4 top benefits trends for 2022. The pandemic has brought big changes to what employees need from their benefits programs. Here are 4 top trends to look for in 2022.
The employee benefits needs of the post-pandemic workforce look very different than they have in the past. Employers need to take notice.
Seventy-three percent of Americans rank their finances as their number one source of stress, according to a 2021 CreditWise survey. Additionally, 75% of American employees say they have struggled with anxiety caused by COVID-19 and other world events while working from home.
Here are 4 of the top employee benefits trends to keep in mind for 2022.
1. Personalized Benefits
Having a benefits package that is the same for every employee often leads to workers not fully understanding what they’ve enrolled in. Employers are trying to combat this in 2022 by shifting to personalized benefits. While satisfying your employees, personalized benefits also help employers by eliminating wasteful spending towards unused benefits. In the same Trends in Benefits survey, only 33% of employees felt that they understood the benefits options available to them and only 49% of employees said they can accurately recite which benefits they selected from the package their employer provided.
Employers must keep up with the needs of their employees and choose their benefits based on that information. If your workforce consists of older and more financially stable workers, cater your benefits towards retirement and healthcare benefits. If your workforce has younger employees, choose benefits that aid in financial wellness as they have just started in the workforce and may be managing more-delicate finances. Instead of providing every employee with every benefit, employers can allow their workers to choose from a wide selection of benefits. The best way to figure out which benefits work best for your company is to simply survey your employees. Let your team choose the benefits package most relevant to
2. Increased flexibility/remote work
The second most requested benefit from last year was flexible work arrangements. While some workforces have been wary of flexible work solutions, allowing employees to work from home does not equate to a loss in productivity. In fact, a recent study by Mercer found that 94% of employers stated that work productivity was the same or higher since people shifted to remote work. In addition, working from home saves employees an average of 40 minutes of commute a day, saves around $500 a month and 59% of people were more inclined to choose a job that allowed them to work from home.
Allowing employees to work from home and have flexible schedules is another way for employers to prove they are listening to the needs of their employees. In a recent PWC survey, over half of the employees surveyed responded that they would want to work remotely three days a week or more. Workplace flexibility is not limited to remote work, but may also include allowing your employees to choose a daily and a weekly work schedule that best suits their needs and personal lives.
3. Mental health benefits
The pandemic has brought about a whole new way of working for many of those who previously worked in an office. Some have grown to prefer work-from-home setups and have left their jobs out of an aversion to returning to an office, Klotz, the researcher credited with the term “the great resignation,” previously said.
To avoid losing employees over work environments, employers should aim to be flexible with their workers whenever possible. One solution could be to create a hybrid set up, which allows for a combination of remote and in-person work.
4. Financial wellness benefits
Money is the #1 cause of stress for employees and can lead to sleeping disorders, anxiety and depression. Employees who are constantly worried about their finances are twice as likely to look for a different job and that stress costs employers 13-18% of annual salary. A great way for employers to refocus their employees on their work is by including financial wellness tools and training in their benefits packages. A recent survey by SHRM found that these programs not only focus workers, but improve their overall well-being, increase employee retention and can attract new hires. The most requested services by employees include retirement savings plans, emergency savings funds, safety net insurance and financial coaching.
Financial wellness programs, like Best Money Moves, can help employees regain control of their finances.
Best Money Moves has tools and features that help employees measure their financial stress, budget for monthly expenses, pay down debt and plan for emergencies. Employees can talk to trained professional financial counselors and educate themselves about everything from investing to co-signing loans to buying their first homes with access to a library of over 700 articles, videos and calculators.
If you want to learn more about how Best Money Moves can bring financial wellness to your company, download our whitepapers.