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The Top Benefits Employees Really Want–and Why Employers Should Listen

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THE TOP BENEFITS EMPLOYEES REALLY WANT–AND WHY EMPLOYERS SHOULD LISTEN

Annie O'ConnorUpdated on: October 11, 2023
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As open enrollment approaches, and businesses start to pre-plan for 2024,
employee benefits are top of mind for HR leaders and employees alike. Yet the
types of benefits employers offer–and how employees perceive these benefits–can
have a profound impact on critical business initiatives such as: recruitment and
retention and overall business productivity. 

Employers cannot underestimate the importance of offering benefits that support
the needs of their employees. Yet it’s not always easy for employers to know
what benefits their employees most value and need. Care recently conducted two
Benefits Impact Surveys, one on employers who offer Care benefits, and one on
the employees who use them, to better understand: 

 * Top benefits employers believe are most important to their employees;
 * Which benefits employees actually value the most; and 
 * How benefits impact employees and a company’s bottomline


TOP BENEFITS EMPLOYERS THINK EMPLOYEES VALUE THE MOST 

Employers surveyed said they believe employees most value the following five
benefits–and here’s the percentage of the employers who are currently offering
these benefits: 

 1. Health Insurance (98%)
 2. Retirement Planning (85%)
 3. Paid Time Off (82%)
 4. Parental / Family Leave (60%)
 5. Mental Health Support (34%)


TOP BENEFITS EMPLOYEES ACTUALLY VALUE THE MOST 

In comparison, Care also asked employees at those same companies to share what 
benefits they feel are most important to them and here is what they ranked as
the top five.

 1. Health insurance (90%)
 2. Paid time off (84%)
 3. Retirement planning (66%)
 4. Family care benefits (59%)
 5. Parental/family leave (53%)

Interestingly, both employers and employees agree that health insurance, paid
time off and retirement planning are among the most highly valued benefits. But
more than half of employees (59%) ranked family care benefits as one of their
top needs, yet the majority of employers  did not have this on their top
priority list. 


WHY FAMILY CARE BENEFITS ARE VALUED BY EMPLOYEES

With 73% of all employees having caregiving responsibilities, it makes sense
that employees are seeking support with care needs. Plus, today’s caregiving
landscape is not making it easy on working parents or caregivers. According to
the 2023 Cost of Care report, child care is now unaffordable for the majority of
U.S. families. To make matters worse, care is hard to find for most families. 

In the wake of the pandemic, caregiver shortages peaked, and now with the “Child
Care Cliff” on the horizon, 70,000 child care centers are projected to close,
potentially eliminating 3.2 million child care spots,  Clearly, working families
need caregiving benefits now more than ever–or many will be forced to reduce
their hours or quit their jobs to care for their families. This, of course, will
lead to costly losses for employers. 

Employer-sponsored caregiving benefits help working parents and caregivers find
care so they can get to work. Programs such as those offered by Care for
Business include a marketplace to help employees find background-checked child
and senior caregivers, and subsidized Backup Care programs to help employees
fill gaps in routines.  Other top caregiving benefits offered by employers in
2023, include flexible and remote work arrangements, paid parental leave,
lactation support, pet care benefits, wellness and mental health benefits, and
employee discounts. 

Fortunately for employees, family care benefits are now starting to be on the
radar of today’s HR leaders. According to the 2023 Future of Benefits Report,
95% of employers are recalibrating their benefits packages this year–and nearly
half (46%) are prioritizing child care and senior care benefits as a way to
improve productivity and retention. 


THE IMPACT OF FAMILY CARE BENEFITS ON EMPLOYEES AND EMPLOYERS

The Benefits Impact Survey confirmed that when employees have access to benefits
that help them find care for their families, employers benefit from reduced
absenteeism, increased productivity, and improved recruitment and retention. 

 * 87% of employees miss work when their regular care is not available but with
   Care benefits, employers see a 30% decrease in employee absences
 * Employees with Care benefits report a 56% boost in their productivity and
   employees report a 34% increase in productivity 
 * 70% of employees indicate they are more likely to stay at their company if
   they offer Care benefits–and employers report a 29% increase in their
   recruitment and a 21% decrease in employee turnover.

Employers can also calculate the potential return on their investment by
calculating their annual savings from lost productivity and saved recruiting
costs. 

 So if you are an HR leader looking to change your benefits strategies next
year, now is the time to consider the needs of your employees, and the
importance of offering family care benefits to support your employees–and your
company’s bottomline. 


HELPFUL RESOURCES

 * The Cost of Care: Working Families Need Child Care Benefits Now More Than
   Ever
 * 2023 Cost of Care Report
 * How to Calculate the ROI of Caregiving Benefits
 * TheBusiness Impact of Caregiving Benefits
 * Support your Employees with Caregiving Benefits
 * The Business Impact of the Child Care Cliff for Employers–and Their Working
   Parents




RELATED


CARE SPECIALISTS PROVIDE 1:1 SUPPORT TO HELP EMPLOYEES MANAGE COMPLEX SENIOR
CARE NEEDS


THE BUSINESS IMPACT OF THE CHILD CARE CLIFF FOR EMPLOYERS–AND THEIR WORKING
PARENTS


TOP 5 REASONS EMPLOYEES NEED BACKUP CHILD CARE


HOW TO CALCULATE THE ROI OF CAREGIVING BENEFITS


CASE STUDY: HOW CARE SPECIALISTS HELP FAMILIES WITH COLLEGE PLANNING AND
ADMISSIONS


ARE YOUR CAREGIVING BENEFITS TRULY FLEXIBLE?


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