To attract and retain top talent, many employers are also offering:

Voluntary Benefits. A majority of our corporate partners offer voluntary group-priced benefits such as insurance coverage, child- and elder-care support and student loan repayment assistance. These are increasingly included in competitive benefit packages.
Employee Discounts. Offering discounts on one-time and ongoing expenses and services at businesses such as retailers, restaurants, and tax, legal and financial services can be popular recruiting and retention tools, at low costs to employers.

Lifestyle Spending Accounts. After-tax accounts funded by employers can be allocated for benefits and expenses of employees' choices, such as gym memberships, nutrition, weight management, student loan repayment, ID theft protection, tax preparation, care for loved ones or pets, insurance premiums and mental and behavioral health support.
Emergency Savings Accounts. Some companies make after-tax contributions to payroll deduction accounts to incentivize savings. Contributions can be structured as a match or fixed amount up to a threshold. By matching after-tax 401(k) contributions, companies can help employees build emergency funds accessible through in-service withdrawals. Several proposals are in Congress to allow more tax-advantaged employer assistance.
PTO Conversion. During the COVID-19 pandemic, many employers revised paid time off (PTO) policies to give employees more flexibility. Companies generally allow up to one week of vacation annually to be converted to cash. Some offer options to direct these funds toward student loan payments, 401(k) plan contributions or 529 savings plans.
Special Equity Grants. A small but growing number of companies expand compensation with one-time or off-cycle equity award grants. Some have made grants to employees who would not normally receive them. More expand equity awards to all employees. This varies widely by industry: close to 30% in technology, 10% in the industrial sector.

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How to help employees navigate the impact of inflation during open enrollment