Required benefits that ENSURE compliance with laws:
- Workers’ compensation – if your employees get hurt or become sick due to their job
- Unemployment insurance -if your employee involuntarily loses their job
- Social security and Medicare payments – that share costs with your employees
- Healthcare insurance – to help cover doctor bills and other and medical expenses
- Family/medical leave – if you need to take unpaid time off for health- or family-related reasons
Expected benefits that ENHANCE wellbeing:
- Dental insurance – In 2023, 41 percent of employees working for private industries in the U.S. had access to dental care benefits through an employer-sponsored healthcare plan.
- Vision insurance – Eighty-seven percent of employees say they are likely to stay with an employer that offers high-quality vision benefits.
- Mental health coverage – In 2024, 44 percent of employers expect to expand their networks to boost mental healthcare access.
- Disability insurance – About 25 percent of today’s 20-year-olds will become disabled and unable to work sometime before reaching the age of 67.
- Health spending accounts – As of last year, only 10 percent of Americans have access to health savings accounts.
- Retirement plan – Sixty-nine percent of private industry workers had access to employer-provided retirement plans in 2022.
- Life insurance – Since COVID-19, more employees consider voluntary life coverage in addition to employer-paid basic life insurance
Flexible benefits that ENRICH work-life balance:
- Remote work arrangement – Sixty-five percent of workers prefer to work remotely.
- Flexible work schedules – More than 58 percent of workers say a flexible work schedule is important.
- Unlimited PTO – Seventy-two percent of employees are interested in unlimited PTO as a benefit.
- Dependent care accounts – A care.com survey reports 56 percent of employers offer child care benefits.
Extra benefits that ELEVATE job satisfaction:
- Tuition reimbursement – Eighty-six percent of workers who say their employer offers tuition benefits are generally happy at work.
- Learning and development – Fifty-seven percent of workers are interested in upskilling opportunities.
- Giving programs – About 70 percent of employees say it’s important or very important to work for a company that supports giving and volunteering.
- Stock purchase plans – According to Morgan Stanley “The State of Equity Plan Management in 2022”, 43 percent of public companies and 35 percent of private companies provide this benefit.
Let’s work together to design and deliver a benefits strategy that attracts and retains talent for your organization.
Collaborate with us today.
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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Group, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
