Any business can offer a competitive salary. But for many jobseekers, a good salary is no longer enough. Potential candidates are increasingly looking beyond financial renumeration and are instead assessing the values and company culture of any potential employer. And few things are more effective at communicating a positive and supportive company culture than a generous employee benefits package.

Yes, if you want to stand out from your competitors and attract the most talented employees in your sector, it’s no secret that you need to offer an outstanding employee benefits scheme. We all know this. We also know how employee benefits can reduce churn and increase staff retention, while also helping to boost employee morale, productivity, and satisfaction. Certain employee benefits can even lead to fewer days lost to unplanned absences.

The problem is that employee expectations change all the time. The most appealing employee benefits from just a few years ago may not have quite the same appeal today. So, the question is – what sort of employee benefits will truly strike a chord in 2024?

To answer this question, we consulted numerous surveys and reports from multiple different research bodies. We also spent a lot of time talking to the employers we work with at Capacity Insights, asking them about the sort of benefits that they’ve found to have the greatest impact on retention, morale, and productivity.

In a nutshell: We’ve found that in 2024, employees want to know that you care. They want you to respect their time through providing the sort of flexibility that can contribute to an excellent work/life balance. And they want total peace of mind that you’ll have their back should anything ever go wrong, either on the job or outside of work.

Here are our predictions for the big employee benefit trends for 2024.

Flexible Working
Much of the world locked down between 2020 and 2022. This gave many employees their first ever taste of working from home. Some called it the “new normal”. And many signs indicate that this “new normal” may be here to stay.

The days of the 9-5, in which every employee must show up and leave at the same time every day? They’re long gone. Now, if you don’t offer some form of flexibility, then employees may simply decide to work elsewhere.

A recent CIPD study revealed that over 4 million employees have left jobs specifically due to a lack of flexible working opportunities. A separate CIPD survey found that more than 25% of employees would forego a pay rise if it meant giving up flexible working.

Obviously, not all employees can work from home. Warehouse staff can hardly dial into Zoom meetings, for instance. But there is more to “flexible working” than “remote working”. You can let every member of the team have a say in how and when they work, even if they’re required to be on the premises, with condensed, compressed, or annualised hours.

Leave and Travel Benefits
In addition to increased flexibility, you can demonstrate just how much you value your employees’ time with some generous leave benefits.

On a fundamental level, this might involve offering leave allowance – including maternal, paternal, and compassionate leave – that goes above and beyond the minimum statutory requirements. You could also offer Paid Time Off (PTO) opportunities to allow your employees to volunteer for meaningful causes, or to pursue additional training and development.

Reserve such schemes for staff who have stuck with you for a set number of years, and you’ll give employees a strong incentive to stay with you for the long-term. This is just one way in which the right employee benefits can contribute to increased staff retention.

Some staff may want to use their PTO to travel. This is something you should actively encourage. Many employers offer workplace travel insurance schemes to cover all the risks associated with workplace travel, including cancelled flights and lost luggage. Yet growing number of employers are starting to cover their employees for trips they take outside of work.

There are many benefits to offering leisure travel schemes as an employee benefit. Employees will see it as a strong sign that you value their time and their wellbeing, and that you wish to fully support them in achieving the best possible work/life balance. Plus, covering the risks associated with travel may make your employees more likely to take refreshing and rejuvenating holidays, which can contribute to a healthier, happier, and more motivated workforce overall.

It’s good for your business too: If anything goes wrong during your employees’ travels, the cover you provide could help them get on their feet as soon as possible. So whether they’re facing a cancelled flight or an overseas illness or injury, your cover could help reduce the amount of work they miss when things don’t go according to plan.

Health, Wellbeing, and Dental
Health and wellbeing related benefits will help you support a multi-generational workforce. They tend to be popular with employees of all ages, and for good reason: People across the world are currently facing extensive delays to receive even the most rudimentary of healthcare treatments. As a result, both potential and existing employees will naturally be drawn to any employer that offers healthcare cover as an employee benefit.

According to a survey by inc, 80% of jobseekers are actively seeking out employers that offer comprehensive healthcare cover. In another survey, employers were asked to rank the importance of various different benefits. 89% of respondents rated healthcare benefits as either “very important” or “extremely important”, making it by far the most valued of all the benefits featured in the survey.

With healthcare cover, you can give your employees fast-track GP appointments and referrals, along with priority access to high quality private healthcare. You can even allow employees to add family members to their plan, which will make the scheme even more valuable.

It costs more, but it pays to make your employee healthcare cover as comprehensive as possible. Add mental health support, whether through counselling referral services or workplace yoga schemes, to help attract and retain the next generation of talented and committed employees: A Deloitte study found that around 50% of Gen Zs and 40% of millennials expect their workplaces to offer mental health and wellbeing support.

And don’t forget dental: Approximately four million UK residents live in “dental deserts”, with no reliable access to dental services. Not all healthcare packages include dental cover as standard. But if you offer it as a separate policy, you can give your employees total peace of mind that they’ll be covered no matter what health issues they face.

If you offer healthcare cover as an employee benefit, your entire workforce will be able to seek treatment for any potential problems as early as possible. This means that minor issues will be less likely to progress into the sort of serious conditions that could force your employees to miss work. This is one way in which healthcare cover is as good for your business as it is for your employees: In the long-term, it could lead to a reduction in the number of days you lose to unplanned absences.

Modern Benefits For a Modern Workforce
What do people want from their employee benefits in 2024? It’s simple, really: They want your respect, and they want your support.

They want to know that you respect their time, and they want a greater say in where, how, and when they work. And on top of this, they want to know that no matter what happens, you’ve got their back – whether that’s through offering ongoing mental health support, or through providing reliable cover that will take care of everything in the event of a crisis.

So embrace flexibility, and stand out from your competitors through demonstrating your commitment to your workforce’s health, happiness, and wellbeing.

REFERENCES:
nc survey link: https://www.inc.com/ali-donaldson/7-benefits-you-should-offer-your-employees-in-2023.html

Second survey link: https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Pages/Employee-Benefits-Survey.aspx

Deloitte survey link: https://www.deloitte.com/global/en/issues/work/content/genzmillennialsurvey.html

Dental deserts article link: https://www.theguardian.com/society/2022/may/01/dental-deserts-form-in-england-as-dentists-quit-nhs-experts-warn

Capacity Insights website link: https://capacityinsights.co.uk/