5 Benefits employees want the most in 2023
Despite reports of significant layoffs in the tech sector, there are still plenty of open positions. Americans are leaving the labour market because of the tight competition for workers caused by the ageing population and the lack of immigration.
Of course, money is important to the majority of people, but experts argue that in the present environment, organizations must find innovative ways to stand out as desirable employers in addition to offering competitive salaries. Let’s check out 5 benefits employees want the most in 2023
1. Remote job
Most job candidates with remote-capable positions prioritise having the ability to work from home. Despite many managers placing a high emphasis on getting workers back to their desks, studies have shown that remote work promotes engagement, reduces turnover, and boosts productivity.
“I expect the move to hybrid work and work-from-anywhere to be a long-term adjustment given that flexibility helps companies attract and retain high-quality, diverse talent,” said Prithwiraj Choudhury, a professor at Harvard Business School who studies remote work. “While the leading companies offering flexibility will benefit the most, laggards will be forced to catch up to prevent the drift of talent.”
2. Flexibility
The new golden word for recruiters is “flexibility.” And for good reason: According to Catherine Hartmann, global head of work, rewards, and careers at consulting firm Willis Towers Watson Plc, flexibility (or lack thereof) is regularly one of the top reasons people report for staying or quitting a job.
But getting to work from home is only one part. In a broader sense, this is about having control over your calendar.
“Even the organizations that have returned to the office have made some significant changes in how they think about flexibility,” said Ben Granger, chief workplace psychologist at Qualtrics. Some now allow parents to cut and paste schedules, like leaving mid-afternoon to pick up kids and then logging on later, or commuting late morning after getting kids to school.
3. Sustainable work
According to Caitlin Duffy, research director at consulting firm Gartner Inc., companies are restructuring their work to incorporate proactive relaxation that avoids burnout rather than reacting to it after the fact. Meeting-free days, summer Fridays, four-day workweeks, firm-wide shutdowns, increased vacation time, lowering tech overload, and even daily sleep are some options.
This shift has just begun. “I don’t think we’re there on the really, truly sustainable retention strategy — I do think those are going to have to do more with everyday employee experience,” Swift said.
Are staffers overworked, are managers supportive? “The companies that really come out winners in this race will be the ones where six months from now, working there actually feels different,” she said.
4. Financial Health
Workers are searching for firms that find new ways to combat inflation as pay has not kept up with rising costs. Tuition help is one benefit that is on the rise, according to a study by labour market analytics firm Lightcast.io. It will be included in around 8% of job ads in 2022, up from 7% in 2021.
“In the past, when people thought about financial well-being they were definitely focused more on retirement and longer-term wealth,” Hartmann said. “But there are other ways people can have better financial well-being, like elder-care assistance or child care. That cost being covered by the company is a way for you to have more money in your pocket.”
5. Job security
Even while the job market has remained robust thus far, candidates will probably become more selective if economic conditions change. As the easy-money period comes to an end and a new wave of austerity begins, startups and digital enterprises are particularly fragile.
Employees were hit with a “loyalty tax” in 2022 for remaining with their employment as opposed to leaving for a wage boost somewhere else, according to Hartmann. In contrast to flashy new businesses that have yet to make a profit, companies with a track record of stability even during difficult economic times will be in a better position to attract top personnel this year.
“Job security is going to be a bigger thing,” she said, with applicants gauging the strength of an employer’s leadership, business prospects and financial resiliency.
