The Trendiest Benefits for 2023

There’s no denying that employees’ needs have changed over the past few years, and many workers are paying more attention to their benefits and wondering how to stretch their dollars further. Employers will want to offer benefits to meet evolving worker needs shaped by the lingering effects of the COVID-19 pandemic and rising inflation.

This article highlights benefits that are likely to be popular in 2023.

Voluntary Benefits

A rising number of organizations recognize that voluntary benefits are advantageous to employees and their families—and many come at no cost to the employer. Examples of trending benefits include hospital indemnity, disability, accident, life and pet insurance.

Health Care Full Premium Coverage

As health care costs continue to increase, some employers choose to pay 100% of employees’ monthly health care premiums.For reference, the Kaiser Family Foundation reports the monthly average for employer contributions to plans in 2021 was 83%.This type of benefit is more common in small organizations. Fully paid health plans could be a key differentiator for workers weighing their employment options.

Financial Wellness Benefits

Not only will inflation impact employees’ decisions about benefits, but it may also result in a need for financial wellness education and guidance. Common types of desired financial wellness benefits include financial planning assistance and coaching as well as contributions to retirement and tax-advantaged savings accounts.

Summary

Organizations can start optimizing benefits packages by evaluating employee preferences and thinking about ways to improve offerings or tailor them for their workforce.