.
  • Around 50% of employees named work-life balance as the top priority in company culture.

Flexible working

Remote or hybrid work formats are sustainable work practices that are now, more than ever before, demanded by employees

One of the TOP Benefits for employees in 2023 would be flexible work meaning remote work and hybrid work. It is important to note that not all employees seek this kind of benefit, but it has been widely requested in recent years, especially in 2023. 

According to Forbes, 12.7% of full-time employees work from home and 28.2% of employees have adapted to a hybrid work model (home and in-office working). This indicates the popularity of these work practices. But, in-office work is still prevalent, with around 60% percent of employees working in-office.

Four-day workweek

More companies around the globe are presenting the four-day workweek. 

Working four days a week instead of the usual five days wouldn’t mean working more daily. Employees would still work around six to eight hours a day. Putting it like that, it would seem that employees would be less productive and that the four-day workweek would have a negative impact on the companies. However, that is not the case based on the research done in the United Kingdom. Autonomy.work has done the world’s largest four-day working week trial in February 2023 and their findings are:

  • ‘Before and after’ data shows that 39% of employees were less stressed, and 71% had reduced levels of burnout at the end of the trial. Likewise, anxiety, fatigue, and sleep issues decreased, while mental and physical health improved.

Dog-friendly offices

There are two ways this practice could be implemented in the company:

  • If the company has free space that is not used for work, the company can convert it to a pet daycare, where employees could leave their pets while they work. This can reduce work stress and positively impact employees’ well-being.  
  • If the company doesn’t have a free room ready to be used as the pet daycare, pets could still be brought to work and be around their owners. Occasionally, companies can implement “Bring your pet to the office” day. However, the crucial thing to keep in mind is that owners need to take responsibility for their pets.

Employee wellness programs

According to Statista and the survey they did in 2021, 79% of employees believed their company’s well-being programs helped them be as productive as possible, and similarly, 79% also believed such programs had helped them avoid getting sick.

Companies can introduce plenty of wellness products to their employees, such as onsite fitness classes, gym memberships, stress management workshops, onsite massage therapists, and 

Why is this important? Indeed revealed that over half (52%) of their survey respondents experienced burnout in 2021, up from the 43% who said the same in a pre-COVID survey. They found that 53% percent of millennials had been burned out pre-COVID, and they remained the most affected population, with 59% experiencing it at the time of the survey.

Health insurance coverage

After the Covid-19 Pandemic people started focusing more on their health, thus health insurance coverage became a more popular sought-after benefit by employees. Healthy employees are more productive, are less likely to get injured on the job and take fewer sick days which all leads to better business. 

In 2023, the average cost of individual health insurance is $560 per month in the U.S. according to ValuePenguin. From 2022 to 2023, health insurance rates increased by 4%.

Retirement benefits

Inflation and the ever-increasing cost of living caused worry among employees about their ability to save money for retirement. People may not be financially ready to retire when the time comes. That’s why this benefit is very important, especially in 2023.

Conclusion

To conclude this topic, in a ‘perfect’ world, all of these benefits (and others not mentioned in this blog) should be offered to employees. But since it’s not realistic to do so, companies should try their best to offer as many benefits as they can to their employees so they can guarantee their commitment, health, productivity, and others. In the end, it’s not about offering perfection but striving for progress in employee well-being.

Author: Nevena Bogićević

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