Employee benefits in 2022
Hope you’re having a wonderful new year. Who has big resolutions?
Employees sure do! Over the past year, employees took a good hard look at their lifestyles and how their benefits can best support them. As a result, in 2021 we saw significant shifts in certain benefits areas--and we thought we would take a moment to highlight them for you:
Workplace flexibility: Employees showed a preference for flexible work options in terms of where and when they can work.
Online access to benefits: Benefit providers have built out their apps and platforms to make it easier for employees to remotely access and manage their benefits. Part of this effort has been driven by employers to make sure that employees are aware of all the benefits offered to them.
Expanded PTO: One study 1 found that 75% of employers expanded paid time off programs in 2021, especially when it came to medical and sick leave.
The year 2022 will continue to drive forward and further cement those trends. Areas like healthcare, childcare, paid time off, and remote work flexibility have become top considerations when it comes to employee benefits. Employees view benefits as a key part of achieving the lifestyles they want in their careers going forward.
Here are the benefits employees and businesses will be honing in on in 2022:
Smart hybrid work model: According to a 2021 PwC study, 2 over half of employees surveyed want to work remotely three days a week or more even after COVID-19 is no longer a concern.
Mental health support: Not only have both mental and physical health become a priority for employees, over 66% of companies surveyed 3 by Mercer expect virtual health and well being benefits to be a permanent part of their offerings.
Student loan assistance: An emerging trend 4 among younger employees is repayment assistance for student debt. This is something to keep an eye on as part of the reevaluation and expansion of financial security benefits.
Personalization of benefits: The trend that has emerged through all benefits categories is that employees should be able to choose the benefits that work for them 5 and enrich their lifestyle, instead of being limited by rigid, template benefits policies.
Both employees and employers should embrace this opportunity to engage in open discourse on employee benefits. Ideally, it will lead to less wasted spending on benefits people don’t actually use/want and, in turn, make truly life-changing benefits more accessible.
If you have any questions on current benefits trends, reach out any time and we can discuss.
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