Workplace benefits alongside employee expectations are ever-shifting, demanding a continuous reassessment of the benefits that truly matter. In 2024, understanding and addressing the evolving needs of your workforce is crucial to maintaining a competitive edge.
Let’s delve into the top workplace benefits that will not only attract top talent but also enhance the overall well-being and satisfaction of your employees.
Leave Benefits: Striking the Right Balance
Leave benefits have emerged as a cornerstone in the realm of work benefits, with 81% of respondents in a recent SHRM Employee Benefits Survey rating them as either “very important” or “extremely important.” These benefits extend beyond the statutory rights, encompassing various elements aimed at fostering a healthy work/life balance.
Offering a generous leave allowance that surpasses statutory requirements is a key component. Additionally, paid time off (PTO) has become a standard, including optional sabbaticals allowing employees to explore travel or invest in personal and professional development. Family leave, covering maternity and paternity leave, further enhances the appeal of a comprehensive leave benefits package.
In 2024, recognising the importance of providing leave benefits when working is pivotal. It’s not just about time off but about empowering employees to recharge and reconnect with their personal lives, ultimately contributing to a more engaged and satisfied workforce.
Health Benefits: Prioritising Well-being Inside and Outside the Office
Health benefits have risen to the top, with a staggering 89% of respondents in the same survey rating them as “very important” or “extremely important.” The focus here is on empowering employees to prioritise their mental and physical health both within and outside the office environment.
Office benefits and comprehensive workplace wellness schemes are gaining popularity, including subsidised gym memberships, cycle-to-work plans, and wellness sessions like yoga or massage. Beyond the office, employee healthcare schemes with fast-track access to GP appointments, coverage for private healthcare treatment, and specific support for mental health, dental services and fertility care are becoming essential components of company benefits.
In the wake of longer NHS waiting lists, healthcare benefits that offer staff fast-track access to GPs can be a game-changer. This underscores the importance of considering the health benefits package as not just a perk but a strategic investment in employee well-being.
Workplace Benefits and Flexible Working: Adapting to the New Norm
Flexible working has transitioned from a desirable perk to a non-negotiable expectation for many employees. The 2023 CIPD study highlighted that over 4 million employees changed careers due to a lack of flexible working opportunities.
Benefits in 2024 must cater to the changing dynamics of work. Offering worker benefits in the form of remote working opportunities, flexible hours, including condensed or compressed schedules, and flexitime arrangements that allow employees to choose their working hours within agreed limits is essential. Annualised hours, providing a set number of hours over the year with flexibility on when they are worked, add another layer to the flexibility agenda.
This flexibility is not just about accommodating remote work; it’s about acknowledging and respecting the diverse needs of a modern workforce. Younger generations, particularly Gen Z and Millennials, value these arrangements, making workplace benefits synonymous with adaptability and employee-centric policies.
Conclusion: Crafting a Caring and Attractive Workplace Benefits in 2024
When evaluating workplace benefits, a careful consideration of employee needs and expectations is paramount. The top benefits of 2024 – leave benefits, health benefits, and flexible working – go beyond mere perks; they communicate a strong message that the company cares about individual needs, and values employees’ time, welfare, and well-being.
Workplace benefits should encapsulate a strategic approach to attracting and retaining talent. Recognising the impact of benefits when working, companies can bolster morale, productivity, and employee satisfaction while reducing stress and anxiety. These benefits also play a pivotal role in recruitment and retention, offering a tangible way to provide fast-track access to healthcare, dental care, and mental health support.
As we approach 2024, make it the year to introduce an employee benefits package that resonates with your workforce. A package that not only meets statutory requirements but goes above and beyond, showcasing a commitment to creating a workplace where employees thrive both professionally and personally.