From Allgo's annual HR Trends Report, here are the top Financial and Non - Financial benefits that companies are offering in 2023 as reported by 250 HR Leaders.
Below are the top factors that will affect Pay and Benefits in 2023.
In 2023, wage inflation is predicted to decrease to 2.8%, compared to 3.7% in 2022, due to a potential ease in the labor market.
Financial Benefits Offered by Companies -
#1. Pension (company-contributed)
Company-contributed Pension has taken over as the top financial benefit offered to employees. Company-contributed pension has always been in the Top 5 financial benefits offered since 2020.
#2: Bike to Work Scheme
The Bike to Work Scheme continues to be one of the highest Financial Benefits offered by companies, being in the top two Financial Benefits for the fourth year in a row. The Bike to Work Scheme seems to remain to be one of the most popular benefits for companies to offer to employees.
#3: Paid Education / Training
According to our survey, the third most popular financial benefit offered to employees, being offered by 60% of companies, is paid education and training. This benefit continues to stay a priority for companies as employers focus on the employees and the company growing together by enhancing employee skills.
#4: Paid Sick Leave
Continuing to be a popular financial benefit, Paid Sick Leave is the fourth most popular financial benefit offered by the companies surveyed. Paid sick leave could be another method for companies to look after employee wellbeing.
HR Trends 2023
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insights into HR challenges and predictions
in the coming year.
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Non - Financial Benefits Offered by Companies -
#1: The Christmas Party
Perhaps unsurprisingly, Christmas Party remains the priority for companies as it reigns as the top No. 1 Non-Financial Benefit for the fourth year in a row!
#2: Flexible Working
Flexible Working continues to gain popularity as it becomes the 2nd priority for Non-Financial Benefits. As a post pandemic workplace is still being established, flexible working will continue to grow in popularity.
#3: Employee Assistance Program
It is clear companies are working more and more on taking care of employees as Employee Assistance Programs continue to to rise in the ranks of benefits offered to employees. Employee Assistance Programs jumped from not making it to the top 10 non-financial benefits in 2021, to now becoming the third non-financial benefit offered by companies.
#4: Team Nights Out
Team Nights Out are a top priority,most likely because companies and teams can now start doing more after work activities post covid. With team nights out and Christmas parties becoming top priorities, it is clear that social outings are a big pririty for companies.
Download the HR Trends Ireland Report 2023
Based on a survey of HR Leaders and Senior HR Managers, this report highlights the challenges and trends in HR for 2022. Download it for free today by clicking the Download Now