3 Trends In Employee Benefits Workers Want
Employees no longer want a pizza party in exchange for working 40 hours or more a week. They want meaningful benefits. Today, especially among Millennials and Gen-Z employees, the top three benefits trends employees value are flexible working hours, retirement plans, and affordable healthcare insurance.
1. Flexibility
Flexibility in the workplace and a healthy work-life balance are all critical to Millennials and Gen-Z employees.
Flexible work schedule: Employees are increasingly looking for flexible work schedules to manage their own time and no longer be limited by the 9-to-5 schedule. Gone are the days of simply clocking in and out at the same times everyday. Millennials and Gen-Z employees are pushing for greater flexibility in the workplace, and employers must recognize the importance of a healthy work-life balance to meet the demands of today's workforce.
According to a recent survey conducted by FlexJobs, 94% of workers want a flexible job and 77% of employers agree that a flexible work policy is essential for retaining employees. From introducing flexible schedules and remote working options to managing employee expectations and creating a positive workplace culture, understanding how to build an agile, capable and engaged workforce that can keep up with the needs and demands of your employees is key in retaining your top talent.
Remote work: The popularity of remote work is at an all-time high, and Millennial and Gen-Z employees want to continue with this freedom. The benefits of remote work include flexible scheduling and making the most of your investments in remote work! With advances in technology, flexible and comfortable working conditions, and increased career opportunities, the popularity of remote work is here to stay. According to a study by the Global Workplace Analytics, since 2005 the number of full-time remote workers has been growing exponentially, with an impressive increase of 140%. Whether it's for economic or personal reasons, employees are embracing the remote work lifestyle and the obstacles they have to overcome in order to make it a success.
2. Retirement Plans
It's hard to think about retirement when you're trying to make ends meet day to day, especially with rising living costs and essentials, but the truth is the sooner you start planning and saving, the better off you'll be. Employees can contribute low amounts each payday and grow their savings thanks to matching donations.
As an employee, you have the advantage of having access to an employer-sponsored retirement plan. A retirement plan allows you to set aside a portion of your paycheck on a pre-tax basis, so you can save up for the future while reducing your current taxable income.
Take control of your financial future and start saving for retirement now. With an employee retirement plan, you can invest your funds according to your goals and risk tolerance. You can make investing easier with automatic deductions from your paycheck.
Types of retirement plans an employer can offer:
Roth IRAs
Traditional IRAs
SEP IRAs
401(k) Plans
If you want to know more about retirement plans, visit the IRS website to find out more information.
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3. Healthcare Insurance
Let’s cut to the chase: Health insurance is the most significant benefit an employee wants. Not only is it essential, but it is also expensive. When a company offers affordable healthcare, including dental, vision, and mental health care to its employees, it demonstrates that it wants to invest in its employees and cares about them outside of the office.
Additionally, outside of healthcare insurance, employees seek other types of health-related benefits, such as wellness day offs, paid gym memberships, and access to nutritionists.
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Benefits are a hot topic and can make or break an employee's decision to join or leave a company. By offering meaningful benefits, such as work flexibility, retirement plans, and healthcare, millennial and gen-z employees will be content in the workplace.
Related:
3 Best Practices For Locking Down Sought-After Employer Benefits
3 Ways To Determine If An Employer Supports Mental Health At Work
All You Need To Know To Attract Millennial Candidates To Your Open Jobs
Meet The Writer!
Hola! I’m Amanda Ortiz. I am a freelance writer and run my own freelance writing business, Starlit Writing. I have a B.A. in English from the California State University of Channel Islands and an M.A. in History from the California State University of Los Angeles. I have experience in technical writing in marketing and content writing. In my freetime, I spend writing about social and cultural obstacles that come with being a first-generation Latina. Please feel free to connect with me on LinkedIn and check out my blog on my company website!
