Are you curious about what benefits US companies are offering to their remote workforce in 2023? Our latest Compensation Report reveals the top 10 benefits that companies are providing, including some surprising trends.
This edition of the Compensation Report shows that US companies are still offering flexible paid time off and vacation days to their remote teams, with a staggering 97% of them providing this benefit. Additionally, companies are recognizing the importance of career growth opportunities and are investing in the development of their remote workforce.
Health insurance for remote workers is also on the rise, with 15% of companies now offering comprehensive health benefits. One of the exciting findings in our last Compensation Report is the increase in the number of companies offering stock, stock options, and/or equity to their remote talent, jumping from 17% to 44% in just one quarter! While company-wide gatherings and retreats have been popular benefits in the past, they have taken a hit due to budget cuts during the economic turmoil but are now on the rise again.
In this Compensation Report, we can spot a growing recognition of the value of Latin American talent, creating better experiences for team members. As remote work becomes more popular, companies are finding new ways to attract and retain top talent. And the good news is that, according to our Compensation Report, this trend is likely to continue, which is great news for everyone involved!
Top 10 US Company Benefits of 2023 as Shown in Our Compensation Report
According to the latest edition of our Compensation Report, some benefits remain at the top, with the most popular being 100% remote work. One significant change compared to Q4 2022 was the decrease in Optional Crypto Payment, which remains among the highlighted benefits but has lost several spots on the podium.
- 100% Remote
- Paid Time Off
- Career Growth
- Company Gatherings
- Stock, Stock Options, and/or Equity
- Career Support
- Health Insurance
- Optional Crypto Payment
- Paid Parental Leave
Trends in US Companies' Benefits for LATAM Talent According to our Compensation Report
One of the most significant changes is the increase in the number of companies offering career growth opportunities to remote collaborators. According to our Q4’22 Compensation Report, 83% of companies offered career growth, including one-on-one feedback, possibilities to grow into more senior or leadership roles, and more. During the first half of 2023, the number increased to 88%, indicating that more companies are investing in the growth and development of their remote workers.
Another notable change that we can find in our Compensation Report is the increase in the number of companies offering health insurance as part of the benefits for remote collaborators. In 2022, only 3% of the companies provided health insurance, but in Q1 2023, that figure rose significantly to 15%, demonstrating that US companies are recognizing the importance of providing comprehensive health benefits to their remote teams.
Paid Time Off (PTO) and Paid Vacations have been popular benefits offered by US companies to remote collaborators. In the Q4’22 Compensation Report, we found that 100% of companies offered PTO or Paid Vacations. In Q1 2023, our Compensation Report shows a slight decrease in that trend, to 97%. However, companies are still offering some form of flexible PTO and vacation days to their contractors.
Company-wide gatherings and retreats have also been popular benefits offered by US companies to remote collaborators, with the objective of boosting communication on culturally diverse remote teams. In the first half of 2022, 65% of companies offered company-wide gatherings and retreats, and that figure increased to 86%. However, due to budget cuts during the economic turmoil, the figure decreased to 74% in Q3 and further to 54% in Q4. But during the first quarter of 2023, that number increased by 5%, reaching 59%.
One significant change that we can observe in our Q1’23 Compensation Report compared to Q4 2022 was the decrease in Optional Crypto Payment, which fell by 17%, from 26% to 9%. This could be due to the regulatory environment surrounding cryptocurrencies in different LATAM countries. As governments around the world continue to grapple with how to regulate cryptocurrencies, some companies may be hesitant to offer optional crypto payment until there is more regulatory clarity.
Finally, the first quarter of 2023 saw a notable increase in the number of companies offering Stock, Stock Options, and/or Equity as a benefit to their employees. According to our Compensation Report, the percentage of companies offering this benefit was at 17% during Q4 of 2022, but by Q1 of 2023, it had risen to 44%, indicating that US companies are becoming more willing to offer equity-based compensation to their remote talent in Latin America.
As we can see, the Q1 2023 Compensation Report shows that US companies are offering a wide range of compensation and benefits to LATAM talent, recognizing the value that remote workers from the region can bring to their organizations. As the trend towards remote work continues, we can expect to see further developments in the compensation and benefits packages offered to remote teams.
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