Employee Benefits: What top talent is looking for in 2022
As the Great Resignation continues, employers are investigating how they can retain and attract high demand talent. Employee Benefits are the top consideration when accepting a job, second only to salary… but not all benefits are valued equally.
Benefits are the second most important factor when candidates consider job offers and they also play a fundamental role in the productivity of current employees. While salaries will always be highly role dependent, your benefits package can differentiate your business and brand as a whole in the market. That’s why 98% of companies surveyed this past year are planning to expand the benefits they offer.
Below we’ve summarized key workforce trends impacting what employees are looking for and a list of the top in-demand benefits.
Trend 1 - Work Flexibility: It’s The New Normal
Trend 2 - Employee Wellness Is Not A Perk
Trend 3 - Financial Wellness Goes Both Ways
Work Flexibility: It’s The New Normal
Work flexibility is here to stay, and it has become the top benefit category shaping employee expectations. But what exactly is included in flexibility? There are a couple of different forms:
Place flexibility (remote work, hybrid working)
Time flexibility (flexible hours, compressed work weeks, self-scheduled hours)
Workload flexibility (part-time work, job sharing)
Continuity flexibility (unlimited time off, career breaks, caregiving leave)
Before COVID-19, remote work and flex schedules were seen as a perk. Now these flexible options make or break job acceptances and retention. Recent studies show that:
74% of professionals expect remote work to become the new normal, and only 3% say they want to work full time at a physical office moving forward
The majority of overall workers said they’d like to work from home at least three days per week even once things are back to normal
40% of employees said they’d quit or look for a new job if forced to return full-time to the office
89% of companies report better retention rates because of their flexible work options
Furthermore, since transitioning to remote work studies have shown that employees are as productive, or more productive, as they were working on site. With flexibility around time and remote work in particular, employees can skip long commutes to spend more time on themselves or with familiar. It will be hard to convince people to fork over the precious time they’ve gained from remote and hybrid work - especially when workers have shown consistent productivity.
Employee Wellness Is Not A Perk
Pre-pandemic, employees would applaud companies who had any type of wellness program.
Post-pandemic, not so much.
The side effects of COVID-19 underscored what we already knew: that healthy employees are more present, productive and satisfied in their roles. The past 2 years have taken a toll on people’s health - both physically and mentally. Employees have become increasingly aware that their health is important not only to them, but to the productivity companies depend on.
Today candidates are looking for companies who embody that understanding in their benefit package and culture. And there’s work to be done. A survey conducted by The Conference Board of Canada together with TELUS Health found an up to 83% gap between the health benefits Canadian employees report they have and what they want when it comes to extended health and well-being support from employers.
The theme of flexibility is touching this area as well. Health is not one size fits all. Employees are favoring wellness programs that support the diversity of health issues people face, and provide the flexibility to maximize the impact for each individual.
Financial Wellness
Financial uncertainty has been a huge issue during the pandemic, causing workers to re-evaluate their finances and savings needs. Anxiety and stress over finances is known to lead to health issues, absenteeism, and low productivity. That’s why both companies and employees are exploring financial wellness benefits.
Financial wellness is a simple concept that encompasses factors such as:
Being financially prepared for emergencies
Planning and saving for the future
Having the knowledge or access to information to make good financial decisions
By helping employees improve their financial well-being, companies show a long term investment in employees and recognize the impact these factors have on job performance. Futhermore, increasing the financial literacy of employees allows them to bring those skills and mindset to the business decisions they work on.
Top In-Demand Benefits
Flexibility, expanded health benefits, and financial wellness programs are evolving what employees are looking for in their current and future jobs. Below are some of the most in-demand benefits for each category.
FLEXIBILITY BENEFITS
Remote/Hybrid work options
Flexible scheduling or compressed work weeks
Unlimited time off
HEALTH BENEFITS
Flexible health spending accounts
On-site fitness equipment or gym membership subsidies
Employee assistance programs (for mental health management, therapy, dealing with loss or addiction)
FINANCIAL WELLNESS BENEFITS
RRSP Matching
Tuition reimbursement
Financial planning & investment education
Our take
There was a time when you’d ask someone “What do you love about working for your company?” and they’d answer with a list of fun in-office perks like having ping pong tables, food trucks or cocktail hours. The hard truth is that employees simply don’t care about those things anymore - or rather, they won’t care about those things until their fundamental needs are being met.
Moving forward, the companies that will win over top talent will be those who are changing with the times and rising to meet the new priorities and lifestyles of employees. Benefits are inseparable from total compensation and the holistic health of employees has become paramount.
At Ari Agency, our north star is to help you find your greatest hire of all time. We go the extra mile to understand your business values, objectives and culture to help you attract and hire transformational talent. Contact us today to learn more about how we can help you improve your talent acquisition strategies and find your next all-star.
