The best employee benefits: Attract and retain top talent

Attract top talent with the best employee benefits

If you want to attract and retain the best employees, you need the best employee benefit plans. Companies offering top-tier employee benefits packages are essential for attracting and retaining top talent. Popular companies provide important perks like health insurance, flexible working hours, and retirement savings.

Gone are the days when just a competitive salary and core benefits lured the best talents. Employees have become aware that their requirements extend beyond basic healthcare coverage. Smart employers have taken note and are now focusing on employee wellness. It's no wonder that nearly 80% of major U.S. companies incorporated wellness programs in 2019.

But there's a catch - these often fail to engage employees effectively. The reason? A rigid, one-size-fits-all approach that doesn't cater to individual needs. So, modern workplaces must evolve with flexible and customizable well-being initiatives to genuinely support and value their employees.

Below are the best employee benefits to attract and retain top talent in the modern workforce.

Flexible work arrangements

One in four Americans are working remotely through 2021. An estimated 22% will continue to work remotely or in a hybrid model through 2025. Employees are looking for work arrangements that allow them to balance their work and personal life better.

Employers can offer flexible work options such as remote work, work-from-home, flexible hours, or job sharing. Offering flexible work options can help employees maintain a work-life balance, reduce stress, and increase productivity. In turn, this can lead to a more satisfied workforce and a lower turnover rate.

Benefits professionals face many challenges and trends in today's constantly changing environment. In a recent interview, Jason Fan, Co-Founder and CEO of Forma, Annie Itsell, Director of Total Rewards at Oscar Health, and Sheila Krueger, Head of Global Benefits at Zoom discussed their experiences in the benefits industry and provide tips for creating successful flexible benefits programs. See how Zoom and Oscar Health elevated their employee wellness benefits program with Forma.

Comprehensive health benefits

Providing comprehensive health benefits is an important part of maintaining employee well-being. A comprehensive health benefits package includes medical, dental, and vision insurance, as well as mental health services. Including these benefits shows that you care about your employees' health and that you value their work-life balance. It can also keep employees happy and healthy, which helps the company attract top talent and keep them on board.

Pre-tax benefits

Forma Research has published a pre-tax benefits guide that goes over the value of pre-tax benefits for employees. The perks of modern financial benefit programs like HSAs, FSAs, and Commuter solutions are designed to make your money work smarter. The power of pre-tax dollars tackles eligible expenses and allows employees to have substantial tax savings of up to 40%. Pre-tax benefits are a great option to boost financial wellness in today's fast-paced business ecosystem.

Essential services like healthcare, childcare, and fuel continue to increase in price. Pre-tax benefit programs offer a financial lifeline to alleviate pressures on employees. By providing game-changing perks like HSAs, FSAs, and Commuter programs, businesses empower their workforce.

These robust and versatile benefits not only improve employees' financial health but also promote mental and physical well-being. This can truly transform the work-life experience and drive up employee satisfaction.

Retirement plans

Providing a retirement savings plan such as a 401(k) is an essential employee benefit. It gives employees a way to save for their future and feel more secure in their current roles. Employees looking for long-term opportunities may be particularly attracted to this benefit, making it a beneficial tool for attracting and retaining the best talent.

Lifestyle Spending Account (LSA)

The Lifestyle Spending Account (LSA) is an innovative employer-sponsored benefit that empowers your workforce to create a personalized benefits portfolio. Through an LSA, employees can allocate funds for an array of lifestyle-improving expenses. These include childcare, wellness activities, transportation, and even home office essentials.

As the employer, you hold the reins in defining the guidelines for these versatile benefits. Investing in an LSA goes beyond perks, as they have a track record of enhancing employee morale, fostering loyalty, and boosting productivity, ultimately contributing to their well-being and success.

For employers looking for an inflation-proof benefits option, the LSA is a great option. LSAs are typically used for wellness expenses not covered by existing health plans. These expenses could include things like fitness classes, gym memberships, spa treatments, childcare services, and more.

Other lifestyle-related items such as online streaming services, food delivery programs, pet expenses, home office equipment, or other related items that promote an overall healthy lifestyle both physically and/or mentally can also be included. The exact parameters will depend on the specific plan offered by the employer. See the latest LSA trends and categories employers are selecting in the 2022 Lifestyle Spending Account Benchmark Report.

Paid time off

Paid time off is a popular employee benefit that can improve employee morale and job satisfaction. Paid time off includes vacation days, sick days, and personal days. Offering paid time off can help employees recharge, take care of personal responsibilities, and avoid burnout. This can ultimately lead to increased productivity and job satisfaction.

Professional development opportunities

Offering professional development opportunities is an effective way to attract and retain top talent. Professional development opportunities can include training programs, workshops, or tuition reimbursement. Employees who have the opportunity to develop new skills and advance their careers are more likely to stay with their employer. Offering professional development opportunities can also improve employee morale and job satisfaction.

Employee wellness programs

Energize your workplace and invest in your employees' health and happiness with innovative wellness programs. From gym memberships to personalized health coaching and nutritious food choices, employees can look forward to those long afternoons and mitigate soaring healthcare costs. Show your dedication to employee well-being and enhance productivity.

There are many ways to administer wellness programs, and Forma's employee perks platform is an excellent option. Employers looking to increase benefits utilization, receive more support, save money, have easier communication with their employees and have robust reporting and analytics should consider a platform like Forma to administer their employee wellness program.

Parental leave

Elevating workplace happiness and striking an ideal work-life balance are vital aspects that the modern workforce seeks. Paid parental leave is a great perk because it shows employees that the employer supports the employee's family.

Offer the best benefits

To sum it up, to truly obtain top talent and keep them at your workplace in today's competitive world, it's important to consider the types of employee benefits a company is offering. A well-rounded employee benefits package is non-negotiable.

With enticing offerings such as flexible work arrangements, health benefits, pre-tax benefits, retirement benefits, Lifestyle Spending Accounts, paid time off, professional development, employment wellness programs, and parental leave, employers are sure to obtain and retain top talent.

For more information about Lifestyle Spending Accounts and discuss options for your company, <span class="text-style-link text-color-blue" fs-mirrorclick-element="trigger" role="button">schedule a consultation</span> with one of our experts. We’d be happy to help you find the perfect solution for your unique needs.

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