Employee Benefits Trends for 2024: The Top 5 Trends

Attracting and retaining top talent is especially in today's dynamic business environment.  The relocation industry organization, WERC, recently published an article with the top five employee benefits trends for 2024 and how these trends can help corporations support their employees: Read NuCompass’ takeaways on the potential impact on relocation.

1. Salary and Promotional Trends

In 2024, businesses are focusing on strategic compensation planning to retain valuable talent. Many companies are recognizing the significance of salary increases and promotional opportunities in enhancing employee satisfaction and retention. By offering competitive salary increments and facilitating career advancement, clients can improve retention strategies. While salary increments may be moderate, averaging around 4%, these adjustments signify a commitment to rewarding and retaining valuable talent and may help offset cost-of-living increases for relocating employees.

NuCompass Takeaway:
It's crucial to synchronize relocation packages with strategic compensation planning by providing appealing compensation offers such as salary increases and avenues for career growth. NuCompass aids clients in enhancing retention strategies by recognizing relocation within the wider scope of talent management and employee contentment.

2. Family Care Benefits

The WERC article stated that family care benefits, particularly childcare assistance, have emerged as a top priority for employers in 2024. With more than half of U.S. employers highlighting childcare benefits as a key issue, there's a growing recognition of the need to support employees in balancing work and family responsibilities, which is further seen in relocation. Addressing gaps in childcare support can significantly enhance employee satisfaction and retention.

NuCompass Takeaway:

By addressing gaps in childcare support within relocation packages, employers can enhance employee satisfaction and retention during transitions to a new location. NuCompass offers Spouse/Partner & Family Integration services to better meet the evolving needs of relocating families and align with employers' priorities in supporting work-life balance.

3. Well-Being Initiatives: Enhancing Relocation Experience

Total health and well-being initiatives are gaining momentum as businesses embrace holistic approaches to employee benefits, but the benefits are still far from meeting the need, according to WERC, which stated that only 64% of employees say that the company benefits are meeting their needs. By offering comprehensive health and wellness programs, companies can create a supportive and inclusive work environment that fosters employee satisfaction and retention.

NuCompass Takeaway:

More employers are prioritizing initiatives that cater to diverse employee needs, including through service offerings in their relocation packages. NuCompass Consultants provide expert assistance during the full-service relocation process, and our self-managed options for employees receiving a lump sum payment help reduce stress and improve overall satisfaction. Additional services, such as Area Orientation and Settling-in Services, can be used to help the employee adjust quickly to their new area.

4. Transportation Benefits: Facilitating Seamless Mobility

Transit benefits are emerging as a key area of focus for European employers in 2024. According to WERC, policies such as the Deutschland ticket in Germany and sustainable transit packages in France highlight efforts to alleviate commuting costs and promote environmental sustainability. By supporting employees' transit needs, businesses demonstrate a commitment to employee welfare and environmental stewardship

NuCompass Takeaway:

Transportation programs during relocation, such as household goods moves, are integral to facilitating seamless mobility for relocating employees. In addition, NuCompass offers ground transport services to help clients support their employees and alleviate commuting costs, promote environmental sustainability, and aid employees in accessing transportation in their destination country. By providing access to auto and transit benefits programs, companies can support their employees' mobility needs while minimizing the logistical challenges associated with relocation.

5. The Bottom Line: Benefits vs. Budget

WERC explains how survey findings show barely a quarter of employers offer benefits that are flexible and align employee needs with benefit offerings. Instead of focusing on the number of benefits offered, companies might want to consider narrowing in on specific benefits that can be more flexible to the employee’s needs. By focusing on flexible and relevant benefits, companies can better support employees, improving overall satisfaction and retention.

NuCompass Takeaway:

By creating relocation benefits that align with employee needs, companies can facilitate a smooth and successful move for employees. As a core component of partnership, NuCompass offers policy reviews as a base service included in every  program. This allows companies to stay relevant to industry practices and update their policies as employee needs evolve.

Conclusion

The employee benefits landscape for 2024 reflects a growing emphasis on strategic compensation planning, family care support, holistic well-being initiatives, transport benefits, and flexible benefit offerings. These trends underscore a shifting focus towards enhancing employee satisfaction and retention in today's dynamic business environment. By aligning relocation packages with these trends, companies can not only attract top talent but also support their employees through seamless transitions, better work-life balance, and improved overall well-being. NuCompass' integration of these trends into relocation services underscores the importance of recognizing relocation as an integral part of talent management strategies. As companies navigate the challenges of attracting and retaining talent, the alignment of relocation and employee benefits emerges as a critical factor in ensuring success and competitiveness in the market.