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The workforce is experiencing significant impacts in 2023 and new trends are emerging as a result. To attract and retain top talent, it is important for employers to stay up to date on the latest expectations from candidates and employees alike. We discuss seven trends employers should keep an eye on, including flexible work arrangements, mental health benefits, and diversity and inclusion initiatives.
New trends are emerging in the workforce with the ongoing evolution of workplace structure. Tides are shifting at an ever-quickening rate with the realignment norms in a variety sectors. For many businesses, there is a difficulty felt in their ability to hire and retain employees.
As we round into the second quarter of the year, it’s important for employers to understand what’s changing and why to be able to attract and retain top talent. Employee expectations have changed and loyalty is at an all-time low as candidates are making shifts to find environments that suit their needs.
Making small but meaningful adjustments can make all the difference in your company. We at Morris & Garritano are at the forefront of these conversations. “Investing in your workforce can cultivate a reputation that drives a strong and committed employee base and office culture,” says Susan Appel, Corporate Recruiter at M&G.
Here are some of the top trends to keep an eye on in regard to modern workplace expectations:
With more employees seeking a better work-life balance, flexible work arrangements have become increasingly popular. This includes options such as telecommuting, flexible schedules, and job sharing. Employers who offer these options can improve employee satisfaction and productivity.
Mental health has become a key concern for many employees, especially in the wake of the COVID-19 pandemic. Offering mental health benefits such as counseling services and employee assistance programs can help employees manage stress and improve their overall well-being.
Employees are looking for benefits packages that are tailored to their individual needs. This includes options such as a la carte benefits, where employees can choose the benefits that are most important to them, as well as more personalized options such as wellness programs and financial education.
HSAs have become increasingly popular in recent years as a way for employees to save for healthcare expenses tax-free. Employers can offer HSAs as part of their benefits package and may even choose to contribute to their employees’ accounts.
With student loan debt continuing to rise, many employees are seeking help from their employers in paying off their loans. Offering student loan repayment assistance can be a valuable benefit for younger employees and can help with recruitment and
Many employers are expanding their parental leave policies to offer more time off for new parents. This includes options such as paid leave for both mothers and fathers, as well as extended leave for adoption or foster care.
As the importance of diversity and inclusion in the workplace continues to grow, employers are offering more benefits and resources to support these efforts. This includes options such as unconscious bias training, employee resource groups, and mentorship programs.
At M&G, we recognize the significance of offering robust and meaningful employee benefits and fostering an engaging culture. Providing a positive and supportive environment is fundamental to how we operate.
In the years following the start of the pandemic, the workplace across many industries is finding itself in what Jennifer Fultz, Employee Experience Program Manager, calls “an entirely different world.” At M&G, the principle of employee engagement has evolved to become a critical piece of business. “I want people to feel a personal connection to their work,” Jennifer says. “Having that level of engagement is more important now than ever before.”
Another large part of our commitment to caring for our workforce at M&G has been our emphasis on flexible work arrangements. “It’s been huge to give our people the ability to work remotely,” adds Angela Toomey, Human Resources Director. “Just to have the flexibility to make that time for personal needs, family obligations, whatever… and offer that bit of control back to help manage those priorities.”
There isn’t a one-size-fits-all solution when it comes to culture and benefits initiatives. It’s important to examine your own workplace, goals, and abilities to find the best solution. We collaborate closely with our clients to understand each unique workplace environment and help create customized benefits packages that cater to the specific needs of your employees. By keeping abreast of modern trends and best practices, we can assist our clients in recruiting and retaining top talent in their respective industries.
“The growing pains of the market will likely be worth it in the long run,” Susan explains. “By purposefully creating a desirable company culture, businesses can distinguish themselves and foster a workplace where employees feel invested in. This in turn will generate positive results shared by both the employees and the business as a whole.”
For questions or more information, you can contact our office today or reach out to your Account Manager.