The pandemic created a shockwave throughout the global economy, with many organisations forced to close and others struggling to face the impact of the new reality of work.
One of the most critical areas requiring review is compensation and benefits. Benefits have taken on a new level of importance for employees. Any organisation that has not already started to review its policies and offerings and adapt them to the new world of work is risking being left behind when the economy begins to hit a post-pandemic surge.
Here are just some of the benefits you could be changing to prepare your organisation for the future.
Employees are looking for increased healthcare packages covering a broader range of issues, including costs associated with COVID, such as testing and long-term symptom cover. Dental cover on existing plans is also often non-existent or very minimal, but this is another area where employees are looking for an improved product.
Probably one of the most significant impacts is the need for cover for stress-related issues and mental health in general, as this is an area that has been impacted particularly hard throughout the pandemic.
Healthcare that includes family members and makes them feel valued and supported will be a bigger priority for many employees.
The pandemic has led people to re-assess priorities, and one of the areas that has risen in importance is self-development. Employees who were working from home, and those who lost their jobs, found themselves with time on their hands to pursue some form of further skills development. Many employees will be looking for organisations that provide financial and paid vacation support for lifelong learning initiatives or partial reimbursement for continuing academic studies.
Typical membership benefit package today cover things like gym and sports facilities. With the onset of pandemic restrictions, many people became used to personal training at home, and the value of gym membership may have lost some of its attraction. Instead, employees will be looking for a broader range of memberships covering areas such as entertainment and shopping, or even legal, educational and financial services benefit package. Wider service memberships are one area where organisations can look at personalising packages to suit individual needs and interests, perhaps offering a menu of options from which to select.
Many large organisations already have employee loyalty cards used to avail discounts at local stores. Even smaller organisations can consider doing deals with online service providers to reflect the comfort people now have with online purchasing and home deliveries.
Another service that could fall into this category would be increased childcare benefit package such as employer-subsidised childcare.
One of the outcomes of so many people experiencing such extreme stress and anxiety at the same time has been an increase in community spirit and empathy. Employees will seek out organisations that devote time and effort to support the local community with corporate social responsibility initiatives. Benefits could include paid time off to contribute to the community, whether at home or overseas.
These are just a few of the benefit package areas you could be considering. Contact us at HRBluSky today to learn about how we can support your HR initiatives.
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