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The evolution of employee benefits in 2021

Published: Sunday 24th January 2021

 

The evolution of employee benefits in 2021

The events of the last year have led many employees to question their priorities. Employee benefits such as team social activities and free snacks in the office, which were one incredibly attractive offerings, were rendered useless and unnecessary when the workforce is forced into remote working. As a result, people are starting to take their health and finances more seriously. And benefits like health insurance, flexible work arrangements, and salary advances are becoming the perks to beat in 2021.

Retain staff with the right employee benefits

Health care benefits

Employee benefits offer companies a way to tell their workers that they care about them and their well-being. The more looked after by their employer a member of staff feels, the less likely they are to pursue other job opportunities.

Many studies have shown that it is not just career progression that employees consider when deciding whether to stay in a job. Work culture, salary, company reputation, and employee benefits are in the forefront of the minds of today’s workers. Offering impactful employee benefits is a great way to cultivate loyalty to the company and reduce staff turnover.

And remain attractive to new candidates

Employee benefits are not just important when it comes to retaining current staff members. When competing with other companies for the best and brightest new recruits, you need to ensure that your offerings are competitive. This requires more than just a nice job title and reasonable salary.

Deciding which company to work for is one of the biggest decisions in a person’s life, and therefore, candidates are becoming increasingly more attracted to job offers with robust benefits packages. Offering a lot of meaningful employee benefits makes your company more likely to stand out from the countless other offers the top candidates are sure to receive.

Well-being benefits all

Work from home benefits

By offering meaningful employee benefits, you are taking care of your employees. This is as important from an employer’s perspective as it is from an employee’s. If an employee feels like their company is taking care of them, then will want to stick around. And for the employer, a healthy workforce means less sick days, greater productivity and increased efficacy.

When speaking about staff well-being, it’s important to consider not just physical illnesses, but also stress and burnout. Burnout has become an increased problem as we all continue to work from home. Be sure to offer stress-management related employee benefits to help keep your staff motivated.

The best employee benefits equals the best team

Formally trendy employee benefits like gym memberships, vacation days, on-site massages, and free food in the office have lost their sparkle as workforce’s continue to work from home. Instead, employees are starting to think more seriously about benefits that will serve them in the long term.

Health is a key concern of many after the events of 2020, and even younger staff members are starting to think more seriously about health insurance. Another thing that many have come to see as valuable is flexible working styles. Working from home has been a blessing in the eyes of a lot of employees. It’s allowed them to say goodbye to the long commutes and juggling of work and domestic duties.

Going forward, work from home and flexible working arrangements may be key employee benefits that top candidates will seek.

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