The coronavirus situation has presented lots of challenges for employees. The stress level for employees is increasing and they are trying to adjust. The focus this year is on the strategies to keep employees focused both mentally and physically. 

According to recent surveys, employers are keen on working toward employee benefits. Employers need to implement the latest employee benefits trends that fit well into their organisation. 

An employer has to stay updated with the latest trends to stay ahead of the market.

We Have Compiled a List Of Employee Benefits Trends That Companies Must Adopt In 2024

 

1. Remote work provides flexibility

A big thanks to technology the number of employees who can work from home has increased this year. The covid situation is another reason as it made every employee manage the work remotely. 

Most companies who never considered remote working updated their policies overnight. Employers are focusing on solving any technical issue employees are facing during remote work.

Now, employees know the pros of remote working and want to keep it that way during this year. According to a survey, 98% of workers want the option to work remotely for the rest of their careers. 

2. Enough paid time off

Paid time off as you wish was difficult to imagine before the pandemic. Nowadays, to keep your star employees in your current organisation, employers are coming forward with this benefit.

When employees are having a lot of time off means they can focus on maintaining a work-life balance. Another benefit of providing plenty of paid time off to employees is to build trust with your team. 

Trusting your employees is an ideal part of making this strategy work. This trend will be here to stay in 2024. 

3. Mental health programs for employees

According to studies, 1 in every 4 employees suffers from depression. It results in employees taking leaves from the office due to mental illness. Some employees feel the pressure of the work or feel isolated while working from the office or home. 

The main issue that employees want to get addressed is employers offering mental health support to them. Go for mental health programs that are easy to understand by the employees, and employers need to reduce the work pressure and promote work-life balance. 

Employers can schedule one on one meetings with their employees. And ask them about how they are coping with the work-life balance? Employee assistance programs help employees to get resources that would be helpful after consulting with the counsellors. 

4. Financial wellness benefits

The pandemic has forced employees to worry about the finances, mounting debt and whatnot. Financial wellness is sometimes on the lower side of the priority list from the employer side. Employers can do plenty of things for their employees. Some of them are below: 

• Employee Discount Programs: These are a new trend that will grow in 2024. It’s one of the best ways to make your employees feel financially secure. An ideal employee discount program helps to save employees money in the long run.

• Health Insurance Benefits: During the pandemic, most employers use their credit card to make bill payments, and they are the ones who still owe money and are affected. Employers who don’t offer health insurance needs to consider the advantages it will provide the employees. 

5. Provide employees with more family time

Employees often complain that they have less time to spend with their families. Employers can judge the relationship between the employee’s productivity and offer leaves as the employer wants. 

It allows the employees to spend time with the child and elderly care. Another trend is paternity leave which is offered with maternity leave. Employers need to realise that both parents require time with their children. 

Also Read: 10 Ways Employee Engagement can Benefit Your Company

6. Professional development will soar high in 2024

Employers are focusing on this trend in 2024. Many employers are willing to provide professional development benefits. It all includes training for the employees who are not always related to the job. Here are some tips: 

• Increasing job satisfaction: Use the expertise you have present in your office. You can ask your experienced employees to act as the guide helping them to sharpen the employee’s skills (both soft and technical skills). 

• You can attract like-minded candidates: During the job postings and in interviews, promote your company to every employee to enhance their skills. The employer needs to focus on job fairs and industry events. 

• It helps to increase the knowledge of your team members: Take a survey of every team. Assess their primary and secondary skills. Ask them what skills they need to improve and help them with the free resources or better provide them with a certification course. Every employee wants to grow, and it’s possible by learning a new skill. 

7. Pay transparency becomes the new norm

Despite employer’s reservations, pay transparency is expected to become commonplace by 2024. This shift is driven by the need for fairness and accountability in compensation practices. However, interpretations of pay transparency vary; for some, it means simply explaining pay structures, while for others, it entails full disclosure of salary ranges. Some countries have already mandated pay transparency through legislation. 

This trend reflects a growing recognition of the importance of equitable pay practices and may prompt organizations to reevaluate their compensation strategies to ensure transparency and fairness.

What’s Next for Employees in 2024?

After 2023, employers are looking for a positive 2024. Employee engagement will even become necessary in 2024. Employees are looking for a workplace that understands them and provides them with benefits. Employers who will take a proactive approach will stay in a better position to move forward with the above employee benefits trends. UprightHC helps employers to implement employee benefits seamlessly into their organisation. We can help your startup, SMEs and enterprises to grow. You can contact our experts from here and schedule a meeting.