Benefits You Should Offer Your Employees in 2023Here are some of the perks your workers might expect to receive this year and beyond.


The labor market has stayed resilient despite recessionary forecasts and the Federal Reserve's campaign to raise interest rates, and this has made the war for talent even more competitive. Small business owners are feeling the pressure the most, with over half of them reporting that they were hiring--or trying to hire--in the last month, but were met with few or no qualified applicants. To attract and retain talent, employers are investing in their benefits packages in addition to offering competitive paychecks. Wages have risen 6 percent year-over-year, with job switchers receiving a 7.7 percent raise. 

Employers are also looking to provide a hybrid work environment, flexible schedules, and holistic approaches to wellness in order to differentiate themselves from other employers. Mental health resources are a key part of this, with 8 out of 10 job seekers looking for workplaces that support mental health. Furthermore, more companies are fully covering the cost of health care premiums to ease the burden of rising costs.

 During the pandemic, virtual and remote health care has become commonplace and employers should take this into account when considering their team's coverage. Expanded definitions of family leave should also be taken into consideration, such as providing customizable options for fathers, same-sex couples, adoptive parents, foster parents, grandparents who are caregivers for grandchildren, bereavement, and those looking after elderly or sick loved ones. Employers should also focus on employee development opportunities, such as providing reimbursement for continuing education or industry conferences. When reevaluating the benefits package for the new year, it is recommended to avoid perks such as unlimited time off and gym memberships, which are often underutilized and cumbersome to manage. Employee discounts may also be less attractive to employees now.

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