Top Benefit Trends for 2023 – What Employers Can Expect
Since the onset of the COVID-19 pandemic, companies have had to remain attentive in navigating remote work, the Great Resignation, labor shortages, inflation, and a potential recession. As a result, the benefits landscape has evolved quickly and drastically in order to keep pace with employees’ ever-changing needs.
Specifically, the Great Resignation prompted employers to evaluate why employees quit. A recent survey from the Pew Research Center found that low pay and a lack of opportunities for advancement were among the top reasons why employees resigned. Most notably, nearly half of employees cited childcare issues, a lack of flexibility, and insufficient benefits as predominant factors in making the decision to leave their jobs.
HR professionals can expect these issues to continue to impact hiring and turnover in 2023, but crafting an attractive benefits package can tip the scale in an employee’s decision to stay at their job. To stay ahead of the curve in recruitment and retention, here’s what employers can expect for 2023’s benefit trends.
Holistic/Flexible Leave for Caregivers
The disruptions to schooling, medical care, work schedules and caregiving caused by pandemic lockdowns and remote work have driven many employees to leave the labor force in order to take care of their children or elderly family members. Simultaneously, many employers have learned that 40+ hour work weeks and being physically present in the office every day are not necessary for high productivity and effective teamwork. As a result, some companies are offering holistic leave and flexible policies so employees can find balance in their roles as caregivers and employees. LinkedIn’s Global Talent Trends Report found that employees who are satisfied with their company’s flexibility on location and working hours were more than twice as likely to report being happy and to recommend their employer to others.
Medical Travel Benefits
The Supreme Court decision overturning Roe vs. Wade has caused great concern in states which are now limiting or ending access to reproductive care. A survey from WTW of 305 employers found that 35 percent now offer travel and lodging benefits to improve employees’ access to reproductive care, while an additional 16 percent plan to offer this benefit in 2023. A medical travel benefit can also be used to enhance access to providers for cancer treatment and other medical procedures, which may be especially beneficial in states which do not have access to top-level care. With the increasing prevalence of medical travel benefits, more candidates and employees are going to be on the lookout for this benefit in 2023.
Addressing Health Disparities
According to Mercer’s Survey on Health and Benefits Strategies for 2023, employers are beginning to truly recognize the health disparities that exist within their employee populations and are addressing these inequities through the benefits that they offer. For instance, improving healthcare affordability can be extremely valuable to a wide range of employee populations, especially those with lower incomes or chronic medical conditions. Additionally, family-building support for LGBTQ+ employees is rapidly expanding as employers prioritize diversity, equity, and inclusion. As a result, employers offering inclusive fertility, adoption and surrogacy benefits are rewarded with improved recruitment and retention for making parenthood more accessible to LGBTQ+ employees.
Family-Building Benefits Are Critical
By 2023, nearly one-third of large employers surveyed by Mercer will offer family-building benefits, and an additional one-third of employers reported that they are in the process of considering these benefits. Combined, it is very likely that the majority of large employers will offer family-building benefits in the coming years, making it an essential component of a company’s benefits package in the very near future.
WINFertility combines all aspects of inclusive family-building, from solutions for infertility, fertility preservation, adoption, and surrogacy, to support for preconception and behavioral health. Our diverse provider network and Nurse Care Managers bridge the gap in health disparities with vast experience in serving the LGBTQ+ community and unique patient challenges. WIN’s family management solutions can also extend all the way through maternity and parenthood, including return-to-work support and resources for caregivers. Additionally, WIN provides medical travel benefit management to help employers and employees best navigate a complex reproductive care landscape. Ultimately, WIN’s comprehensive benefits can help employers stay ahead of 2023’s benefit trends and fulfill a wide variety of employees’ fluctuating needs, all while delivering better clinical outcomes and improved cost savings.
Contact us to learn more about how WIN can help you get a head start on 2023’s benefit trends.