Attracting talent is a competition. Over the past decade, some companies have ‘reinvented’ their employees’ workday. From nap pods to game rooms, spa treatments to an in-house chef, companies pushed the boundaries of traditional benefits and perks. These became the gold standard for coaxing talent (especially in technology) to join the ranks of unlimited vacation and free healthcare programs.
But for most of the working population, these types of benefits are a pipe dream. Most SMEs can’t provide elaborate benefits – I’m looking at you Microsoft Treehouses. For the rest of us, gym membership reimbursements & in-office snacks are a great addition to health and retirement benefits.
In March, when many office workers were sent home, many of these ancillary benefits were left behind. Employees didn’t quit their jobs en masse without their company-provided extra hot triple foam latte.
Gyms closed, restaurants shuttered, and our commutes started and ended in a hallway. Concern for the safety, health, and financial stability of family and friends became front-of-mind.
What does this mean for 2021? Many companies have shifted their benefit offerings; taking a step back to address what has become important to employees.
Health Insurance – Employees are seeking quality affordable coverage that is comprehensive and inclusive. Attractive plans have lower premiums, reasonable out-of-pocket costs, and provide inclusive coverage for things like reproductive healthcare (i.e. IVF) or gender re-assignment surgery.
Increased Mental Health & Wellness Programs – The demand for mental health services has risen sharply over the past year.Whether employees have access through their health insurance or an EAP, companies are ramping up programs for employee mental health and wellness.
Paid Family Leave – Several states are implementing some form of paid family leave for the birth of a child, adoption, or care of a sick family member. Companies that provide paid leave will be more attractive to new talent and help to retain current employees.
PTO: Mental Health & Recharge – In additional to better access to mental health programs, 2021 may bring more time-off options for mental health and recharge days. The fatigue from the pandemic has left many people in need of time off after daycares have closed, schools have gone virtual, or partners have lost their jobs.
Personalized Benefits Packages – Tailored benefits packages are on the rise. Benefits and perks have relative importance based on the life stage of the employee. Offering tuition reimbursement may not resonate with employees who are closer to retirement than college. Companies have an opportunity to offer optional equivalent perks that make sense to the individual.
Even as we (hopefully) move towards a vaccine and the end of the pandemic, many things have changed over this past year. Some may continue to work from home permanently, while others will be back in the office sooner rather than later. But it’s unlikely that a communal room of nap pods and in-office buffet lunches are coming back any time soon. HR is re-reinventing benefits packages that are in-line with the changing employee needs. If you are looking for a new job and want to better understand how benefits will affect you (and what they’re worth!), please reach out to the Talener Team today.