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“TriNet’s benefits offerings, HR infrastructure, and access to HR professionals have allowed me to focus on what I need to focus on – building culture and hiring the right people."
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Bob Starr
Vice President, Human Resources
Zap Surgical Systems
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When your business relies on finding specialized experts, great benefits become extra important. Here’s how TriNet helped Zap Surgical Systems rise to the occasion.
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What’s Trending in Benefits?
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What do employees want most from benefits now? In a post-pandemic world, we see a lot of trends that emphasize balance, whether that’s work and life, health and wellness, growth and development or others.
Today’s employees are looking for benefits that do more than help pay for illnesses—though they want and need that too. They want benefits that support their goals at work and in life. Here’s a look at what SMBs should be thinking about.
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Are You Offering Any of the Top 8 Trends?
Employee Benefits Trends 2024: What Small Businesses Need to Know.
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1. Cost-effective Healthcare Options
As inflation continues to impact the healthcare industry, the costs are expected to increase by roughly 8.5% in 2024.1 With these rising costs and increasing demands within the workplace, employee health should be at the forefront of an employer's benefits strategy.
2. Financial Wellness Plans
In today's society, 57% of employees say that finances are the leading cause of stress in their lives.2 Stress can cause health issues but can also significantly impact productivity and job satisfaction. There are several ways you can help integrate financial wellness into your benefits package.
3. Flexible Work Arrangements
80% of employees identify flexible work arrangements as a crucial factor in job evaluation and satisfaction, and 61% have left, or considered leaving, a position due to the lack of flexibility.3 Flexible working is becoming the new norm, and SMBs aiming to remain competitive in attracting and retaining talent should consider adopting this trend if your business needs can allow it.
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A Trend That’s Here to Stay?
Flexible Work Arrangements and Remote Work.
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Maybe your employees have returned to work post-COVID but continue to voice their desire for remote opportunities- we understand that there are many questions that come up when discussing flexible work arrangements. If you find yourself trying to find an answer to the work-from-home question, we’ve compiled a few different options to help. The main theme- finding an arrangement that works for both employee and employer.
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“…TriNet had the best package to offer all of those folks access to what they wanted when they wanted it. So, our vision at LifeLabs is to upskill a million people in life's most useful skills. And to do that, we're going to have to double or triple our team in the near future. And working with TriNet, we have the confidence that we can actually achieve that fast growth…”
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Priscila Bala
Chief Executive Officer
LifeLabs Learning
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Offering competitive, on-trend benefits is part of what we can help SMBs do as they face growth and scale. Hear about LifeLabs’s whirlwind changes.
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Know What You’re Talking About:
Employee Benefits Glossary of Terms
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1. Accrual, Leave
The amount of leave (e.g., vacation and sick time) an employee has earned under company policy but which has not been taken or paid.
2. Blackout Period
A period of time — often, up to 60 days — when 401(k) participants are suspended from making changes to their 401(k) accounts. Typically, this happens when a major change is being made to the plan.
3. Commuter Benefits
An employer-sponsored benefit that lets employees set aside pretax money (via payroll deduction) to pay for qualified parking expenses, public transit, or ridesharing.
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4. Dependent Care Assistance Plan (DCAP)
Allows employees to set aside pretax money (via payroll deduction) to pay for qualified childcare or eldercare expenses.
5. Elective Deferrals
The amount an employee authorizes an employer to deduct from their salary/wages and transfer to their 401(k) account.
6. Form 5500 Filing
Covered employers with applicable health and welfare plans and retirement plans must file Form 5500 annually to satisfy ERISA’s reporting requirements.
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Strategic Ways to Provide a Great Work Experience.
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1. Healthy Work-life Balance
Employee burnout is a real problem in today’s workforce. It can affect everything from attendance, loyalty and employee productivity to the quality of products, services, customer care and beyond. So it warrants thoughtful consideration within the context of the employee experience framework.
2. Strong Company Culture
Employees should know they're putting their time to good use when they show up for work every day. One of the best ways to do this is by creating a strong company culture, but that has become more difficult as more people work from home. A great deal of creative thinking has gone into the matter of building a positive company culture for both in-office and remote workforces.
3. Prioritize Good Communication
There's an easy, budget-friendly way to build positive employee experiences and help reduce turnover rates: Promote communication within your workforce. Honest and open internal communication assures employees that they are being heard, regardless of role.
4. Transparency in the Workplace
Workplace transparency involves deeper levels of communication between leadership and employees that demonstrate trust and the value of employee input. It often means being forthcoming about workplace and/or company information that will help flesh out a bigger picture of what challenges everyone involved is facing.
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Explore Events With TriNet
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Hear from experts and customers with firsthand knowledge about the types of benefits that are topping of most employee lists now.
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Modern Workplace Trends: How to Adapt and Thrive
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