We spend almost 25% of our week at work. Deciding where to spend ¼ of your week is a big decision with many factors including compensation, company culture and of course benefits. But there is one question employees should ask themselves: Does my employer care about me?

According to MetLife’s 2023 Employee Benefit Trend Study, only 65% of employees feel their organizations care for them, while 88% of employers think it’s essential to care for employees. Employee care is more than just company swag or pizza parties; it’s creating a safe work environment that recognizes contributions and supports unique needs.

Clearly, it’s important for employers to demonstrate their concern for their employees’ needs and values. One way to do this is by offering flexible benefits.

Employee care is an employer taking a genuine interest in their employees’ well-being, both at work and outside of it. This includes financial, physical, mental and social well-being. All four of these areas contribute to an employee’s holistic health.

Well-being is essential to driving business performance. When you take care of your employees, they take care of your business. Employees who feel cared for when working are three times more likely to report feeling holistically healthy. Additionally, employees who feel healthy are almost twice as likely to report feeling cared for.

Employee care isn’t just “nice to have,” but necessary for any company looking to stay competitive. About 82% of employees believe their employers should be responsible for caring for their workforce. Moreover, 62% of employees want their employers to care for them. 

When employers show empathy towards employees, they are better able to connect with their multigenerational and diverse workforces. Understanding employees’ unique needs and perceptions of different groups is critical to the employer’s ability to deliver experiences demonstrating awareness and ensuring employees feel cared for. 

Employees who feel cared for bring their best selves to work, translating to employee retention, satisfaction, and productivity. They are 92% more likely to feel engaged at work, 65% more likely to be loyal to the company and 56% more likely to be productive at work. 

The best way to show your employees you care? Offering them benefits they find valuable.

The more benefits you offer that employees want, the more they’ll feel cared for. Yet, only 61% of employees say that their employer provides a range of benefits that meet their personal and household needs, a slight drop from 2022 at 63%.

That said, there is a significant gap in perception in how employees and employers view employee the value of their benefits—83% of employers say that their employees are satisfied with the benefits their employees receive when in reality, only 62% of employees say they are satisfied with the benefits their companies offer. This shows a massive disconnect between offering benefits that employers think their employees want versus what they actually want.

The number of “must-have” employee benefits has increased from 6.6 benefits pre-pandemic to 8.3 benefits in 2023. And not just any benefits—benefits geared explicitly towards wellness. The number of employees considering wellness programs a “must-have” benefit has doubled since 2020.

HR leaders are paying attention, shifting their benefits strategy towards wellness and care benefits. Additionally, they want to add more “non-traditional” benefits, such as convertible PTO and life planning accounts (LPAs), to capture employees’ attention. When used strategically, non-traditional benefits can be a differentiator during recruitment—37% of employers plan to add non-traditional benefits to attract new employees. Additionally, non-traditional benefits offer HR leaders a solution to employee benefits that can help improve their holistic health.

Non-traditional benefits are the gateway to a more significant benefits trend more employers are seeing: the demand for personalized benefits.

Most employers look at their benefits as “one-size-fits-all.” This approach doesn’t work if you have a multigenerational and diverse workforce. Each employee has unique needs and concerns, translating into a specific selection of benefits. So, It’s no surprise when employees aren’t utilizing their benefits packages to their fullest extent; the benefits offered aren’t meeting their needs.

According to PTO Exchange’s 2021 survey, 83% of employees would be interested in convertible benefits. We’re not the only ones who saw this trend; MetLife saw it too, with 70% of employees showing interest in customizable benefits, like PTO, up from 67% pre-pandemic.

Employers can offer customizable benefits options to tailor to the needs of their employees and their families. Moreover, customizable benefits support employees’ mental, physical, financial, and social needs to help employees achieve holistic health. Employees can choose the benefits that matter most to them, allowing them to get the most value from their employers’ benefits package.

Flexible benefits show a commitment to each employee’s holistic well-being. Instead of assuming which benefits your employees will find valuable, companies can give a broad range of options and have ongoing discussions with them to improve their benefits offerings. Offering a flexible benefits approach also demonstrates a commitment to DEI in that employers can create a more equitable playing field for benefits that’s not subject to bias or discrimination.

Benefits packages must address all facets of employee health and meet the needs of an increasingly diverse workforce. Flexible benefits show your employees that you care about who they are as individuals, not just a number on the balance sheet. When you offer flexible benefits options, you’ll have a happier workforce with workers who feel more successful, appreciated and have a greater sense of belonging.

Request a demo to learn how PTO Exchange enables employers to offer their employees customizable benefits by unlocking the total value of their PTO.

Rob Whalen is the CEO and co-founder of PTO Exchange.