Qualtrics has released its Employee Experience Trends report for 2023. There are various conclusions in the report that paint an interesting picture of the upcoming workforce landscape, especially considering that Qualtrics has dubbed 2023, “The year employees restructure their relationship with work.”
This influential report is a survey of nearly 30,000 full- and part-time workers across 27 countries and 28 industries.
The primary finding is that pay and benefits were the top drivers of Intent to Stay for workers. However, just 57% of employees surveyed are satisfied with their pay and benefits, down from 67% in 2022. That 10% decrease is substantial, especially considering how the overall labor landscape has changed drastically in the past few years, largely due to the COVID-19 pandemic.
This mismatch provides ample opportunities for employers to improve their employee benefits programs and add more attractive perks that can increase employee engagement and retention.
Additionally, Qualtrics identified five (5) trends in 2023 that can improve that figure:
- Personalization. Employees increasingly want the ability to choose their own benefits and guide their own health and well-being.
- Lifecycles. Benefits packages should always holistically address the needs of employees at different stages in their lives.
- Consolidating benefit tools. Using fewer tools helps employees optimize the benefits they do use while slashing administration costs.
- Unique benefits. Offering ancillary benefits that might not be available at other employers will also improve employee engagement and retention.
- Rewards & recognition. It’s important that employers do not overlook these types of perks so that employees don’t feel undervalued.
Adding robust ancillary benefits to employee benefit packages enables employers to attract top-tier talent and increase the retention rates of existing personnel. To ensure that employers have the best possible coverage options, including ancillary benefits, CoPower offers a variety of solutions designed to meet every budget.
For more information about CoPower, contact us today!