The Most In-Demand Employee Benefits - Summer 2023

As we hit the mid way point of 2023, Forbes has put together a list of some of the employee benefits that are proving to be most attractive to employees -both prospective and current - in the employment market as it currently exists.

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On a macro level, perhaps the most notable aspect of the latest evolution in employment trends involves the scope of employee benefits packages, which are much more comprehensive in today’s environment than they have been in the past and now include considerations such as employees’ general well-being, financial security, and both personal and professional growth. 

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Another key, ongoing adaptation in employee benefits offerings is the increasing amount of customization and the tailoring of specific offerings to best serve employee needs on the most granular level that’s feasible. This near personalization of benefits helps foster loyalty and engagement among employees, who in turn are more productive and effective in their job roles as a result of feeling like they are working within a supportive environment for an organization that cares about and is responsive to their needs. 

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As for the specific benefits offerings that are especially hot commodities in today’s hot job market, some of the most in-demand include:

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• Retirement Benefits and Financial Security: Companies can demonstrate their investment in employees’ long-term financial well-being via contributions to retirement savings plans like 401ks and pensions, which are especially valued by employees when accompanied by financial education programs and other resources that can assist them with money management and financial planning.
• Insurance coverage: It’s no surprise of course to see health insurance is among the list of most in-demand employee benefits, which has likely been the case for the last 75 years - although a more all-inclusive approach including dental, vision, and mental health services is necessary to compete for top talent in the current climate. Disability (long-term and short-term), accident, and life insurance are other popular insurance offerings. 
• Flexibility With Work Schedules & Leave: Work/life balance, job satisfaction, and general well-being are top priorities for an increasingly large portion of the worker population, and building in flexibility for employees when it comes to work time and location is one of the best ways to address all of the above. Generous PTO and leave policies also play a big role in employee job satisfaction and work/life balance, as well.
• Professional Development, Training, & Education: Providing employees with opportunities to build new skill sets, access learning opportunities, and gain experience are big pluses with today’s workforce. Mentorship matching, career advancement counseling, and even tuition reimbursement programs are all great ways to attract and retain talent through investment in employee growth.
• Mental & Physical Wellness Support: With employees emphasizing the importance of mental health more than ever, employers are following suit by offering employee assistance programs and access to counseling services, in addition to programs and platforms that encourage and reward both exercise and self care.
• Family Benefits: Whether subsidizing child care or senior care, providing adoption assistance or fertility benefits, or simplifying parental leave policies to better accommodate the demands of raising children, employees today are very interested in how the companies they work for are making their family lives easier to manage alongside their job expectations. 
• Legal & Housing Support: With access to the housing market becoming out of reach for a growing number of Americans, housing subsidies and moving assistance are at a substantial premium, as are legal services to assist employees who may be encountering legal issues that have become obstacles in the way of improving their housing situations. 

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Given a job market that has remained consistently hot despite inflationary pressure and the interest rate hikes meant to cool both hiring and inflation, focusing on the benefits that matter most to employees is necessary to compete for top talent, and the benefits that matter most to employees clearly revolve around the benefits that best enable them to prosper, grow, and thrive in both personal and professional capacities. 

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You can read more about these in-demand employee benefits as outlined by Forbes here. 

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