The Pandemic is Chaning Employee Benefits
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- Workplace benefits have been a crucial part of an employee’s compensation plan; however, the pandemic has highlighted its importance. More and more employees now consider their workplace benefits as an important component of their employment contract, and more employers are recognizing the impact of benefits on their workforce.
- A survey by Care.com revealed that 98% of employers plan to offer or expand at least one employee benefit, prioritizing the ones employees consider most essential, such as mental health support, financial benefits, and child care benefits. In exchange for these benefits, 89% also said they are deprioritizing at least one type of employee benefit, such as paid vacation days and tuition reimbursement, because of the pandemic
- Essentially, key benefits are expanding and shifting. Employers are now focusing on remodeling workplace benefits to create an environment where workers will thrive and grow. Some of these new strategies include doubling down on work-life balance through flexible work models and providing mental health support for employees and their families
- Hybrid work models are expected to increase in 2021 and are likely to continue to grow for years to come. About 66% of the leaders surveyed said they plan to offer greater work flexibility and a family-friendly benefit with no direct costs to the business. This strategy not only ensures that workers are at their best when working, it also ensures that they give their best to work
- Likewise, workers need mental health support now more than ever. The pandemic has taken its toll on people's mental wellbeing, with high unemployment rates, deaths of loved ones and friends, and the constant fear and anxiety about contracting the virus driving stress. Addressing these concerns for employees can stem the tide of burnout and promote employee retention and productivity