B U S I N E S S  T R E N D S  |   J U N E  2 0 2 3

When open enrollment season comes around this year, what will your employees find in their benefits package? Employers having a difficult time filling open positions are taking a hard look at what they offer, and many are exploring more perks to help them with recruiting and retention. A survey of 1,000 employees and 1,000 business owners commissioned by Forbes Advisor found that 40% of employers said that workers will leave their job for a position with better benefits. That’s putting the pressure on employers to get creative. 

1. Wellness Care.

Programs that help reduce stress and promote a healthy lifestyle show employees that you care about their inner life and well-being. They also often result in increased productivity and reduced absenteeism at work.

• Employee Assistance Programs 
• Discounts on fitness equipment 
• Subsidized gym memberships 
• Reimbursements for a subscription to a mindfulness or wellness app 
• Nutrition programs and healthy meal planning services 
• Providing healthy snacks in the office 

2. Increased Flexibility.

The unprecedented ability to work from home that many people experienced during the pandemic is undergoing a transition. Companies are now looking to create more formal teleworking programs fully integrated into their benefits. 

• Variable start and end times 
• Working remotely all or some of the time 
• Asynchronous work schedules that match up to clients or colleagues in another state or country
• Four-day work week

3. Learning and Development Budget.

This goes beyond just reimbursing employees for tuition towards an advanced degree. It includes a range of opportunities for employees to upskill, which can have the added benefit of helping them advance their careers with the company -- a win-win. 

• Training and education programs 
• Personal development training 
• Life coaching and mentorship 
• Industry conferences 

4. Improvements to Healthcare Affordability.

Skyrocketing insurance premiums and healthcare costs are a big concern for today’s workforce. Anything that employers can do to offset those costs will be a highly valued benefit. 

• Increased employer contributions to medical plans 
• Healthcare Savings Account (HSA) options 
• Health plan offerings with lower deductibles 
  

5. Childcare Benefits.

The high cost of childcare forces many families to look closely at their finances and decide if the salary and benefits of working outweigh the cost of childcare. Companies addressing this concern eliminate employment barriers and create opportunities for a wider range of candidates. 

• Providing on-site childcare services 
• A subsidy for childcare assistance
  

6. Technology Upgrades.

These are an excellent way to save employees money right away and help them feel more connected, whether they are in the office or working from home.

• Discounts on cell phones, including periodic replacements 
• Discounted monthly service plans 
• Paying for all or part of the internet costs at home

7. Relaxation Services.

Skills learned as part of this benefit can help manage stress inside and outside of work. 

• Calming spaces available at the office (anything from break rooms with comfortable chairs and couches to high-tech napping pods) 
• Meditation, massage, or mindfulness classes during work hours

8. Pet-friendly Benefits.

If it feels like more people than ever have a pet, that’s because they do. More than half of U.S. families have a dog or a cat in their home. Employees will appreciate being offered benefits for their furry family members.

• Pet insurance 
• Providing access to pet resource groups and services 
• Allowing pets in the office with proper guidelines 

9. Employee Recognition/Appreciation.

Everyone likes to be recognized when they do a good job. Programs that reward employees for their dedication and commitment boost morale and improve overall motivation.

• Rewards points that can be redeemed for gift cards can be offered through a program that allows managers and even other co-workers to reward them for a job well done.
  

10. Commuter Benefits Programs.

Save employees on commuting costs while adding environmental benefits that speak to the company’s sustainability goals.

• Allow the use of pre-tax dollars to purchase transit passes 
• Offers incentives for choosing a mode of transportation that isn’t driving alone 
• An on-site transportation coordinator to help employees plan their trip to work without using a car 
• Shuttles connecting to transit or different corporate campuses 
• Events and promotions that focus on the importance of using sustainable modes of travel 
  

For more information on offering a Commuter Services Program at your location, please contact Michele Brooks at TransAction Associates at 781.895.1100 or mbrooks@transactionassoc.com.