Robust employee benefits are no longer add-ons — they’re essential to business success. A survey from PeopleKeep found that 81% of employees consider an employer’s benefits package a deciding factor in whether or not they accept a job. However, a 401(k) plan and healthcare benefits aren’t enough for employees anymore. Employees want freedom of choice — freedom to choose where they work, benefits that support their lifestyle, and when they get paid.
Flexible Work as the New Baseline
Flexible work is no longer an employee benefit — it’s an expectation. From remote-first and hybrid policies to four-day workweeks, tech and Software-as-a-Service (SaaS) companies are now expected to go beyond simply supporting workplace flexibility; they’re expected to stand out.
Data from Inmar Intelligence found that flexible hours (51%) and remote/hybrid work models (54%) are the top priorities for employees in the workplace. This isn’t just about convenience. Flexibility directly impacts talent acquisition and retention. Following increasing return-to-office mandates, S&P 500 companies have seen abnormally high employee turnover and longer timelines when filling vacancies.
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And benefits don’t stop at recruitment and retention. Companies where at least 75% of employees had the option to work remotely part-time reported the highest levels of well-being (Johns Hopkins), and flexibility is proving to be the foundation of a broader employee benefit strategy.
Personalized Benefits that Support Wellness
The next frontier for employee benefits is personalization. Workers don’t just want support; they want support that’s tailored to their unique needs. While 65% of employees want personalized benefit offerings, only 14% of companies currently provide them.
Wellness offerings are a prime example of the benefits of personalization. While some companies offer wellness assistance, like free therapy access, this is an example of an offering that doesn’t work for all. Employees might have their own therapists who aren’t included in this benefit, or their wellness needs may extend beyond what the therapeutic offering covers. Personalized benefits close this gap. With it, employees have the freedom to choose how to use their benefits, whether that’s therapy, gym memberships, meditation apps, or a trip to the salon.
This flexibility comes at an urgent time — 76% of U.S. workers reported at least one symptom of a mental health condition. Mental health isn’t a one-size-fits-all condition — so how does supporting it with a one-size-fits-all solution demonstrate flexibility?
One of the biggest impacts on employees’ mental health is finances. Companies who want to support their employees’ mental well-being need to do so at every touchpoint, including supporting their financial needs. Building on the success of the implementation of personalized wellness benefits, employers need to take these learnings and expand their financial wellness offerings. It’s time for truly personalized financial benefits.
Financial Wellness as a Core Benefit
Financial wellness is a core pillar of employee well-being. While 401(k)s remain the standard, companies are expanding their offerings to include financial education and literacy programs, and earned wage access (EWA).
Financial instability is a major stressor, with employee fears about cash flow and fees leading to chronic stress, which manifests as sleep problems, elevated heart rate, and increased blood pressure. Due to their specialized and technical skills, some SaaS employees may think that their financial standing is secure. But even someone financially responsible can be thrown off by one emergency expense. More often than not, financial strain arises from sudden, unavoidable expenses, not poor planning.
For example, an employee blows out one of their tires mid-pay cycle. A replacement can cost anywhere from $100–$300. Without access to their wages, employees may turn to high-interest payday loans, creating cycles of debt. This is where active financial benefits, like EWA or on-demand pay, step in to provide a safer option for employees needing to access the money they’ve already earned.
Other financial offerings, like budgeting tools, expense tracking, and free access to financial advisors, can further alleviate the stress associated with cash flow and fee troubles, and a lack of financial education. With nearly 50% of U.S. adults struggling with financial literacy, this type of benefit offering provides necessary financial support to a range of employees — even ones who previously may have been considered financially stable.
Just as wellness programs shouldn’t be one-size-fits-all, neither should financial benefits. Employees are more likely to embrace programs that provide real flexibility and address their personal circumstances.
The Business Case for Expansive Benefits
Comprehensive employee benefit programs offer value that expands past employee well-being and goes directly into business operations. Retention is a major source of stress for hiring teams. The cost of hiring and onboarding ranges from $1,500 to $4,500 per employee. Financial wellness programs can reduce churn significantly; employees who use financial wellness benefits are 61% more likely to stay with their employer than those who do not.
These programs also increase recruitment because financial wellness benefits are increasingly becoming a baseline expectation of prospective employees. They’re quickly being implemented across industries, with 8 in 10 companies planning to offer these programs soon, and 85% of large employers already see them as a requirement rather than a perk. Companies that want to stand out as a top employer to work for will need to offer these benefits to stay on the same level as their competitors.
For SaaS companies in particular, where specialized skills are in high demand, the ability to attract and retain talent hinges on benefit packages. Benefits have to go beyond just supporting employees’ professional performance; they need to support their personal well-being and goals as well.
Conclusion
In today’s competitive SaaS landscape, employee benefits are strategic tools for attracting, retaining, and empowering top talent. By offering flexible work, personalized employee benefit offerings, and expansive financial wellness support, companies can support employees’ goals, while creating a more resilient, engaged, and loyal workforce.
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