The most sought-after benefits in 2024 focus on enhancing work-life balance, professional growth and development, and overall well-being. The team at DeepRec.ai have identified five of the most popular perks and benefits on offer in the tech space today – check them out below.
Remote Work and Flexibility:
The back-to-work battle is reaching boiling point as an increasing number of employers appear to favour a remote-free future. Many of the tech industry’s key players, despite being early champions (and enablers) of remote work, are now spearheading the fight to bring workers back to the office.
This seems to be a popular demand from today’s employers – a recent study from Resume Builder claimed that 90% of companies will return the office by the end of 2024.
Alongside the emergence of the phygital workplace (a portmanteau of physical and digital) and the advent of progressively innovative DeepTech tools, the concept of remote working is poised to undergo some drastic transformations in the coming years.
If you need help striking the right balance as you navigate the deep tech talent space, our team are equipped to support you – meet them here: https://www.deeprec.ai/consultants
Companies that offer remote working options, whether that’s fully remote, hybrid, flexible schedules, self-rostering, staggered hours, compressed hours, or more, are enticing prospects for today’s job seekers.
A recent study from Forbes found that 78% of employees working from home had a better work/life balance, 52% completed work faster, and 53% reported fewer distractions.
Managing workforce expectations will be key to cultivating a happy, healthy and adaptable workforce. According to a study from the Chartered Institute of Personnel and Development, an estimated 4 million UK employees changed jobs due to a lack of flexibility at work in 2023.
Access to Upskilling and Professional Development
Upskilling, access to mentorship, and exposure to new tools and techniques are high on the agenda for today’s tech workers. Skill gaps are still one of the biggest challenges for innovators, particularly in areas like GenAI, NLP, and computer Vision, where talent is already scarce.
According to the Financial Times, almost all employers experienced skill gaps in 2023. While the wider talent market is showing signs of stabilising, niche tech roles are still in high demand across all of our target locations – the UK, Ireland, Switzerland, Germany, Luxembourg, and the US.
Companies are more aware of the value of offering professional development opportunities than ever before. Plus, it closely aligns with candidate expectations – a report from Clear Company found that 76% of employees are looking for opportunities to expand their careers.
What do these benefits look like? They can take the form of subsidised training programs, transparent career pathways, in-house mentorship initiatives, tuition reimbursement, internal e-learning portals, and straightforward access to internal mobility.
In an era of growing tech complexity, today’s businesses face a steep upskilling curve. Offering your employees access to professional development opportunities will help you retain your competitive edge and access higher-quality talent.
Continuous learning opportunities are known to boost employee retention rates – according to Lorman Education Services, retention rates rise between 30-50% for companies with strong learning cultures.
Companies like Amazon have had great success in this area, in some cases going as far as to fund college tuition to upskill their employees in certain fields.
Financial Health Support
The rising cost of living is understandably causing immense financial stress for people all over the planet. Salaries have become a key battleground in the fight for talent as a result.
Thankfully, we’re seeing a range of companies adopt measures to support their employees through the crisis, including the implementation of financial wellness programs, childcare subsidies, hardship grants, health and well-being support, partnership discounts, and wage sacrifice schemes (e.g., discounted gym memberships through pre-tax deductions).
Companies are introducing free breakfasts in a bid to ease financial pressure and nurture their culture, and we’ve also seen some decision-makers relax their hybrid working parameters.
The ability to offer financial health support benefits can be a key brand differentiator at a time when salaries and well-being top the priority list for candidates.
A survey from the CIPD found that in companies with financial wellness plans, 76% of employees reported feeling in control of their finances. The same study found that just 18% of organisations had a financial well-being policy in place, representing an area of opportunity for those looking to stand out.
Health and Wellness Initiatives
Health and wellness initiatives are soaring in popularity alongside a growing population of health-conscious workers. This trend partly reflects a broader industry focus shift towards prioritising well-being and work/life balance.
As the tech industry falls under increasing scrutiny regarding diversity and inclusion, we expect an increasing number of business leaders to embrace a holistic approach to employee welfare – a methodology that encompasses physical, mental, and financial well-being support.
This might involve offering comprehensive healthcare plans, mental health care, wellness programs, fitness subsidies, stress management courses, internal D&I workshops, and mindfulness and meditation initiatives.
Health and wellness initiatives can help employers counteract the world’s rising stress levels – according to research from Gallup, 44% of employees worldwide say they are stressed, maintaining a record-high setback in 2021.
From increased business resilience to a more productive workforce, health and wellness initiatives provide a wealth of benefits to employers and employees alike. The results speak for themselves –according to data from ZipDo, employees with access to wellness programs have a 28% reduction in sick leave.
Technology has made implementing these benefits (and many others like it) more viable for those with smaller budgets, but a major challenge lies in driving engagement. This underscores the prominent part L&D functions will play in tomorrow’s tech-enabled workplace.
LinkedIn’s 2023 workplace learning report reveals that 83% of organisations want to build a more people-centric culture, and 81% of L&D departments are helping.
Reproductive Care and Family Planning Support
Family planning-oriented benefits represent a new era of corporate inclusivity. As stability and security remain top priorities for candidates in 2024, future-focused benefits and policies like reproductive care and family planning support will stand out as truly meaningful workplace additions.
This could include fertility treatments, in-vitro fertilisation, adoption assistance, abortion care, and specialised health reimbursement arrangements.
Employers who offer market-leading family planning support include Netflix, Spotify, Intel, and Monzo.
Benefits designed to alleviate the financial burden of fertility treatments signal the commitment of an employer to its people, a demonstration of long-term support that moves beyond lip-service policy.
A study from Utah State University found that companies that offered forms of family planning support (fertility treatment, family-friendly arrangements, flexibility) reported higher employee satisfaction rates.
Support from DeepRec.ai
Looking for a business that offers the market’s best benefits? Whether you’re hoping to find a fresh start in a growth-enabled environment or looking to attract top talent, DeepRec.ai have you covered.
We provide community-led recruitment services across GenAI, NLP, Computer Vision, MLOps and C++ throughout the UK, Ireland, Germany, Luxembourg, Switzerland, and the US. Reach out to the team here: https://www.deeprec.ai/contact-us.
Want more insights? Hear from the innovators themselves on the Leadership Lab: https://open.spotify.com/show/0MlqKerf6W10DZ4FdM2wqC.