Busiest Trends in Work Benefits for 2020 & What to Expect?

business consultants for ERISAWith the economy at record highs, employers from all over the country are strategizing on ways to attract and retain prospective top talents for their companies. One of the most effective ways they are doing this is by providing great workplace benefits that people actually look for and need for a great work experience.

As per early predictions, companies and organizations are now seeing the value of investing in workplace benefits and are stepping up their efforts to attract the right people for their jobs. Given below are some of the busiest trends in work benefits in the year 2020.

1) Its Payday Any Day

One of the most common things people wish for is flexibility in terms of their paychecks. Some companies like Walmart, Uber and Lyft have already started allowing their employees to access their earnings once their hours have been logged instead of waiting for the designated payday. This trend might become more popular over the coming few years.

2) Work From Home

As the cost of living in major cities is increasing every day, it does make life difficult for new employees who come from other cities. More and more people are moving away from urban areas to more cost effective neighborhoods to reduce their cost of living. To help in this regard, companies are willing to provide more flexible work policies such as allowing work from home. This not only brings a lot of convenience to employees but it greatly benefits the employers as well. Employers will be able to save on office space and have a greater pool of talent to choose from since location won’t be a restriction anymore.

3) Expanded Health Coverage

Health care is definitely one of the top benefits that employees care about today. Currently, the two main issues for workers are the narrow coverage of healthcare and inconvenience brought by the need to visit a doctor in person to utilize the benefit. Companies are now focusing on extending the coverage to include not only physical health but mental and behavioral health too. They are also focusing on allowing employees to address their health needs online as both telemedicine and telehealth are attracting more people every day.

4) An Inclusive Workplace

With the advent of new technology, it will be possible for companies to hire talent from a diverse pool of candidates who come from different races, genders and backgrounds. While companies utilize artificial intelligence technologies to hire potential candidates, there is now a growing need to modify the program with inclusion in mind. Allowing employees to refer and participate in the hiring process is also another way in which some companies are planning to build a more diverse and inclusive workforce.

5) Personalized Opportunity

Higher pay is a great way to retain top talent in companies. Another equally important factor is the opportunity for career growth. More and more workers are now looking for more personalized opportunities to advance their careers. The tech industry, for example, has more open jobs than employees as people tend to jump from one company to another in search of advancing their skill and expertise. Employers are now preparing to invest more time and money in their employees to allow them to not only stay up to date with their skills but also to help them acquire new ones.

Other busiest trends in work benefits include creative ways to pay off student loans, better help for financial management and family planning. With so many inspiring and unique upcoming trends, it seems that 2020 will be a great year for both employees and employers.

Busiest Trends in Work Benefits for 2020

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