Top Employee Benefits 2024

Posted by Aileen Lynch on Mar 11, 2024
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From Allgo's annual HR Trends Report, here are the top Financial and Non - Financial benefits that companies are offering in 2024 as reported by 200 HR Leaders.

Below are the top factors that will affect Pay and Benefits in 2024. In 2024, wage inflation is predicted to increase to 3.1%, compared to 2.8% in 2023.

Financial Benefits Offered by Companies -

#1. Paid Maternity Leave (Company topped up)
Paid Maternity Leave (Company topped up) has jumped to the top financial benefit in 2024, a notable jump from 5th in 2023 and 7th in 2022.   

#2: Paid Education / Training 
50% of companies are now offering Paid Education and Training for their staff. Paid Education and Training has continued to grow in popularity as companies strive to develop their employees alongside the organisation, fostering mutual growth for both the company and its workforce. 

#3: Paid Sick Leave
For the fourth year in a row, Paid Sick Leave has remained in the top 4 Financial Benefits offered by companies. As companies continuously focus on Employee Wellbeing, especially after the pandemic, Paid Sick Leave is another way companies try to look after their employees.

#4: Company Bonus / Profit Share
The ranking of Company Bonus / Profit Share has risen from the 7th to the 4th position among the most favored Financial Benefits. While Bonuses no longer feature in the Top 10 Retention factors, Company Bonus / Profit Share remains a prominent financial perk provided to employees.

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Non - Financial Benefits Offered by Companies -

#1: Employee Assistance Program
Breaking a four-year trend, the Christmas Party has relinquished its position as the leading Non-Financial Benefit, with the Employee Assistance Program now claiming the top spot—a significant change, considering it wasn't even in the top 10 in 2021 or earlier years.

#2: Flexible Working
Flexible Working holds its place as the 2nd priority for Non-Financial Benefits for the second year in a row. Despite companies returning to the office post-pandemic, the landscape of work has undergone a permanent transformation. It seems that both companies and employees are content to embrace and maintain Flexible Working arrangements.

#3: Christmas Party
Despite the Christmas Party reigning as the #1 Non-Financial Benefit offered from 2020 - 2023, companies are beginning to prioritise benefits which focus more on the Employee Wellbeing and perhaps their Work / Life Balance with Flexible Working and Employee Assistance Programmes. Though at #3, the Christmas Party has not fallen far...

#4: Wellness Services
Continuing the trend of focusing on Employee Wellbeing, Wellness Services has risen back to #4, up from #6 in 2023. Companies are constantly working on new methods to help their employees, both in their professional and personal lives. 

Employee Benefits

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Based on a survey of HR Leaders and Senior HR Managers, this report highlights the challenges and trends in HR for 2024. Download it for free today by clicking the Download Now

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HR Leaders Survey Report

HR Trends 2024

Allgo's 6th annual HR Trends Report, giving a snapshot of the HR
landscape and predictions as companies continue to navigate the post-pandemic world.

  • HR Priorities for 2024
  • HR Challenges in 2024
  • Recruitment Trends
  • Retention Challenges
  • Pay & Benefits
  • Reward & Recognition

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Tags: employee retention, employee recognition, employee engagement, employee performance, human resources, hr, hr department, hr trends, hr insights, personnel department

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