The 5 most in-demand benefits of 2023

March 23, 2023 2:53 PM

As workers' focus on their well-being, mental health and family life increases, so too has the demand for workplace benefits that support these priorities. As companies fight to attract talent, more and more job listings are bragging about available benefits that go way beyond the standard health and retirement programs.

Sixty-one percent of the workforce considers work-life balance and increased well-being when assessing a new position, according to a Gallup poll. Another 64% said better pay or benefits would matter most, pointing to the mindset that benefits are equally as important as compensation. Specific benefits can vary across organizations, but one thing is clear: In this competitive job market, the employers staying ahead of the game are using job postings to advertise in-demand offerings.

"If your offerings and perks have real value, it only makes sense to shout about it," says James Neave, head of data science at Adzuna, which recently analyzed the workplace benefits being offered at increasing rates. "You're going to get people more interested and increase your applicants, so it makes complete sense from a commercial perspective."

Adzuna's research shows dramatic three-year increases in benefits prioritizing health and wellness, family planning, tuition reimbursement, volunteering and flexibility. It's not always easy for employers to know which particular benefits are going to excite candidates, but the current data is a good proxy, Neave says.

"If we look at maternity and paternity leave, for example, those numbers are quite substantial and have shown a nice growth trend over the past few years," he says. "Statistically it's good evidence that potential employees will see this and recognize and assign value to it, because companies have decided to jump on the train and offer the same benefits."

To further encourage job seekers, Neave suggests making company career pages an extension of a benefits list to give a representation of an organization's culture and values. If a company offers volunteer days as a benefit, for example, they can post pictures of their employees participating in these events. He points out that this gives a bit of insight "behind the corporate curtain" and gives applicants a glimpse of what it would actually be like to work for a company.

When trying to gain the competitive edge in the quest for talent, companies that listen to their current employees and observe what seems to be working for their competition will have a better handle on which benefits they should be highlighting in their job listings.

"With all these benefits, it's important for companies to understand that it's only ever going to be a percentage of candidates or existing workforce who will be excited by it or use it," Neave says. "But it's a cumulative effect. The data is showing the standard now evolving to include some benefits that are a little surprising. [These] can make your workplace and the company environment a more compelling and attractive place to be."

Below are the five categories and specific benefits that companies are hoping will catch applicants' interest, according to Adzuna's research.

Health and wellness

Job postings with mention of free therapy and counseling as well as mental health and "duvet days" rose from single digits in 2020 to the thousands in 2023. Additionally, gym memberships and subsidies saw a major spike, and more companies are offering birthday leave in an effort to make their employees feel recognized and appreciated.

Family planning

The second highest increase in listings went to enhanced maternity and paternity leave, with over a quarter million job postings mentioning it as a benefits offering in 2023.

Benefit offerings of fertility benefits, egg freezing and IVF are also on the rise. With an average IVF cost of $15,000-$20,000, these types of benefits can be a crucial element of affordability and access to care, and demonstrate a women-focused element within an organization. These benefits were especially prevalent in the areas of healthcare, IT and sales, according to Adzuna's data.

Read more:

Paid parental leave: More than just a workplace perk

Tuition reimbursement

Hands down, the biggest increase was in this category, with more than half a million job postings offering this perk in 2023 compared to 139,115 in 2020. According to InStride, 80% of working adults are interested in going to school. Employers can establish their own guidelines with this benefit, and on average they pay $5,250 for undergraduate and $10,500 for graduate degrees, according to Quantic.

Volunteer days

The call for companies to be more socially responsible is being heard across industries, and thousands have answered by adding volunteer days to their list of employee benefits. Adzuna notes that a large proportion of these listings are being seen in the finance, accounting and sales industries. Sustainable Brands reports that 76% of millennials consider a company's social and environmental commitments when deciding where to work.

Flexibility

Perks such as a four-day workweek and work-from-anywhere model have seen significant growth over the past three years, with Adzuna's data showing that the option of flexible work locations is particularly popular in the customer service, IT, and finance/accounting industries. Employers are hard-pressed to go wrong by offering flexible work schedules and location options, with a recent Slack survey reporting that 94% of employees want flexibility in when they work, and 80% want the flexibility to determine where they work.