Biggest Trends for 2023 - Employee Benefits, Flexibility, and Well Being
The 2022 workplace saw issues with many companies calling employees back into the office, inflation impacting decisions around salary, and what seemed to be one layoff announcement after another.
Prioritizing employee’s well-being and a need for technological innovation are beginning to surface as needs for 2023. How will you and your organizations maneuver through?
Across various industries, we are seeing employees consistently note the following as important when they are making career decisions:
to feel appreciated and compensated for the time and effort they put into the workplace
yearly scheduled raises, cost-of-living raises as well as bonuses for exceptional work
tools and programs to enhance their financial well-being
In the past, companies were expected to provide benefits such as pension matching, but today employees are looking for new offerings such as: fertility treatments, pet insurance, emergency savings fund and even mortgage insurance. There currently is such a high talent crunch in the market that many large employers are offering comprehensive and generous benefit packages to attract and retain top talent. Some global companies such as Siemens aim to acquire the best talent by offering salary & bonus, plus immediate pension matching and share options. This company also offers education and tuition reimbursement programs which promotes career mobility.
Flexibility: Approximately 75% of workers believe remote work to be the new normal and not having to commute far outweighs the negative aspects, such as the lack of connecting with colleagues.
Remote and hybrid working are quickly becoming the standards
The 5- day work week may soon become a 4- day work. Dozens of companies in the UK piloted this in 2022 to praise and positive feedback.
Shortened work schedules or flexible work arrangement requests were on the rise in 2022
Mental Health Resources: Mental health support came to the forefront of offerings needed during the pandemic. 89% of professionals surveyed by Korn Ferry stated they’ve experienced burnout in the last two years.
To support employees, organizations can:
Review virtual resources, especially EAP and mental health support services as offerings for employees
Improve frequency of communication, especially with remote staff to connect and develop a sense of integration and belonging
There is not a one-size-fits-all to arriving at the plan companies should offer to their employees but with current times and new year, looking at the alternatives outlined in this article can be a great start in outlining new methods to creating a way to attract, provide well-being, and sustain employees going forward.