The workforce has changed dramatically over the last two years. The pandemic has impacted employee expectations and employers must have a solid understanding of their employees’ wants in order to attract and retain top talent. For example, research shows 39% of employees would consider quitting if their employers weren't flexible about them working from home.
Going above and beyond standard benefit offerings will catch the attention of job seekers and retain current employees. To help employers better understand the wants and needs of their staff, here’s a look at employee expectations in a changing workforce.
More flexibility is a major priority for employees in 2022. In a study by EY, more than 85% of respondents said they’re seeking greater flexibility around when and where they work. Employees value a solid work-life balance. Moving away from the traditional 9-5 work model that dictates an employee’s schedule helps improve employee satisfaction and productivity. Whether they’re working in an office or from their living room couch, flexibility allows employees to create a work environment that lets them thrive.
It has become more clear in recent years that employees are looking for a choice of benefits that go beyond the basics. Research shows 73% of employees feel that having personalized benefits would increase their loyalty to their employer, while 83% said they would be willing to take a pay cut if it meant having more personalized benefit choices.
Employees want to know they can care for their families, maintain financial health, and prepare for retirement. Benefits that can be personalized for specific goals can facilitate that for employees.
Flexible and personalized benefits employees want
The pandemic has forced employees to rethink what they want from their workplace in terms of benefits. As a result, employers need to reevaluate their offerings to accommodate the changing workforce. With flexibility and personalization highly desirable among employees, employers should consider offering the following benefits:
- HSA or FSA: Give people the ability to set aside funds for whatever expenses come their way, whether planned or unplanned.
- Caregiver assistance: Whether caring for children, aging parents, or a dependent adult, ease the burden of being a caregiver with assistance arranging and funding care.
- Financial wellness benefits: The economic impacts of the 2020 pandemic left many people in a dire financial state, and many others are now realizing they may not be able to make ends meet if their employment ended. Promoting investments, retirement saving options and financial literacy will be an important part of easing employee stress regardless of their current financial situation.
- Flexible work schedules: Some families have multiple adults working from home and multiple children learning from home, so it may be difficult for them to stick to a traditional work schedule.
Choose the right benefits for your employees’ needs
Employee benefits are designed to meet employees’ needs. Understanding what shapes their unique circumstances and specific needs can help you select benefits accordingly. Contact us today to learn how you can offer the flexible benefits your employees expect.