Are Your Employee Benefits Aligned With Employees Wants?

The employee benefits landscape is ever-changing as the needs and wants of our workforce change. But for many organizations their benefits haven’t adapted to the current workforce’s expectations. The COVID-19 pandemic and the “Great Resignation” prompted employers to evaluate their employee benefits strategies to help attract and retain talent, but what about now? Are employee expectations still the same? Are more changes necessary? Let’s look at some data for these answers.  

​Per the 2023 SHRM Employee Benefits survey, the following outlines the importance of benefit categories: 

• 89% Health-related benefits 
• 81% Retirement savings and planning  
• 80% Leave benefits 

• 70% Flexible working benefits 
• 68% Family-friendly benefits 
• 67% Professional and career development  
• 52% Financial (non-retirement) benefits 
• 49% Wellness benefits 

• 44% Education benefits 
• 37% Technology benefits 
• 13% Transportation benefits 
• 10% Housing and relocation benefits 

 
As shown below, the 2023 SHRM Employee Benefits survey results show an increase in importance for the highest rated benefit categories from the pre-pandemic 2019 results. 

The data shows that businesses must align the workforce needs with the importance they place on certain benefits.  

Furthermore, the study finds that benefits changes in 2023 are all about family. The need for heightened family support during the pandemic seems to have evolved into long-term parental benefits. Significant increases from 2022 were seen in organizations offering paid maternity, paternity, or parental leave, as well as adoption leave. In addition, perhaps due to stronger federal protections and accommodations for women who pump breast milk during the workday being enacted in December 2022, more than half of employers offer onsite lactation facilities. As the national debate about paid family leave continues, the number of organizations offering their workers paid leave (beyond local requirements) continues to rise modestly. Finally, as “pandemic pets” have joined more families, pet insurance has emerged as a way for organizations to distinguish themselves as employers of choice. 

The candidate market and already employed individuals are focusing on how they can better blend their work and personal lives, especially focusing on how that blend is crucial to getting and staying mentally healthy. It is important for businesses to understand their workforce’s needs and identify what benefits are appropriate for the business to retain a healthy workforce. Performing an employee survey or stay interview and evaluating those results with the current benefit offerings is a good first step to that understanding.

Adapted from SHRM