If you want to remain competitive, want them to stay, or show that you care, you’ve got to provide the right benefits plan! The new face of the benefits industry demands dimensional diversity and inclusivity due to the impact of the pandemic. Companies are either re-examining their policies, dropping those that don’t make sense, or prioritizing new ones.
SHRM’s ‘Society for Human Resource Management’ study in 2020 found that 78% of employers expanded telework options and put up benefits packages specific to remote employees. Also, companies are making mental health care resources more accessible and are also keen on leave benefits, among others.
As more employees plan to keep working remotely, companies must find an interlink. To support employees in remote and hybrid workplaces, tackle mental health issues, and cultivate opportunities amidst a financial crisis.
A Roadmap to Competent Employee Benefit Offerings
Employee benefits are cashless compensations, and it’s shouldn’t surprise you that a majority of employees would prefer a good benefits plan to a pay raise. Amidst the raging pandemic, small or big businesses must build benefits packages as per employee expectations and industry changes. To prioritize essential benefits offerings, certain plans have to withdraw from the list, and some of these include paid vacation days, on-site child care, and commuter benefits. It shouldn’t lessen the importance of a company’s ability to provide them, but any business must prioritize specific offerings.
Nowadays, many employees need mental health support than before. Such an employee benefits plan can be life-changing, life-saving, and certainly, strip the burden off employees’ shoulders. Companies must tackle the issue of demographics as more dislocations of the workforce are expected due to the again-rising COVID-19 cases. With this comes the need to provide benefits that can help female employees stay efficient and productive.
Show Value, A Little Bit of Extra Care
Care benefits can bring a change to any workplace, impacting efficiency and productivity positively. A study by Harvard indicated that 83% of adult children sought new care options for their senior loved ones during the onset of the pandemic. Further, 89% are opting for in-home care instead of nursing home solutions. Increasing child care benefits, providing paid access to online health care platforms, facilitating cash subsidies, and new parent support can help keep employees focused. With that, many employers plan to revise or expand their senior care benefits offered to employees. Top employee benefits for employees include;
- Medical Insurance
- Disability Insurance
- Life Insurance
- Retirement plans
However, due to the competitiveness of the employee sector, some companies provide a range of additional benefits besides the traditional ones. These include work benefits (skill development, leaves, employee club activities, food & beverage). There are also health benefits that include healthcare, health & wellness (dental and vision plans). Also, financial security benefits, i.e. (insurances, pension plans, and financial benefits).
A Step Beyond
Employers can’t pay a deaf ear to the employees’ needs and expectations. Whether small or big, companies have to revise their old care systems or benefit schemes to meet the evolving needs. That calls for letting go of certain benefit plans, revising some, and expanding others to meet the gaps in the new employee benefits arena.
Small businesses may not be in a position to understand the type of employee benefits to provide. For that, special guidance must be sought as there is a need to ensure flexibility and the best ROI (returns) from the benefits strategies. Partnering with a professional advisor helps navigate the available benefits packages and obtain insights for a new benefits plan that works best for the organization and its employees.