Long story short: New season, new benefits

September 30, 2022 10:17 AM

Fall is a time for fresh starts — and that includes your employee benefit offerings, too.

In this week's top stories, executives from Bank of America and software company Aurea share the employee benefits that are worth your time and investment — and the ones that are not. Financial wellness benefits that help employees manage their retirement savings, as well as address their individualized financial needs, are at the top of the list; office space falls at the bottom. And with most organizations spending 10% of their budget on office space, saving that money can give you a pool to spend on benefits elsewhere.

"If you're a billion-dollar company, we're talking a hundred million dollars a year," says Scott Brighton, CEO of Aurea. "What if you took that money and you invested it in your employees instead?"

Where should that money go? According to a recent survey by hiring platform Remote, employees want overtime pay, retirement plans and pensions, and healthcare-related benefits. See the entire list, and more from our top stories this week.

Overtime pay and private insurance: Top 10 work perks employees want this year

The workforce has made it clear that the decision to stay with or choose a company comes down to how valued they feel. And whether it's flexible working hours or doing more to support employee health and wellness overall, workers want their companies to provide solutions and resources to help them.

Hiring platform Remote surveyed over 2,000 full-time employees in the U.S. to reveal the "work perks" employees are looking for in 2022. Overtime pay came out on top as Americans' most desired work perk, followed by services supporting employee health and wellness.

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Overtime pay and private insurance: Top 10 work perks employees want this year

BofA executive shares the financial benefits employees want in 2023

As employees grapple with an endless onslaught to their financial stability, are your financial wellness benefits doing enough for each and every one of your employees?

"I think there's been a complete mindset shift where employers have fully recognized that having employees that are financially well, who aren't stressed at work, who are thinking for the long-term requires that engagement to be much more broad based and comprehensive," says John Quinn, head of institutional retirement products and platforms at Bank of America. He walks us through the top financial wellness benefits to add for 2023.

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BofA executive shares the financial benefits employees want in 2023

They're pointless': This CEO says the office is a waste of money

Are employers wasting their money on empty office spaces? The short answer is yes, according to Scott Brighton, CEO of software company Aurea, which has been fully remote since 2012. Most organizations, Brighton tells associate editor Deanna Cuadra, spend roughly 10% of their total budget on real estate, including office space, utilities, supplies and decor. But in his experience, that money can be better spent elsewhere.

"That's a lot of money considering those assets aren't doing a whole lot to make the business better," Brighton says. "You have so many options with all of those resources. It suddenly frees you up to do amazing things."

Google for your company: Glean is creating knowledge databases for workers

Between countless apps and communication channels, the digital workplace is not always easy to navigate, and it may be costing companies millions. Glean is a workplace-specific search engine so employees have a one-stop-shop to navigate organizational information and employee benefits.

Glean connects to apps like Google Drive, Gmail and Slack, creating a database of company-specific knowledge. Glean also tracks who works at the company, their position and current project, helping workers to find the right collaborators or experts. Associate editor Deanna Cuadra chats with the company's CEO, Arvind Jain.

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Google for your company: Glean is creating knowledge databases for workers