Employees are the backbone of any company, and providing the best benefits possible is one essential way that employers can do their part to keep workers happy, healthy, and productive. By paying attention to benefits trends from year to year, leaders can also ensure that they provide options their employees will really use. This can help reduce employee stress and encourage them to bring their best selves to work.

Workplace benefits are so important, in fact, that Bank of America data found 39 percent of employees stay at their jobs due to competitive workplace benefits.

So, how can employers ensure they’re meeting their employee benefits needs? They might start by focusing on these three trends:

Trend no. 1: Benefits, when used properly, can give companies a competitive advantage for talent.

Why it matters: In the current labor market, flexible benefits are a competitive advantage that employers can use to recruit the best talent. “Benefits offered by employers in their workplaces — from retirement savings options to day-to-day banking to other wellness benefits — can be a make-or-break for employees when making decisions about where to work,” said Lorna Sabbia, head of Workplace Benefits at Bank of America.

Bank of America research backs this up, with 42 percent of young adults saying that additional or better-quality benefits were a key differentiator in their recruitment.

What benefits leaders can do: Designing comprehensive workplace benefits plans that align with company goals around attracting talent can improve employee financial, social, and emotional wellness. “Employers that consider holistic programs and benefits can help their employees prepare for the future by supporting their employees’ retirement readiness and well-being,” said Lorna. “Meanwhile, it also helps them stay competitive in the labor market.”

When putting together a comprehensive benefits package that will impact the largest number of employee needs, employers can consider new and emerging benefits – in addition to traditional ones like healthcare and compensation – as tools in their toolbox to attract the best and brightest.

Trend no 2: Provide more education and digital tools to support financial wellness.

Why it matters: Employees are demanding more and better financial wellness tools that they can access digitally – especially as digital engagement in general continues to soar. To that point, Bank of America alone has seen a 12% increase year over year in clients interacting with their finances digitally. Employees are looking for a simplified user experience that brings together digital solutions with expert advice to provide tailored insights, education, and guidance to help address their financial needs.

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