Important things HR experts want Employers to know about Employee Benefits
The time when employers provided a fully stocked refrigerator, an in-house masseuse, and sleeping pods in the office spaces as a part of their employee benefits program is soon losing its charm. Between employees wanting more security out of their benefits program to COVID-19 pushing them into their homes, the things that once attracted employees are getting a bit outdated.
In these changed scenarios, how can employers know what their employees need? The HR’s from across the globe might have the answers we are looking for today.
According to the HR’s from across a range of business sizes, there are some key things that every employee needs to remain invested in their company for the long term.
1. Addresses the trio — Self, Wealth, and Health
The benefits should address all three elements of an individual’s life — their finances, health, and their self-growth. The benefits should be designed to ensure an employee’s financial growth, their state of their physical and mental state, and their career. When you start thinking of benefits from this perspective, it becomes a lot easier for businesses to shape their offerings.
2. Remote work options
If there is one thing that COVID-19 has taught us in the corporate landscape, it is the fact that the employees don’t have to be in one place to deliver value. With the advancements in technology, they can work from anywhere and still be a valuable asset for the team. This awareness should be a part of the post-COVID work model as well, with employees being given the freedom to choose whether they want to work from the office or home.
3. Employer-provided health benefits
The cost of healthcare and insurance is on an ever-increasing mode. Plus, in the wake of COVID-19, one thing has become very clear — healthcare trumps every other employee benefit, be it a lavish pool table or an office-sponsored car and driver.
For an employer, the time is now to design a healthcare plan that is not just inclusive, but also affordable for the employees. This is where Onsurity comes in. Onsurity brings together a range of employee healthcare services like insurance, online medicine delivery, discounted health checkups, etc. with monthly membership plans starting at Rs. 145 per month.
4. Diversity-friendly benefits
Every employee comes with their ideas and needs in terms of benefits. While it is impossible to meet every expectation, you can divide your employees into categories like mothers, seniors, millennials, and Gen Z, etc. To plan out a benefits plan that will have something for every employee category.
The need to have a diversity-rich employee benefits plan is extremely important in today’s time when inclusivity is being touted as the future of a culture-rich workspace.
So here were the four employee benefits design ideas that every HR wants their employers to know and consider to not just attract quality talent, but also retain skilled employees in the workspace. After all, as Patrick Colvin, Strategic HR Business Partner at the USA Today Network puts it, “Due to the improved economic and job market conditions, the advantage has shifted from the employer to the job seeker, and organizations need to recognize the correlation between benefits and employee retention.
In today’s hiring market, a generous employee benefits package is essential for engaging and retaining your talent.”