These are the job benefits American workers really want
A few years ago, U.S. workers were spoiled with perks in the office, particularly if they worked in tech or for a big bank. From dedicated coffee areas to fully-catered meals for breakfast, lunch and dinner, some workers also enjoyed free massages, on-site laundry and gym facilities, or even shuttle services.
Many of these extras were phased out during the pandemic, and the private pop concerts at events, on-site sushi bars, and company-owned wellness retreats went by the wayside too.
Even the bottom-tier perks many workers had come to expect, like plush office fit-outs with wellness zones and dedicated breakout spaces featuring complicated designer furniture, have been terminated as companies rationalize spending or downsize. As for foosball or ping-pong tables and games consoles? Forget it.
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As the pandemic bit deep, American workers found they valued genuine benefits more, and companies responded with free subscriptions to mental health apps, improved private healthcare benefits, and access to online therapy.
Things are changing again as return to office mandates (RTO) take hold. In fact, a KPMG survey found that 64% of global CEOs think everyone will be back in the office by 2026.
That means the benefits landscape is re-configuring, as firms look for ways to incentivize staff to want to be in the office. Companies are getting creative: in Stockholm, Sweden, an agency called The Great Exhibition has built an in-office roller coaster it calls The Frontal Lobe.
The coaster features a 60-meter track which winds through the workspace, and is much a perk for staff as it is a reminder to think outside the box at work. Similarly, in the UK, an office space in Sheffield features a three-story steel slide that workers can use to zip down to the front door in seven seconds.
Roller coasters and slides are fun nice-to-haves, of course, but may not be core reasons why you might want to take or stay in a job. Instead, new benefits are starting to emerge as workers prioritize what really matters to them.
What workers want now
Asset management firm Franklin Templeton’s recent Voice of the American Workplace survey identified that U.S. workers are under a lot of financial strain.
American employees are worried about their income levels, with 42% concerned about their income or how they will maintain their standard of living. Retirement savings are a focus for 40%, and healthcare costs are affecting 36%.
When it comes to retirement savings in particular, 84% of surveyed workers said they’d like more personalized offerings in their 401(k) plans.
Money also talks for U.S. workers when it comes to their pets. Franklin Templeton’s research found that there was interest in emerging trends in benefits, including pet insurance. In fact, Mercer reports that as of 2022, 36% of large employers already offered pet insurance as a voluntary benefit.
Reflecting the surge in pet adoptions fuelled by the pandemic, 22% of HR professionals report that they’ve had pet insurance requests from workers too, according to a recent survey from KRC for PetPartners.
The flexibility offered by the pandemic was something that those with caring responsibilities enjoyed. Carers often tend to be women, with research finding that 25.6% of all women report caring for household members, compared to 18.2 percent of men.
As a result, American workers are now prioritizing paid caregiver and parental leave. According to the Bureau of Labor Statistics, in 2023, only 27% of private sector workers had access to any paid family leave.
Things are showing signs of improvement. As of now, nine states and the District of Columbia have mandatory paid family leave laws in effect, with four more states planning to roll out programs by 2026.
Companies are stepping up in this regard too, with Citigroup, for example, offering employees up to two weeks of paid leave annually which they can use to care for immediate family members. File sharing company Dropbox gives its employees 24 weeks of paid parental leave, and Hewlett Packard gives up to 26 weeks of paid leave for both primary and secondary caregivers.
Women workers are looking for more, with focus moving towards postpartum and menopause care. Fertility care is being offered as a benefit at an increasing number of companies and Amazon, Microsoft, and L’Oréal offer employees a benefits platform called Maven, which gives new parents resources such as lactation consultants and infant sleep coaches, among other perks.
Companies are also starting to understand the benefits of supporting female workers through the menopause. This may not be completely altruistic, as the Mayo Clinic estimates that it costs U.S. firms an estimated $1.8 billion in lost working time each year. Regardless, more and more employers are taking note, and offering flexible work arrangements and expanded sick leave, as well as taking a holistic approach across the workforce, offering education for managers and teams around the issue.