More than two-thirds (70 per cent) of large U.S. employers are planning to beef up their benefits plans in 2023 to enhance their attraction and retention efforts, according to a new survey by Mercer.
The survey, which polled more than 700 employers, found a third (32 per cent) of large employers already offer inclusive family-building support benefits, such as access to fertility treatment coverage, as well as adoption and surrogacy benefits, while a similar percentage (31 per cent) of employers are considering adding these benefits by 2023. Another 30 per cent are currently offering health-care provider search functionalities to identify acceptable providers, while nine in 10 are planning or considering adding these benefits.
Read: Employers enhancing meaningful benefits offerings to attract, keep top talent
While small employers are less likely to make enhancements to their plans, more than half (53 per cent) are still planning to do so next year. Another 16 per cent noted they’ve already enhanced benefits this year and aren’t planning any further enhancements in 2023, while 14 per cent have no plans to do so at all.
More than a third (35 per cent) of all respondents noted they’re prioritizing enhanced benefits for hourly (20 per cent) and low-wage (15 per cent) workers, while others are focused on highly skilled workers (14 per cent), entry level employees (13 per cent), part-time workers (seven per cent), executives (five per cent) and other employee groups (five per cent).
The survey also found seven in 10 employers have already enhanced their mental-health resources to specifically support the LGBTQ2S+ population and nearly a quarter (22 per cent) are planning or considering adding these resources. More than a quarter (29 per cent) are contemplating adding or planning to add other benefits targeting this segment of their workforce in the next year, while just five per cent have other enhancements geared toward their LGBTQ2S+ employees.
Read: Majority of HR leaders believe benefits, retirement offerings meeting needs of all: survey
Close to half (49 per cent) of respondents said they already cover hearing tests and treatments, including hearing aids and cochlear implants, while 16 per cent are planning to cover these tests and treatments in the next year. Nearly half (48 per cent) cover body support devices and prostheses and 13 per cent plan to cover these items under their plans in 2023. More than a third (35 per cent) cover enhanced speech, occupational and physical therapy benefits and 18 per cent are planning or considering adding these items to their plans. Another 10 per cent already have other enhancements for employees with disabilities and 31 per cent are planning to do so in the near future.
In addition, 78 per cent of employers said they currently offer or plan to offer the option to work from home regularly, but not every day. Respondents also said they currently offer or plan to offer flexible work schedules, such as flex time during the day or a four-day workweek (66 per cent), other benefits or policies to support work-life balance (50 per cent), paid time off to volunteer (45 per cent), unlimited paid time off (15 per cent), lifestyle-spending accounts (12 per cent), sabbaticals (12 per cent) and the option to work from home every day (nine per cent). Just five per cent said they’re not offering special benefits or policies to support work-life balance.
Read: How Willful is using benefits, flexibility and perks to attract top talent in tight labour market
Nearly two-fifths (37 per cent) of respondents said they currently offer or plan to provide at least one specialized benefit or resource to support women’s reproductive health. More than a quarter (27 per cent) plan to offer treatments for high-risk pregnancy, while other respondents said they’re currently offering or plan to offer lactation support (22 per cent), pre-conception family planning (19 per cent), post-partum treatments (14 per cent), pregnancy loss support (13 per cent) and menopause treatments (four per cent).
When asked which benefits made the most impact on their attraction or retention efforts, respondents cited tuition reimbursement (75 per cent), supplemental life/individual disability insurance (63 per cent), stipend for home office setup/supplies (23 per cent), free/subsidized meals delivered to employees’ homes (22 per cent), student loans or refinancing assistance (14 per cent), employer-paid legal services (14 per cent) and contributing to student loans (11 per cent).
Read: How small and mid-sized employers can offer benefits like large employers