When it comes to the final stages of the recruitment process and a potential highly skilled employee has offers from multiple organisations, benefits and perks can be a dealmaker or a dealbreaker. So how does your employee benefits package stack up when compared to what other companies are offering? More importantly do you know what is trending in employee benefits and what is important to potential candidates for 2023?
Here at Hubex we want to ensure you have a superior benefits package that will help give your business the edge. From entry level BenefitHub Essential to premium BenefitHub Plus, we have something for organisations or all sizes. To find out more click HERE
An employer health and benefits strategies survey by Mercer showed that 70% of large companies and 53% of small business leaders said they were planning employee benefits program enhancements for 2023.
When it comes to attracting and retaining top talent in these turbulent times you can’t afford to offer the bare minimum, employees are demanding and expecting more and will go where their needs are being met.
So let’s delve into what’s emerging as the biggest trends in employee benefit and what employees will be looking for in 2023.
Which benefits suit an employee’s post–pandemic lifestyle?
The whole landscape of how and where people work has changed dramatically since the pandemic. Many companies are continuing to give employees the freedom to work remotely or in some hybrid fashion with only certain industries returning teams to on site only working. So how can you support your teams in 2023?
Employee benefits that may depend on demographics:
1. Home office stipends / office supplies.
2. Education / Personal Development support and reimbursement
3. Free or subsidised meals at work.
4. Personal Identity / Password Protection programs (new on the Mercer report) or some form of fraud protection.
Health and Wellbeing benefits still featuring strongly:
1. Healthcare and Family inclusive Healthcare support
2. Online resources like apps, classes or classes.
3. Both manager and employee training in recognising peer behavioural health issues and appropriate support resources.
4. Conducting a companywide behavioural health anti-stigma campaign.
Financial support for employees that stand out in the current climate of increased cost of living:
1. Small Benefit Exemption which was increased in the latest budget from €500 to €1,000, this allows a company to gift up to €1,000 in non-cash vouchers to all employees. Consider allocating the voucher for active travel to encourage a healthier and happier workforce.
2. Student loan financing – great for younger workers (Gen Z & Millennials).
3. Financial review / Tax review services.
4. Pension contributions.
5. Rainy Day Fund, giving employees the opportunity to save regularly through payroll into a savings fund
6. Employee Discounts and Perks, a series of discounts with popular brands or retail shops or services that employees can avail of in their day to day living expenses.
Work / life balance company supported benefits:
1. Top of the list is to offer flexible working hours and remote work, candidates will have plenty of flexible work options available to them.
2. Lifestyle accounts, these are increasing in popularity where an employee is allocated a fund that can be used for a variety of purposes (laundry, pet care, groceries etc.) the employer will generally decide which expenses get reimbursed and how much each employee receives.
3. Opting into the Bike to Work and Taxsaver Commuter Ticket schemes. Register today with www.travelhub.ie
4. Paid time off for volunteer work.
5. Expanded PTO, giving employees an extra paid day off to celebrate their birthday or a shopping day at Christmas time! An extra paid holiday that doesn’t count against their normal annual leave days.
When it comes to attracting and retaining top talent companies are focusing on ‘lifestyle fit’ with many segmenting employees depending on their life stage or other demographics and deciding on a benefits package that is not only individual but also the best fit for that employee or employee grouping.
Together with focusing on employee groups about a fifth of large employers (according to the Mercer survey) are focused on providing a concise employee benefits package for hourly, contract or low-wage workers. A group that have in the past been typically overlooked when it comes to employee benefits.
The Mercer study found that 70% of all large employers are planning benefit enhancements for 2023 we hope our lists above will give you some inspiration to better meet employee needs in 2023
Speak to our specialist benefits team or book a demo of our BenefitHub benefits portal today on sales@hubex.ie
