Employee Benefit Trends
Employee benefit trends for workforce retentionIn today’s tight labor market, retaining high-performing employees and closing skills gaps are priorities for companies across all industries. Offering compelling employee benefits is a key retention strategy. While employers often focus on flashy employee benefit trends – ping pong tables, snack bars, and karaoke – these fun-focused benefits have little impact if employers aren’t also supporting employees in meaningful ways. To retain valuable leaders, essential benefits like child care and education programs need priority focus.
At Bright Horizons, we’ve spent 30 years tracking employee benefit trends, helping leading employers to implement strategic solutions that cultivate high-performance workforces and retain their most talented employees.
Education and family support lead employee benefit trendsWith skilled workers in short supply today, retaining talented employees with attractive benefits is more important than ever. Employers watching the latest employee benefit trends will notice that programs like education assistance and family support are the most successful way to retain employees.
Education is critical to motivated employees who want to learn new skills and advance in their career paths. However, the burden of college debt and the high cost of tuition keep many promising employees from pursuing advanced degrees and certifications. Education benefit programs such as tuition assistance, academic coaching, and student loan repayment programs offer employees a path to reaching their full potential through education.
Family supports are an equally compelling benefit for employees at every life stage. For workers with children, the stress of managing child care and family emergencies at home can take a significant toll on productivity and focus at work. It’s no wonder, then, that employee benefit trends like on-site child care and back-up care are among the most sought-after benefits for working parents.
In addition to caring for children, many employees are caring for aging parents or elderly relatives. Elder care programs that assist with this complex and emotional journey are highly beneficial for workers, as are back-up elder care solutions that can provide vetted, experienced caregivers who can help out when regular routines break down.
Employee benefit programs from Bright HorizonsBright Horizons is a leading provider of strategic employee benefits and workforce development solutions. More than 1,000 of the world’s most recognized employers in a wide variety of industries turn to us for advice on employee benefit trends and the most effective ways to support employees through every life stage and every phase of their career. From on-site child care centers and back-up care programs to tuition assistance and student loan repayment programs, we offer a range of family support and educational solutions that enable employers to attract top talent, retain exceptional workers, and drive greater business results.
Drive retention and build talent with education benefits
When observing employee benefit trends, it’s easy to see that education solutions are among the most successful ways to retain and recruit workers and build a high-performance workforce. Bright Horizons’ EdAssist Solutions® include educational assistance programs that help employees pursue additional training, learn new skills, and manage their student debt for financial well-being.
Our programs include:
• Tuition Program Management: We enable employers to provide strategic tuition assistance that helps to build a more loyal and skilled workforce. By removing financial barriers to participation and shortening the time to degrees and certifications, our programs help employees achieve their goals for advancement while allowing employers to strategically develop the skills needed for a more competitive workforce. Our tuition assistance programs can be tailored to specific industries, helping to drive successful healthcare recruitment strategies, for example.
• Education Access: Because traditional education solutions don’t fit every employee, we offer affordable educational opportunities with enhanced student support that gives more employees an achievable path to a degree. Combining access to cost-effective, high-quality educational institutions with proactive support from success coaches, our programs increase academic success and graduation rates.
• Student Loan Repayment Benefits: By enabling workers to retire their student debt more quickly, our repayment programs help to build a more loyal workforce while freeing employees to pursue additional training and new skills.
Retain and recruit top talent with solutions for working families
Talented employees in all industries gravitate to employers that offer family support benefits. Employee benefit trends reveal that offering dependent care benefits and other supports is among the most effective strategy for retaining valuable employees and recruiting skilled workers.
Our family benefit solutions include:
• On-Site Child Care: Outcompete for talented employees by simplifying child care for working parents. Bright Horizons helps employers establish onsite daycare centers with flexible hours and services to meet the needs of their employees.
• Back-Up Care: Boost productivity and reduce employee stress with back-up care solutions that provide emergency care for children, elders, and dependents requiring special attention. Our services enable workers to request back-up care with a quick phone call or a few clicks online – our team takes care of the rest, arranging center-based or in-home care provided by vetted and experienced caregivers. The back-up care advantage enables employers to minimize workplace disruptions while providing a valuable benefit that enhances recruitment and retention.
• Elder Care: Employees caring for aging parents and relatives may experience enormous stress as they navigate the complex and emotional landscape of elder care. We provide access to a wealth of resources and to services that range from expert guidance to in-home care.
• College Coaching: Preparing for and applying to college is a stressful experience for parents and children alike. Our College Coach program provides access to information and resources as well as guidance through every step of the process, from test prep and school choices through applications and financing.
• Special Needs: For families with children who have emotional, developmental, or behavioral challenges, we offer customized guidance through the maze of special needs services, resources, schools, and agencies.
• Additional Family Supports: From pet care and babysitters to tutoring and home care, we offer comprehensive support to help employees as they balance their work and life responsibilities.
FAQs: What are employee benefit trends?What are employee benefit trends?
Employee benefit trends are a reflection of the most popular benefits offered by employers or requested by employees.
What are the advantages of providing compelling employee benefits?
Employers can increase employee retention and improve recruitment efforts by offering benefits that the majority of employees and job candidates find highly attractive.
What are back-up care benefits?
Back-up care benefits provide emergency care for children, elders, or other dependents at times when regular care routines break down or when unexpected events occur.
What are elder care benefits?
Elder care benefits provide services for the many employees who are caring for aging parents or older relatives, alleviating stress and enabling workers to stay more focused on their job performance.
What are tuition assistance benefits?
Tuition assistance benefits enable motivated employees to cost-effectively pursue degrees and certifications, learning new skills that can help to advance their careers and enabling their employers to build a more competitive workforce.