Business owners and HR managers in 2023 are walking on a tightrope.

It’s a balancing act between candidates, who drive the market in terms of what it will take to draw them to a job – or in the case of current employees, keep them there – and staying profitable despite soaring benefit costs, inflation concerns, and the possible threat of a recession on the horizon.

Beyond a competitive salary and perks, what exactly are today’s job seekers looking for? Here are five frontrunners:

Benefits Employees are Seeking This Year

1, Remote/Hybrid Work

The opportunity to work from home, at least part of the time, tops the list of priorities for many people. Multiple studies have shown that remote or hybrid work improves engagement, cuts attrition, and boosts productivity. Offering this benefit gives employers access to a larger, deeper talent pool, plus they save money in areas ranging from overhead to fewer sick days.

2. Flexibility

The trend toward flexible work schedules is spreading beyond more traditional “desk” jobs into front-line roles in healthcare and manufacturing. Why? Because it is consistently one of the leading reasons employees cite for staying at or leaving a job. It may take some creative planning, but it’s well worth it to listen to your employees’ and candidates’ individual needs in this regard and try to make them a reality.

3. Mental Health

The Covid-19 pandemic brought the already-pressing need for more mental health benefits to the forefront. Workers who are more emotionally and socially fit are more engaged and can contribute further to a positive culture marked by creativity, problem-solving, and loyalty. Consider offering such support as an employee assistance program, online resources, behavioral health programs, and awareness training for managers.

4. Financial Well-Being

Inflation is hitting workers as well as businesses. Traditional safety nets like retirement plans and long-term wealth are still important, but people are also concerned about having enough money in their pocket today. Financial well-being translates into benefits like tuition and child and eldercare assistance. Also important, in addition to a comprehensive, family-friendly healthcare plan, health and dependent care savings accounts, paid parental and adoption leave, and other specialized offerings are also important.

5. Job Security

This always has been and always will be top of mind. Top talent will research and gauge employers’ business prospects and financial resiliency as they decide where to pursue their careers.

Want to See if Your Benefits are Helping Bring Top Talent to Your Organization?

Small to mid-sized businesses, in particular, may find it tough to compete for competitive, attractive benefit packages in today’s economic landscape. If this rings all too familiar, consider a partnership with Key HR. We’re committed to helping you establish the best balance of comprehensive, cost-effective benefits to help attract, recruit and retain desired talent. From group and voluntary benefits through related services, including education, enrollment and review of current packages, our team of experts is ready to help. Contact us today for more information.