2024 Employee Benefits Trends: What’s Changing in the Workplace

Employee needs are at the heart of many changes shaping the landscape of workplace benefits. As we step into 2024, we are entering a transformative era where well-being isn’t a buzzword, it’s a critical component of corporate strategies. The needs and expectations of today’s modern workforce have sparked some innovative trends, redefining the concept of employee benefits. From holistic wellness programs to flexible work arrangements, and an emphasis on mental health support, businesses are embracing a more comprehensive approach to meet the diverse needs of their teams.

Beyond the Basics

The approach of sticking solely to traditional health, dental and vision plans is like using a typewriter in the era of tablets – outdated and not meeting the dynamic needs of today’s employees. These traditional plans are essential, but in today’s landscape, they represent a fraction of what employees now expect from their workplace benefits. In fact, only a third of employees say their employer benefits are fully aligned with their lifestyles.

What’s Changing for Employees

The landscape of human resources and employee group benefits is evolving, reshaping how organizations support their workforce. Embracing these trends will enhance the employee experience, and help attract and retain talent.

Here are 5 trends set to redefine employee benefits in 2024:

• Better Mental Health Support: Mental health support in the workplace is extending beyond EAPs and crisis intervention. Employee Assistance Programs (EAPs) provide a limited number of counselling sessions, which may not be enough for employees living with ongoing mental health issues. Incorporating other elements into benefits offerings can help promote a culture of well-being and create a supportive environment. For example, consider providing some coverage for parental and caregiver support, paid mental health days, peer support programs, subscriptions to wellness apps, and online therapy platforms.

• Holistic Employee Wellness Programs: The lines are blurred between work and home, and employers should take an empathetic approach to benefits offerings. Combining physical, mental, and financial well-being services can help address a wide range of challenges for employees. This could include coverage for fitness classes, nutrition counselling, and financial planning workshops. Financial stress can impact productivity and morale, so more companies are rolling out financial wellness programs to help employees manage their money.

• Virtual Healthcare: Remote doctor consultations, mental health therapy, and prescription deliveries aren’t new, but the pandemic gave these virtual services a shot in the arm. About 60% of Canadians’ visits to health care professionals became virtual by April 2020, and 82% of Canadian workers believe employers should provide these virtual services — so more companies are answering the call.

• Social Responsibility: Offering paid volunteer time is a win-win. Companies demonstrate that they’re prioritizing corporate social responsibility and employees get paid to work for a cause they love. With only 1 in 4 companies currently offering this benefit, volunteer time off (VTO) can help you stand out from the competition.

• Menopause Support at Work: A report finds 64% of women want menopause-specific benefits, but only 14% of U.S. women say their employer recognizes this need. Microsoft, Palantir Technologies, and Abercrombie & Fitch, are among an increasing number of companies offering menopause benefits, such as cooling stations at the office, counselling on health and mental health symptoms, and physical therapy for pelvic-floor issues.

A Thoughtful Approach

It’s important to strike the right balance, not overcomplicate benefits plans, and be clear on communication. At Prime Benefits Group, we can help you take a thoughtful approach that aligns with your company culture and employees’ needs. Contact us for more information on how we can help you with benefits packages that go beyond the basics.

Suggested Reading

The 8 Biggest Future of Work Trends in 2024 Everyone Needs to Be Ready for Now

The Next Frontier for Corporate Benefits: Menopause

Additional Resources

2023 Employee Benefits Survey – SHRM