Introduction
Employee expectations continue to evolve, and as we step into 2024, the focus on employee benefits has become more nuanced than ever. Recognising and adapting to these changing expectations can significantly contribute to attracting and retaining top talent. According to Mployer Advisor, salaries are expected to increase by an average of 3.8% in 2024. However, a survey of 600 business leaders found that while three-quarters of companies plan to raise some salaries, at half of those companies, the raises will go to 50% or less of employees. Here’s an in-depth look at the 8 types of benefits that employees want in 2024.
8 types of benefits that employees want in 2024
Flexibility: Embracing the Future of Work
In 2024, the demand for workplace flexibility has reached new heights. Employees are seeking a balance between work and personal life, and companies that provide flexible options are poised to stand out. This includes embracing remote work, flexible hours, and annualised work schedules. With 83% of millennial and Gen X employees expressing a desire for on-demand pay, companies are exploring innovative ways to meet this expectation. Additionally, flexible spending accounts are gaining popularity, offering employees more control over their healthcare and wellness expenses.
Mental Health Support: Prioritising Employee Well-being
Recognising the impact of mental health on overall well-being, companies are increasingly focusing on providing comprehensive mental health support. Employee assistance programs, counseling services, and mental health days are becoming standard offerings. In 2024, organisations will actively promote a culture that destigmatises mental health issues and encourages open conversations. Prioritising mental health not only enhances employee well-being but also contributes to a more productive and engaged workforce.
Financial Wellness and Security: Building a Strong Foundation
Financial wellness is a cornerstone of employee satisfaction, and companies are responding by offering a range of financial benefits. This includes traditional 401(k) plans, pension plans, employee stock ownership plans (ESOPs), profit-sharing plans, and financial planning assistance. In 2024, employees are seeking employers who not only provide these benefits but also actively guide them in making informed financial decisions, thereby ensuring long-term financial security.
Time-off and Leave Benefits: Acknowledging Work-Life Balance
In the pursuit of a healthy work-life balance, employees are placing increased importance on time-off and leave benefits. Beyond standard vacation days and paid holidays, progressive companies are offering generous sick leave policies, parental leave options, and extended leave for personal reasons. These benefits demonstrate a commitment to supporting employees during significant life events and contribute to a positive workplace culture.
Read our blog on: Importance of encouraging employees to take their annual leave >
Progressive Parental Leave Policies: Meeting Modern Family Needs
As societal norms shift, parental leave policies are evolving to meet the diverse needs of modern families. In 2024, companies are adopting progressive parental leave policies that go beyond the conventional, recognising the importance of parental involvement in various family structures. Gender-neutral parental leave, phased returns to work, and additional support for adoptive parents are becoming standard offerings.
Emphasis on Diversity and Inclusivity: Fostering a Supportive Environment
Companies are recognising the importance of fostering diverse and inclusive workplaces. In 2024, employees expect more than just lip service – they want tangible initiatives that promote diversity and inclusivity. This includes unbiased hiring practices, mentorship programs, diversity training, and creating a workplace that values and celebrates differences. Organisations that prioritise diversity and inclusivity not only attract a diverse talent pool but also benefit from a richer and more innovative work environment.
Lifelong Learning and Development: Investing in Continuous Growth
Employees are now seeking opportunities for continuous learning and development. Companies are responding by offering training programs, mentorship initiatives, and educational resources that support employees in acquiring new skills. In 2024, the focus is on creating a culture of continuous learning, where employees feel empowered to enhance their skills and stay relevant in their roles.
Sustainability-Driven Benefits: Aligning with Employee Values
As environmental consciousness grows, employees are increasingly looking for employers who share their commitment to sustainability. In 2024, companies are incorporating sustainability-driven benefits such as eco-friendly workplace practices, carbon offset programs, and incentives for sustainable commuting. These initiatives not only align with employee values but also contribute to a positive corporate image.
Conclusion
In conclusion, the employee benefits landscape in 2024 is characterised by a holistic approach that addresses various facets of employees’ lives. Companies that adapt to these changing expectations are not only better positioned to attract top talent but also to foster a positive and productive workplace culture.
Need a tool to manage employees efficiently? Try EasyWork! Now with Annual Plans, affordable for everyone.
