These benefits are better than a raise

EMPLOYEE BENEFITS: According to new research from Employee Benefit News , 64% of employers say balancing competitive wages with budget constraints has been at least moderately challenging, and 59% feel the same about adding and maintaining competitive benefits . But employers need a game plan if they want to retain valuable talent, and when it comes to retention strategies, benefits play a key role, stresses Christina Wang, SHRM-CP , the divisional vice president of human resources at ADP .?

"When you don't have the opportunity to increase salaries, there's also the ability to complement that from a benefits perspective," says Wang. "It's more than just a paycheck employers can provide — it's the overall package."

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HEALTH AND WELLNESS: MSK conditions are currently the top driver of healthcare costs for the majority of employers, and can also negatively impact employee attendance and productivity . Employer-sponsored MSK benefits can not only help workers heal, but lead to dramatic healthcare cost savings as well.

Services from Sword Health , which provides digital and virtual physical therapy, have led to a cost-savings of more than $3,000 per member each year and a 301.2% ROI for employer clients, according to an independent audit by Risk Strategies Consulting. Not only does virtual care reduce wasteful spending on things like unnecessary procedures, ER visits and surgeries, patients also saw a reduction in affiliated chronic disorders, like depression, which impacts 50% of those with chronic pain.?

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FERTILITY CARE: Eighty-three percent of LGBTQ individuals looking to build a family said they would consider leaving their current employer for one that offers family-building benefits, according to a recent report from fertility care provider Progyny, Inc. . If employers want to succeed in creating inclusive environments, they're going to have to make significant changes to their approach .?

"Whether they realize it or not, many companies that offer fertility benefits have restrictive policies in place that limit their LGBTQ employees from accessing the care they need," says Cynthia McEwen, SHRM-SCP , Progyny's head of DEI. "And when companies exclude the needs of LGBTQ individuals in their family-building benefits, it can lead to substantial financial and emotional stress, discouraging LGBTQ employees from pursuing their family-building goals."

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