Posted on: July 29, 2024
Employee benefits can influence workers’ decisions when choosing a new job or staying with a current employer. Which benefits matter most can change, and you can even explore research to find which benefits matter most to various generations, such as millennials, Gen Z, and Gen X.
To explore what employees care about in 2024, here’s a list of six preferred benefits and perks.
1. Health benefits
According to PeopleKeep’s 2024 Employee Benefits Survey, 92% of employees rated health benefits as important. Employees highly value their health care benefits. As costs for health care services continue to increase, employees appreciate medical coverage for unexpected health problems. Dental and vision plans are also highly valued, with 91% of employees ranking dental insurance as the second most popular benefit in the PeopleKeep survey.
Employees recognize the importance of holistic health, with 80% of those surveyed ranking wellness benefits and/or mental health as important. Employers should, as well. Offering wellness programs and mental health benefits can help reduce employee risk for major diseases that cost the company money, lessen absenteeism, and boost productivity.
2. Paid time off
No matter how you slice paid leave at your organization, vacation time, sick leave, and personal days are essential to maintain employee morale, keep productivity up, and prevent burnout. Paid time off was ranked as a highly important perk by 90% of employees surveyed. Other findings are:
- According to GoCity, 2023 figures show the ideal number of PTO days is 28 days.
- GoCity found 86% of Americans wished they had more time off than they currently do.
- Expedia’s Vacation Deprivation Report found 58% of Americans felt like they couldn’t take vacation time because their industry or company was facing staff shortages.
Even if your paid time off policy gives employees enough time, it’s important that they’re encouraged to use it. Time to rest and re-energize is important for employees to do their best work.
3. Help with student loans
The average student loan debt for those receiving bachelor’s degrees in 2021-22 was $29,400, according to the College Board. But Experian reported from their mid-year 2023 data that the average student loan balance among all borrowers was $38,290. These balances are a substantial amount of debt in addition to regular living expenses for many employees in today’s economy, and create added stress.
Currently, about 34% of employers offer some sort of student loan repayment assistance. BenefitEd offers Employer-Assisted Student Loan Repayment. BenefitEd offers a variety of options to employers that allow them to customize the product to employees’ needs, such as making contributions to student loan debt or payments to a 529 college savings plan for employees without student loans.
BenefitEd also helps employers implement provisions of SECURE Act 2.0 that allow them to recognize employees’ eligible student loan payments as qualified contributions to a 401(k) program. While this doesn’t directly assist employees with student loans, it does make it easier for employees with student loan debt to take advantage of employer match dollars and boost their retirement savings.
4. Recognition
Employees recognize that completing projects and meeting deadlines are part of their work responsibilities. However, they appreciate a word of thanks for hard work and simple acknowledgement of a job well done. And when they consistently work above and beyond expectations, bonus pay, paid time off, and gift cards are valued rewards.
5. Retirement plan
As employees look ahead to the future, they appreciate the security that retirement benefits offer. Some employers assist employees in setting up a 401(k) or other retirement or pension plan. Offering a competitive matching contribution can help any employee save toward their retirement. While 89% of the PeopleKeep survey respondents wanted retirement benefits, only 61% of employees surveyed offered them. Financial and retirement planning also is greatly appreciated by employees.
6. Flexible work schedule
As employees juggle family and work responsibilities, flexible work schedules help lower stress and provide more balance in their lives to manage time and expectations. Of those taking the PeopleKeep survey, 57% said access to remote work or a hybrid work environment is important. Some companies also offer additional time for child and elder care responsibilities or offer flexible work hours such as four-day work weeks to help employees manage their personal obligations. Many employees today look for perks and benefits that give them what they perceive will give them greater work-life balance.
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BenefitEd is an expert administrator of education benefits. Reach out to our team today to learn more about how we customize benefits to meet the needs of you and your employees.