While large technology companies whose payrolls swelled in the pandemic have been behind most of the layoffs this fall, the job market is still strong—and workers are in a bargaining position to seek out richer benefits.
While pay is always top-of-mind for employees, here are the top five workplace perks that benefits consultants tell Bloomberg employees are clamoring for the most. Quality of life is the common theme.
1.) Remote work
Ushered in by the pandemic, working from home is the benefit job candidates say is most desirable.
Although bosses have been eager to get people back to their desks in an effort to improve worker productivity, offices are still 20% to 40% vacant in U.S. cities.
Bucking employers’ beliefs, some studies say remote workers are more productive and engaged, and are less likely to quit.
2.) Flexibility
Workers today want flexible schedules to accommodate such responsibilities as dropping their kids off or picking them up from school. Some like getting to work in off-peak hours to cut down on their commuting time.
“Even the organizations that have returned to the office have made some significant changes in how they think about flexibility,” says Ben Granger, chief workplace psychologist at Qualtrics, an employee benefits consultancy.
3.) Supportive workplaces
Along these lines, people are putting a higher premium on supportive workplaces that are collaborative and that offer them career paths.
Some folks want their bosses not to expect them to be available via email seven days a week. Others seek a company that carves out time for them to volunteer in their local community. Four-day weeks are even an emerging expectation.
A supportive, or sustainable workplace, that aims to avoid worker burnout and improve workers’ everyday experiences, is only an emerging trend, says Melissa Swift U.S. transformation leader at Mercer, a leading benefits consultancy.
“The companies that really come out winners in this race will be the ones where, six months from now, working there actually feels different,” Swift says.
4.) Financial health
With inflation top of mind, workers are seeking out companies with a 401(k) retirement savings plan, tuition assistance, help with student debt—even elder-care assistance and child care.
“In the past, when people thought about financial well-being, they were definitely focused more on retirement and longer-term wealth,” says Catherine Hartmann, global head of work, rewards and careers at Willis Towers Watson Plc, another benefits giant.
“But there’s other ways people can have better financial well-being,” Hartmann says. “That cost being covered by the company is a way for you to have more money in your pocket.”
5.) Job security
Finally, with all of the talk about a recession looming on the horizon, more workers are appreciative of the job they have, and they plan to do their best to keep it.
“Job security is going to be a bigger thing” in 2023, Hartmann says. Those brave enough to look for a new position would be wise to consider a company’s leadership position in their industry, business prospects and fiscal staying power, she says.
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