Top Employee Benefits According to the 2024 Workplace Wellness Survey

In today’s evolving workplace, where workforce expectations are shifting and economic uncertainty looms, employee benefits have become more than just perks – they’re a critical factor in attracting, retaining, and engaging talent. The 2024 Workplace Wellness Survey (WWS), by the Employee Benefits Research Institute (EBRI) and Greenwald Research, sheds light on what employees value most and how companies can rise to meet their needs.

This article unpacks the key findings from the 2024 survey, highlights major trends, and provides actionable strategies to help organizations craft compelling benefits packages that support employee well-being and satisfaction.

The 2024 Workplace Wellness Survey revealed that employees across the US are placing growing importance on three key areas: financial, physical, and emotional well-being. Those trends coincide with the findings of another study made specifically with Canadian workers, the 2024 State of Workplace Health and Wellness in Canada Report by Dialogue and Environics Research.

Here’s a breakdown of the top three employee priorities in 2024:

1. Financial stability
Money matters are top of mind for workers across North America. According to the WWS, over 75% of employees report financial stress, citing concerns like credit card debt, student loans, and rising healthcare costs. While 54% of workers feel confident managing a $500 emergency, many remain vulnerable to larger financial setbacks. Similarly, the Canadian study found that 96% of employees view their economic situation as a key factor in their overall well-being.

2. Physical health
Affordable healthcare remains a top priority. The WWS found that 72% of employees consider health insurance their most important workplace benefit. For those managing chronic conditions like diabetes, comprehensive health plans can mean the difference between financial security and significant hardship. In Canada, 97% of workers surveyed also identified physical health as a major contributor to their well-being.

3. Mental health
Emotional well-being remains a pressing issue. The WWS respondents rated their mental health at an average of 5.5 out of 10 – a slight decline from previous years – citing stress from heavy workloads, burnout, and lack of work-life balance as key concerns. Remote employees, in particular, highlighted the challenges of isolation and blurred boundaries between work and personal life. Likewise, 97% of Canadian respondents emphasized mental health as a critical element of their well-being.

Employees want benefits that address their immediate concerns and support their long-term aspirations. Here’s a closer look at the benefits driving job satisfaction, engagement, and retention in 2024, according to the Workplace Wellness Survey:

1. Robust health insurance
Health insurance remains the top priority for employees, influencing career decisions and workplace satisfaction. For that reason, many employers are enhancing their offerings with telehealth services, wellness stipends, and plans covering fertility treatments and gender-affirming care to provide more inclusive, preventative healthcare options.

2. Retirement savings support
As financial security in retirement becomes a growing concern, companies are stepping up with programs like RRSP (Registered Retirement Savings Plan) matching. Offering to match employee contributions helps workers to build a more secure future and aligns organizations with top employers in Canada that support long-term financial wellness.

3. Flexible work arrangements
What was once a luxury is now an expectation. Employees seek remote work options, hybrid schedules, and compressed work weeks. In Canada, roughly one in every four workers either work exclusively from home or have a hybrid work arrangement, according to Statistics Canada. While this represents fewer people than at the height of the COVID-19 pandemic, when remote work became the norm, it still reflects that flexibility came to stay. 93% of respondents to the Discourse report see work-life balance as a key element in their well-being.

4. Mental health resources
With rising workplace stress and employee burnout, mental health support is no longer optional. The World Health Organization (WHO) reports that depression and anxiety lead to the loss of approximately 12 billion working days globally each year, costing businesses around US$1 trillion annually in lost productivity. As a result, employees are increasingly prioritizing mental health benefits; a 2022 RBC Insurance study revealed that 88% of Canadian workers want access to mental health resources in their benefits package.

5. Generous Paid Time Off (PTO)
Companies are rethinking their PTO policies to combat burnout. While Canadian labour laws mandate a minimum of two weeks of vacation per year with the same company, more progressive employers are going beyond the legal requirement to offer extended PTO. However, offering more time off isn’t enough. Clear communication and supportive policies, like “forced PTO” or vacation incentives can help to ensure employees disconnect and recharge.

6. Financial wellness programs
Financial stress can significantly impact workplace productivity. More employers are providing financial literacy programs, student loan repayment assistance, and matched contributions to employee emergency savings accounts to foster economic resilience and reduce worker stress.

7. Commitment to Diversity, Equity, and Inclusion (DEI)
Today’s employees expect workplaces to support diversity, equity, and inclusion actively. Companies can foster an inclusive culture by implementing mentorship programs, offering inclusive healthcare benefits, and creating safe discussion spaces. Leading organizations are setting the bar with gender-neutral parental leave and sponsorship programs for underrepresented employees.

As workplace dynamics continue to evolve, so do employee expectations. Here are three emerging trends that companies should consider to stay ahead:

1. Expanded caregiving support: With more employees juggling caregiving responsibilities with work, benefits such as subsidized elder care and flexible schedules are becoming increasingly valuable.

2. Sustainability perks: Environmentally conscious employees appreciate green benefits like public transit subsidies, carbon offset programs, and eco-friendly workplace initiatives.

3. Personalized benefits: AI-driven platforms are helping employers create customized benefits packages tailored to individual employee needs, improving engagement and satisfaction.

The insights from the 2024 Workplace Wellness Survey and related Canadian studies highlight the vital role employee benefits play in fostering a satisfied and high-performing workforce. By addressing financial, physical, and emotional well-being with innovative benefits, organizations can enhance employee loyalty, attract top talent, and position themselves for success. Investing in employee well-being is good for people and a strategic advantage in the business world.

On top of those benefits, you should also consider outplacement services, ensuring individuals are supported during a layoff. When you partner with a modern outplacement provider like Careerminds, your departing employees will have access to personalized coaching sessions, resume optimization, and other services that will help them find their next role and improve your reputation at the same time. Contact our experts and learn more about Careerminds!

Rafael Spuldar

Rafael is a content writer, editor, and strategist with over 20 years of experience working with digital media, marketing agencies, and Tech companies. He started his career as a journalist: his past jobs included some of the world's most renowned media organizations, such as the BBC and Thomson Reuters. After shifting into content marketing, he specialized in B2B content, mainly in the Tech and SaaS industries. In this field, Rafael could leverage his previously acquired skills (as an interviewer, fact-checker, and copy editor) to create compelling, valuable, and performing content pieces for various companies. Rafael is into cinema, music, literature, food, wine, and sports (mainly soccer, tennis, and NBA).