In today’s competitive job market, attracting and retaining top talent demands more than just a competitive salary. Companies are now encouraged to consider the importance of offering comprehensive employee benefits that go well beyond traditional healthcare and pension plans. As businesses navigate through a post-pandemic world, the needs and expectations of the workplace have shifted in order to meet employee lifestyle, satisfaction and productivity.
In this blog, we will explore the employee benefits you should be offering in 2023 in order to stay ahead of the curve and increase the chances of low turnovers and happy workers! From flexible work arrangements to collaborative workstations, these top benefits come together to create an inspiring and modern workplace where employees undergo a successful, fulfilling career.
Why are employee benefits important?
Employee benefits play a crucial role in attracting, encouraging, and retaining talented individuals whilst also boosting a business’s reputation and values. Here are some of the primary reasons why employee benefits are so important:
Recruitment and attracting new talents
Improves retention and employee loyalty
Productivity levels and motivation at work
Promotes a sense of work-life balance
Improvements to mental and physical wellbeing
Encourages collaboration and workplace relationships
Now more than ever, employee benefits are a huge part of the recruitment process. With small, medium and large businesses including these in their hiring process, companies who lack benefits will tail behind in terms of applicants and turnover figures. Having a higher salary is no longer the make or break for new employees, especially since remote and hybrid work is in such high demand. If businesses aren’t keeping up with what their staff want, they’re at risk of losing current and potential employees to competitors who do.
Top employee benefits in 2023
Flexible work arrangements
Mainly influenced by the pandemic, flexible work arrangements are now a must for many employees. Flexible working includes anything from diverse core hours, hybrid working, collaborative workplaces or remote work. These arrangements offer a number of benefits including work-life balance, personal preferences and circumstances, reduced commute and lower daily spending.
Find out more about flexible working through our blog on effective working hours: everything you need to know about flexible working.
Diversity, equity, and inclusion
DEI is a key focus for organizations in 2023. Employee benefits surrounding this include programs that promote diversity, equity, and inclusion including unconscious bias training, diversity recruitment initiatives, resource groups, and support for underrepresented communities.
Mental Health Support
The importance of mental health has gained considerable attention across the globe. Employee benefits are a key way in which businesses can show their support and offer their staff strategies and help where needed. Many benefits include mental health support programs, free counselling services, mental health days, after-hour meetups and posters or message boards.
Personal development and training
Organisations recognise the importance of ongoing learning and career growth and understand that personal development is key for employees to meet their goals and ambitions. Many businesses are introducing strategies such as budgets for courses and recourses, online learning platforms, workshops, networking events and mentorships.
Social and networking events
As part of the work-life balance initiative, emphasising the importance of workplace relationships is key to creating high morale and good communication. As part of an employee benefits scheme, many companies will include social events which occur outside of work hours and make a conscious effort to build real friendships.
Recognition and rewards
Many employees may feel unappreciated at work, so recognising and appreciating employees’ contributions is crucial for boosting morale, motivation and general happiness. Companies are now implementing recognition programs, bonuses, award ceremonies and personalised gifts to acknowledge efforts and achievements.
No employee is the same, and with larger companies, come different circumstances and requirements. In 2023, more businesses are now offering benefits that cater to the needs of those with families, children or caring responsibilities including parental leave, childcare assistance, flexible work arrangements and support networks. These systems could also include financial benefits such as vouchers and employee perks.
Supplies and technology
Mainly recognised by remote institutions, workplaces are offering equipment and technology as part of their employee benefit systems. Many remote workplaces are supplying their staff with all the equipment they need for their jobs, ranging from a laptop to desks, stationery, charging cables and monitors. This takes the stress off employees in regard to ordering and paying for their products as well as ensuring they can work to their full potential. Traditional workplaces are also implementing this benefit by supplying their employees with mobiles, stationery, tablets and general office supplies.
To find out more about remote equipment, have a read through our blog on providing equipment for remote workers.
Office design and space planning are at the heart of everything that we do here at aci™. We know that a well-designed project is essential in providing our clients with the optimum space utilisation and therefore cost-effectiveness.
With a great office design, your staff will be a lot happier coming to work every day, making them more productive and a lot happier! With all that, brings your business more profit!
Call one of our specialists today on 0115 647 7429 and we’ll be happy to answer any questions you may have.