After a tumultuous 2023, the workplace landscape seems to be recovering in 2024. The juggle that happened between employees and companies in the last year has reset priorities for everyone. Given the market uncertainty, employees are hesitant to pick the first job offer they get. Instead, they collect two or more offers and judge them based on the employee benefits they offer. In such a landscape, the onus falls on the companies to be employee-centric when planning their benefits package in 2024.
The expectations of competitive pay have seen a slight change as employees are more inclined towards a comprehensive benefits plan. To help employers make a better offering, we have compiled a list of top trends in employee benefits for 2024.
Employee Benefits Trends in 2024
Multiple benefits options
Employees want a diverse range of benefits that they can select from based on their specific needs. In general, companies provide health insurance as a default benefit. But employees today seek other benefits like meal allowance, fuel reimbursements, LTA (leave travel allowance), and so on. It gives them the benefit of planning an employee benefits package that suits their lifestyle and needs.
Customization options
Even in the benefits that companies have on offer, employees expect a certain level of personalization. For example, in health insurance employees want different coverage levels, or in allowance, some employees may want more funds than others. Companies should be able to accommodate these customizations.
Guidance in financial management
Employees have understood the need to have a disciplined way of managing their finances. To ensure they don’t waste their earnings and benefits, they want guidance and support in financial management. Companies can do this through personalized financial planning consultations or digitalizing their spending to give them greater control. Using a solution like Zaggle SAVE, employees can keep track of their expenses across categories. It also allows them to set alerts for thresholds for every expense so that they don’t overrun the budget.
Emergency savings options
The uncertainty of jobs in recent times has taught them the importance of having an emergency fund at their disposal. But to build this war chest, they need a pre-tax saving strategy. One way to do that is by reducing their tax liability. Companies can offer employee benefits like meals & fuel allowance that help individuals save more and pay less tax. Additionally, with these allowances, they can plan their finances better.
Flexible paid time off (PTO)
One other important employee benefit is flexibility in availing themselves of their paid time off (PTO). Although companies offer PTO for various purposes like vacation, sick leave, or mental health days, they come with prerequisite conditions. By removing the limitations and restrictions, you can provide a positive and motivating work culture that will help with increased productivity.
Self-care and Wellbeing programs
With increased focus on the mental health and well-being of employees, companies are including programs like stress management workshops, access to meditation apps, or gym memberships, as a part of employee benefits. It ensures that your team has a healthy work-life balance.
Offer Best Employee Benefits with Zaggle SAVE
Offering a flexible employee benefits package that aligns with their evolving needs and preferences is essential in attracting and retaining top talent. It will also help improve employee satisfaction, which will translate into an engaged and productive workforce. For employers, however, it becomes an operational challenge to accommodate these employee benefits manually. Instead, they can rely on a next-generation employee benefits solution like Zaggle SAVE.
Zaggle SAVE helps employers to add, customize, and manage employee benefit schemes seamlessly, while also enabling employees to manage these tax-free allowances with a single card. It comes with a mobile app that allows users to track and manage their spending for more disciplined financial management.
