Key Global Employee Benefits Trends for 2023

A global challenge for the world’s business the pandemic has presented, has played a key role on the labor market. Leading payroll management specialists and HR are studying these changes to come up with most accurate forecasts for the future labor market.

They have discovered that the pandemic has opened big opportunities for highly qualified personnel. Remote work has provided more alternatives for finding work not tied to a specific geography, a hard order of the day, and fixed payment. Hybrid and flexible models of operation have become mainstream. Employers had to consider new requirements, as they have discovered that hiring and retaining valuable and talented employees is increasingly becoming more difficult.

One of the most effective incentives which makes employees feel more valued is different benefits being offered on top of a standard salary package.

In this blog, we review what changes have occurred in offering additional benefits to employees, as well as review the most valuable benefits being offered on the labor market in 2023.

What has changed after the pandemic?

The pandemic has proven to be a period of some hard time, and everyone regards the new landscape differently. However, independently of culture or geography, one thing unites everyone. It is the change in life values and priorities. People have come to value their time more highly, and have started to require more from their employer in exchange for this.

It raises a general concern that employee expectations and capabilities and desires of employers are showing a huge gap. Statistical evaluations are showing the following picture:

According to Willis Towers Watson, 60 percent of world employers are unable to provide a flexible differentiated benefits package adjusted by the employee, therefore experiencing difficulty in retaining valuable personnel.
According to IBM Institute for Business, 47 percent of employees all over the globe report they are dissatisfied with the standard benefits package being offered by their employer. General stadardized benefits rarely meet their needs and interests.
A research by MetLife has shown 72 percent of British employees would have felt more loyal to their employer if they had an opportunity to set the benefits plan on their own by picking preferences thay need.

What makes an optimized package so important?

The indesire to increase payroll is understandable with some employers. Many companies fail to consider the potential influence of correcting the benefits package in the long run.

Employees having better benefits as they work, feel more valued in their companies, which increases their motivation and productivity. They are protected from burning out, stress, take their job more happily, which minimizes working hours ineffectively spent while increasing productivity.

From a wider perspective, a good employer may win more at the highly competitive labor market while increasing its reputational resource. Three extremely important employee trends to follow now Good news is that many employers have responded to their employees' call for increase of the benefits package.

A Mercer research has shown 70 percent of CEOs in large companies will increase their payroll in 2023.

What kinds of benefits are the most valuable to employees in 2023? Here are the three basic packages:

Perfecting different forms of financial support. Modern solutions offer an opportunity to use financial support at any time. This not only increases material well being, but psychological stability as well. Flexible capabilities for payment, such as access to your salary at any time, may help employees to cover unexpected bills without having to use bank credits. Global paid services, such as CloudPay NOW, shows your employees all over the world that they are being valued independently of their location.
Support for families with children. The pandemic has drawn many people back to the importance of family values, and support of this is very much required. Besides traditional support of pregnancy and birth, and a leave for childcare, the employers will offer additional support during lactation period, and post-birth period, as well as help search for proper childcare.
Ensuring a psychlogicall comfort. Any initiatives to decrease stress, prevention of burning out and motivation boost. A harmony in work and rest may be achieved in different ways. Most responsible employees are planning to finance additional leaves on important occasions, support for working remotely, and different healthcare programs.

Conclusion

All employees are different, therefore some of the measures described above will work better for some companies, while other ones will work better elsewhere. In order to define the setup of the benefits package, it is important to get feedback from your employees. A correct feedback scheme may help define an optimum benefits package your employees will appreciate, whether you choose to allow your employees all over the world to receive flexible payment by offering access to salary at any time, thus showing support for initiatives to increase well-being, or a combination thereof.

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