Most small businesses are at a competitive disadvantage when trying to hire and retain employees compared to their larger firm counterparts. The smaller firms are typically more limited in their budgetary capabilities and unable to provide a high level of comprehensive benefit package. To attract their necessary workers, the focus for owners of small companies should be directed toward benefits that are most valued by the workforce they are looking to attract. Here are a few of the benefits most employees are looking for in 2023:
Healthcare…with heightened health concerns stemming from the pandemic and quests for enhanced personal well-being, a comprehensive portfolio of healthcare benefits has been and remains one of the most sought-after benefits.
Remote Work…the ability to work from home which became commonplace during the pandemic appears to have staying power. It remains to be seen whether the trend continues to grow or subsides to a lesser extent but for now this is something most employees are seeking.
Flexible Work Schedule…the ability to balance work responsibilities with personal obligations and the care of children and elderly parents has made a flexible work schedule a valued benefit in the post-pandemic world.
Paid Family Leave…Citing the positive benefits on physical health, mental well-being and stability for the entire family, workers are increasingly looking for companies that provide women with maternity leave and men with paternity leave.
Paid Time Off…employees continue to seek additional time off from work to reduce stress and recharge to maintain health and wellbeing. This actually has the potential to benefit employers in addition to the employee as the relaxation and clear mind attained through time off often leads to a higher level of employee morale and increased productivity.
My Benefit Advisor (MBA) guides employers of all sizes through planning, communicating, and managing a successful employee benefits program. We are ready to help you find the solution that fits your needs, from group insurance to individual coverage. For more information about MBA, contact us.