As your company searches for the best employee benefits to offer next year, your HR department is probably preoccupied with one pressing question: what benefits do employees actually want? 

Answering this question is crucial to ensure you’re getting a return on investment on any costly benefits—and that you’re creating a total benefits package that’s competitive enough to help you win and retain the right people. Getting this right, however, can be easier said than done. 

What Causes Lack of Engagement with Certain Benefits?

According to Aflac’s WorkForces Report, 78% of employers believe their workers are highly satisfied with their benefits—yet only 59% of employees express satisfaction. So what accounts for this mismatch? 

Even if certain programs or incentives sound foolproof on paper, offering benefits that aren’t well-suited for your workforce may result in a lack of engagement. If your employees encounter barriers to participation, they simply won’t take advantage of these benefits. 

For example, The Integrated Benefit Institute (IBI) surveyed nearly 1,000 companies and workers to understand their feelings towards health and wellness programs, and what they found was a bit surprising. Nearly half of employers said they believed their workers were satisfied with such programs, but only a quarter of their workers agreed. Employees cited their top two barriers to participation as lack of time or interest in the offerings. 

It's worth determining which wellness initiatives actually support your specific workforce without too many barriers to entry. Sending out surveys, asking for feedback, and deep listening can all help you better understand the best ways to support your employees.

3 Benefits Your Employees Actually Want

While you’re busy collecting feedback on which benefits will serve your employees best, here are three that research suggests have become must-haves for any company looking to keep employee engagement and morale high. 

Aside from the obvious benefit of health insurance (89% of Americans prefer to receive health coverage through an employer than other means), set your sights on flexible, fast, employee-forward offerings that can help your workforce in more meaningful ways.

1. Flexible schedules + flexible time off

Autonomy over when someone works has become increasingly important. The proof is in how many of today’s workers have gone to gig work in order to carve out their own schedules. 

According to one survey, 33% of Gen Zers said they would never work for an employer who didn’t offer them any flexibility or say in their work schedule.

If your employees work shifts, consider providing access to shift swapping or other scheduling controls that empower workers to set their own hours. Conversely, if you have salaried employees, you may promote asynchronous work schedules, which allow people to perform work at whatever hours suit them best. 

Along with schedule flexibility, consider the benefit of flexible time off. Flexible time off allows workers to take days off whenever they need, without having to justify a specific reason (sick, etc) or feel pressured. 

2. Expanded leave policies

One of the biggest issues facing today’s workforce is the need for better leave policies. The SHRM Foundation’s 2023 Employee Benefits Survey found that 81% of workers ranked leave benefits as either “extremely” or “very” important. 

Leave benefits go beyond flexible time off because they involve an employee taking extended time away from their role. They include everything from the crucial maternity and paternity leave to leave that allows them to provide caregiving support for family members or pursue a cause that means something to them. 

Bereavement leave is another important option to consider, too. According to a recent report, more than 57% of Americans experienced a major loss over the last three years; yet only 47% of respondents had paid time off for it.

Allowing your employees time off to take care of their families and personal lives is a crucial element in demonstrating that you support and value your hardworking staff. 

3. Fast pay + financial wellness

Amid rising inflation and economic uncertainty, many employees have come to expect the company they work for to provide some level of financial wellness help. According to a Transamerica Institute report, even though 77% of workers see financial wellness programs as a crucial benefit offering, only 28% of employers offer them. And 60% of workers said they would be more likely to stay at a job if their employer offered financial benefits that helped their day-to-day lives. 

One of the best financial perks available? Fast access to earnings. Nearly ¾ of workers want to get paid every day. Whether faster paydays come in the form of same-day payouts, digital tip payouts, or earned wage access, prioritizing speedy, flexible payment options is a great way to show your employees you care about their financial wellness.

You might also offer financial literacy resources or free financial services your employees might not otherwise have access to. All of these benefits go a long way in helping employees gain financial resilience in an uncertain economy—and in showing them you want to make a meaningful impact on their day-to-day lives.

Providing the Benefits Employees Want—Starting with a Better Payday

The best employee benefits are ones employees actually want—and ones that will impact their lives in a meaningful way. Prioritizing flexible, fast, employee-centered offerings will position your company as a top workplace for the years to come. And when you start with the financial benefits employees are looking for—including fast access to earnings, financial wellness help, and more—you’re able to help them build financial resilience, without needing to spend money on costly benefits.

Branch offers free ways to pay people faster, including earned wage access, same-day payouts, cashless tip and mileage reimbursements, 1099 digital disbursements, and even white label solutions for a branded payments experience. 

Learn more about fast, flexible payments with Branch.