What benefits do employees want in 2024? HR leaders are listening
Four in 10 benefits leaders said employee complaints are the main catalyst for looking for a new provider.
More than 80% of organizations are planning to add or improve benefits over the next year to support employee recruitment and retention efforts. Wellness benefits, bonuses and emergency savings accounts are popular potential additions employers say they are considering adding to their benefits lineups.
Employee feedback will drive many of these decisions, often outweighing cost considerations, according to Lively’s most recent employer benefits trend survey. Ease of use for employees is the most important factor when choosing a benefits provider and also the top area where providers fall short, survey respondents said. Four in 10 benefits leaders said employee complaints are the main catalyst for looking for a new provider. About 3 in 10 benefits leaders say their flexible benefits provider is not meeting expectations for ease of use and employee support, according to Lively.
About two-thirds of organizations plan to improve bonuses and base salaries, while about half plan to improve health care coverage, 401(k) matching, professional development, sick leave and paid time off, and about one-third plan to improve health savings accounts and emergency savings accounts, according to the survey.
Younger organizations appear to be working out the best combination of benefits for their employee base. While companies that have been in business for less than 10 years were more likely to report they are adding new benefits, they are also more likely than longer-tenured organizations to indicate the plan to remove benefits.
Related: How to address and implement employee feedback
Lively’s recommendations for HR leaders when making benefit plan changes include conducting a benefits audit to find out what employees are using the most and least and researching what other organizations are offering that employees might expect or that could add to their quality of life. Periodic surveys can help HR leaders determine what they like and don’t like about their benefits options, if they feel supported by the benefits providers and what pain points they’d like to see addressed through benefits, including childcare, pet care or access to emergency savings.
Lively’s report presents data and insights from 250 US-based HR and benefits decision-makers, which was collected in collaboration with CITE research.