What’s Trending in Employee Benefits? Personalization, Financial Help
Employers are constantly evaluating their benefits offerings to find ways to attract and retain top talent while also controlling costs.
As the workforce and their needs evolve, many companies are enhancing their benefits with more personalized options and targeted financial help. From fertility benefits to student debt assistance to midlife support programs, employers have an opportunity to show employees they care by providing benefits that meet them where they are in life.
Personalized Benefits Growing in Popularity
The days of the one-size-fits-all benefits package seem to be fading. Employees today represent multiple generations with diverse needs. Offering customizable benefits allows companies to support the whole person.
According to recent research, more than three-quarters of employers now offer at least one type of personalized benefit. The most common are flexible work schedules, extended paid time off, and remote work options. But the menu continues to expand.
Some cutting-edge companies now provide fertility benefits, egg freezing, surrogacy assistance, and adoption aid. Others offer paid sabbaticals, paid volunteering days, concierge services, and even “pawternity” leave. These hyper-personalized benefits aim to boost recruitment, retention and employee satisfaction.
Midlife Health Support on the Rise
With 10,000 baby boomers turning 65 every day, employers are focusing more on midlife health. Menopause symptoms affect up to 85 percent of working women and can reduce productivity. As a result, menopause health support is trending.
More organizations now provide menopause assessments, health resources, flexible work options and fans or temperature-controlled spaces for symptomatic women. Some offer paid time off or extended breaks during menopause. Support groups, webinars and coaching are also gaining traction.
Experts indicate this benefit expansion fills an unmet need for midlife women in the workforce while conveying care and inclusivity. Early adopters have seen increased engagement, output and tenure among affected employees. More companies are expected to follow suit.
Assistance Tackling Student Debt
With today’s graduates averaging nearly $30,000 in student loans, employers have taken notice. Student debt burdens now exceed $1.7 trillion nationally, exceeding credit cards and auto loans. This crisis impacts recruitment, retention, health and finances.
In response, student debt repayment benefits are proliferating. About 15 percent of companies currently offer some form of assistance. The most common are student loan contribution programs, where employers provide $50 to $200 monthly toward an employee’s student loan balance.
Other popular options are student debt consolidation services, refinancing guidance and financial literacy education. Some innovative firms even offer “boomerang” programs, luring back former employees by paying down their remaining student loans.
Experts note these benefits provide relief to debt-laden graduates while positioning companies as supportive and progressive. Adoption is expected to continue rising.
Holistic Financial Wellness Services
Money worries plague a large swath of the workforce, reducing output by up to 80 percent. Financial stress also boosts absenteeism and healthcare spending for employers.
In light of this reality, financial wellness services are expanding. About 65 percent of companies now offer some type of program, up from just over half in recent years. Services run the gamut from 401k guidance to budgeting assistance to emergency savings accounts and beyond.
Popular options include student debt help, healthcare navigation services, and retirement planning support. Others provide access to financial advisors or customized recommendations based on an individual’s specific needs and goals. Some firms offer financial literacy courses and workshops.
Forward-looking employers understand financial health impacts all other aspects of well-being. Evidence shows holistic offerings that promote stability and growth provide a significant return on investment via performance, retention and engagement. More adoption is imminent.
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