The future of employee benefits in a post-COVID world

It is an inescapable fact that the Coronavirus pandemic of 2019 has irrevocably changed the working world. With many companies now operating on a hybrid working model, and with some becoming completely remote altogether, the way we do business has undergone a profound revolution – which may force many enterprises to offer more enticing benefit and health packages if they wish to have strong levels of employee retainment, bring in new recruits, and operate their business efficiently.

 

The importance of employee benefit schemes

Whilst employee benefit schemes have always been an important part of the recruitment process, the COVID-19 pandemic has arguably highlighted the necessity of being able to offer generous benefits to employees, with such plans becoming an integral, more prominent part of most modern employment contracts – and something that have become more sought after than ever.

But just how can employers implement them effectively in a post-pandemic world?

 

Prioritising the wellbeing of employees

Many employees have now become justifiably concerned about their own health after the emergence of the COVID-19 virus, with many in the workforce applying exclusively for hybrid and remote roles when looking for work in a bid to keep themselves and others safe.

As a result, a vast majority of companies have begun to prioritise employee wellbeing; placing far greater emphasis on things such as mental health, implementing “work from home” days, and offering more generous health packages to include benefits such as group dental insurance, and more.

By doing this, employers are able to present their companies as more desirable to prospective employees, whilst at the same time essentially guaranteeing current employee retainment – if an employee feels as though their employer genuinely cares about their wellbeing, they are more likely to stay committed to the company.

In other words, it is essential that businesses are able to offer attractive employee benefit packages if they wish to stay afloat in the post-COVID world.

 

Flexible working

Prior to the pandemic, home working was a luxury that few were lucky enough to enjoy – but now it is commonplace. With most companies now offering flexible, hybrid working models, employees are able to work from home one or two days a week, or even enjoy their status as a remote worker completely.

Additionally, as aforementioned, prospective employees now actively expect at least some form of home working to be part of their benefits package, with 95% of companies surveyed reporting this fact. And, since most companies have now implemented flexible working, we can now see an unprecedented correlation between employee expectations and employer proactivity – in other words, although it may come to present its challenges, the inescapable conclusion is that remote working is here to stay, which is why it is so vital that businesses are able to include at least some form of it in their employment contracts.

 

The bottom line

The coronavirus pandemic has unsettled the workplace at an unprecedented scale. Whilst employee benefits have always been a desirable component of contract, it is safe to say that employees are now actively expecting more from their employers to shield them from the stress of these unpredictable times. Offering a wide range of generous employee benefits is, perhaps, the only solution to this stress, so its importance simply cannot be overlooked.

 

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