4 top 2023 employee benefits. Here are the trending employee benefits that companies are investing in for 2023, to help cope with financially stressful times.
The International Monetary Fund estimates that 2023 will see global economic growth decline to only 2.7 percent in 2023. This is a significant drop from the 6.0 percent growth recorded in 2021, and the lowest since 2001.
Employers should consider these numbers when planning their 2023 employee benefits: A recession is likely on the horizon.
The top 2023 employee benefits
Here are 4 top 2023 employee benefits to inspire your staff and keep them feeling secure in a financially uncertain year.
1. Financial wellness benefits
Ninety-seven percent of employers feel responsible for employee financial wellness, according to a 2022 study conducted by Bank of America. And 91% of employers report a higher level of employee satisfaction when providing financial wellness resources to their teams. It’s no surprise that more workforces are adding financial wellness benefits in 2023.
What’s more, research shows that financial stress is debilitating to productivity. A company of just 50 employees will face a productivity loss of upwards of $87,000 due to individual employees’ financial stress and those numbers only increase along with the size of your organization. Employers looking for ways to ease the burden of financial stress, while improving overall productivity and well-being should consider adding a financial wellness offering to their 2023 employee benefits package.
2. Mental health support
The Money and Mental Health Policy Institute depicts the relationship between financial and mental wellness as a cycle: Financial strain can cause stress, anxiety, depression and other mental health challenges. This lack of motivation can in turn make it harder to earn and manage money, resulting in more financial stress. The cycle of financial stress and depression is found to have long-term, lingering effects on employee well-being.
Luckily, employers are poised to help by expanding mental health coverage in 2023. According to benefits expert SHRM, nearly 83% of wellness plan providers plan to assist with finding employee mental health care in addition to other wellness support. These resources, in addition to strong financial wellness efforts, can greatly alleviate employee pain points.
4. Increased work-from-home options
Many companies are also exploring permanent work-from-home options. According to Fortune, 78% of employers will offer the option to work from home regularly in 2023, and 66% will offer a four-day workweek or will work with employees to craft a flexible schedule.
Remote or hybrid work can have strong benefits for employees. McKinsey’s American Opportunity Survey worked with market research leader Ipsos to survey 25,000 Americans on whether or not they would benefit from the option to work from home, returning 58 percent. With the cost of gas on the rise, allowing employees to work from home will relieve them of any transportation expenses. Additionally, just having the option to stay home means more personal time with no headache of a long commute. And for parents, it can mean being available to fit vital childcare around work duties.
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To learn more about Best Money Moves Financial Wellness Platform, let’s schedule a call. Contact us and we’ll reach out to you soon.