Employees consider benefits to be a deciding factor when job hunting. With the effects of the pandemic, offering benefits that provide a sense of financial and emotional security is imperative for employers looking to retain and attract talent. In 2023, consider the following benefits and perks that will meet employees’ most pressing needs.
Due to inflation caused by the pandemic, most individuals are feeling financially strained. There are many benefits that offer financial security, including:
- Retirement plan options with matching contributions. An example of this would be a 401(k). A 401(k) is tax-deferred, meaning an employee’s contribution comes out of their paycheck before income taxes are deducted.
- Health Savings Account. A health savings account (HSA) allows employees to set aside money pre-tax and can be used to pay for qualified medical expenses.
- Flexible Spending Account. Flexible Spending Account (FSA) funds can also be used pre-tax to pay for qualified health care or dependent care expenses. Additionally, there are FSAs for commuters that allow employees can set aside money to pay for qualified parking or transportation expenses.
- Financial planning and coaching. A financial advisor can assist with budgeting and making informed spending decisions.
- Employee discount programs. Employers may contract with vendors to offer employees promotions, discounts, or group rates.
- Financial reimbursements. Tuition repayment plans, student loan repayment plans, caregiving support funds, and more are available to help employees offset costs.
Benefits offerings are never one size fits all, but employers can offer voluntary benefits that allow employees to pick and choose what coverage is right for them. The following are popular voluntary benefits employers may offer in 2023:
- Accident insurance. This benefit supplements and covers additional health care expenses related to an accident that are not covered in the medical benefit.
- Critical illness. With Critical illness insurance, an employee is financially protected against medical emergencies like heart attack, stroke, cancer, and more.
- Disability insurance. There are two types, Short Term Disability and Long Term Disability, which ensure the employee’s income in the event of an accident or illness that prevents them from working.
- Hospital indemnity insurance. Every policy is different, but generally, this benefit helps pay for hospitalizations, intensive care, and critical care.
- Life insurance. When an employee enrolls in life insurance, their beneficiaries are compensated in the event of the employee’s death.
- Identity theft protection. An employee’s identity is protected and monitored against identity threats. In the event the employee’s identity is stolen, reimbursement and remediation are provided.
- Pet insurance. If an employee’s pet has a medical emergency, pet insurance can help stem the costs. Depending on the policy, it may cover accidental injuries, illnesses, surgeries, or exam fees.
In addition to financial wellness and voluntary benefits, family-building benefits are gaining popularity. Adoption, surrogacy, or fertility benefits may be offered along with paid leave options.
Every employee is different, so employers must determine their needs in order to inform the offerings each year. If you have any questions regarding the offerings mentioned above, please contact your dedicated Creative Benefits, Inc. team member.