Companies who offer good employee benefits are seen as more desirable places to work at by job seekers. Such companies often enjoy access to a wider pool of job applicants due to their elevated desirability, which improves their chances of finding better quality employees.
It is believed that companies with good employee benefits have better retention rates as well. So it’s certainly important for companies to try and stay up to date with the benefits being offered to employees by their competitors.
If you don’t want to be left behind, here are 3 employee benefit trends to monitor in 2020.
1. Mental health benefits
Some health benefit plans in the past have included mental health benefits, however, it wasn’t until very recently that employers began taking the mental health of their employees seriously.
It’s believed that 1 in 7 employees suffers from poor mental health. Poor mental health has been shown to negatively impact worker performance, so employers have good reason to provide their employees with mental health benefits.
If you aren’t already providing your employees with these benefits, you may have to hurry up because the number of companies who offer mental health benefits has been rising rapidly.
There was a 26% increase in the number of companies offering mental health benefits in 2019, so it may soon become a necessity for employers to provide mental health coverage to their employees.
2. Working from home or remotely
Working from home or from a remote location has never been easier, thanks to modern technology. Many employers have started seeing the benefits of providing their employees with the option of working remotely.
Working from home provides employees with flexibility, and also saves employers on office rental costs. Companies where a large percentage of employees work remotely or from home do not require large offices, and could therefore save on rent.
Remote working capabilities could also allow you to hire talent outside of your area, thereby giving you access to a wider pool of hirees.
3. Financial wellness programs
Many companies have begun offering financial wellness programs for their employees. These often consist of financial counselling or programs that assist employees with managing their expenses.
Employees who can manage their finances successfully are more likely to be satisfied with their current employment situation than employees who are worse at managing their finances.
The percentage of US companies that offer financial wellness programs doubled between 2015 and 2019, so they appear to be becoming a necessity at most workplaces.
Staying up to date with benefits trends
There are plenty of other employee benefits trends to follow in 2020. You should remember to stay up to date with these trends, and pick the ones that fit your business model and employee needs best. Benefits are going to continue to expand in the future, and it should be in your business’s best interest to stay on top of them.
