If one thing is sure as we reflect on 2022, it’s that the needs of employees have changed dramatically, and providing a competitive salary is no longer enough to attract and retain top talent.
So, what are the things should you be considering as you head into the new year?
Mercer polled 708 U.S. employers this year about their plans for 2023. Notably, the survey found that two-thirds are planning to enhance their health benefit offerings in an effort to improve employee recruitment and retention. One in five large employers said they are placing more of an emphasis on benefits for hourly and low-wage workers, and more than half of large employers will offer virtual behavioral health care next year.
Mental health continues to be top of mind for most employees. You can enhance mental health benefits by expanding services offered through employee assistance programs, adding virtual behavioral health care options, and adding Lifestyle Spending Accounts for example, to assist with mental health needs.
The pandemic didn’t just change the way we work – it changed the way we commuted in 2020 and beyond. More people are working from home at least part of the time, and when they are commuting, they’re looking for ways to make the commute less stressful.
Commuter benefits will be a hot benefit as employees look for more alternative ways to get to and from work. These benefits allow employees to use pre-tax dollars towards commuting costs like public transit, rideshares, and qualified parking expenses.
Employees would also like greater control over their paychecks. With Edenred’s AnytimePay, employees no longer have to wait until payday to receive their wages.
Instead, they can instantly add funds from their next paycheck to a prepaid card at their discretion. Payments are available in seconds and then processed within the same pay cycle, and the amount is deducted from the employee’s next paycheck.
Employees can use the prepaid card to help pay for groceries, food at restaurants, and even food deliveries.
Meal planning presents an opportunity to provide relief in a tangible way that affects employees daily.
Edenred’s Ticket Restaurant is a meal benefits program that gives employees a monthly meal allowance via a prepaid card. Not only does this relieve the financial burden associated with lunch, but it also makes employees feel valued and appreciated, often leading to higher productivity rates.
Lifestyle Spending Accounts are wellness plans with various offerings that can be tailored to your employees’ needs.
Employees can use Lifestyle Spending Accounts for health, general fitness, or well-being. Lifestyle Spending Accounts are very flexible and can be used towards various goods and services, including athletic and camping equipment, entertainment, pet care, food and dining, continued education, and more.
Lifestyle Spending Accounts have a positive impact on both employees and employers. For employees, it is easy to participate in wellness programs and make more intelligent choices toward leading a healthier and happier lifestyle.
To make sure you’re getting the most out of your benefits heading into the new year, set some time aside to speak with one of our experts. Schedule a meeting today to ensure you’re offering the most competitive benefits packages and that your employees take full advantage of them.