( by Saad Imran )
With 22 million Americans losing their jobs due to an ongoing pandemic, 2020 has disrupted many industries' operations and caused many businesses to shut down. This past year has also caused employees to change their expectations towards the employee benefits program.
While offering numerous benefits to your employees may seem like an unnecessary business expense, it makes good financial sense. It helps to save on taxes and has a positive effect on employee retention.
Here are the 6 most popular employee benefits of 2020:
Working remotely from your living space's comfort has been the most sought out benefit for employers offering COVID employee benefits. According to an IBM survey, 54% of 25000 employees want to continue working from home even after the pandemic.
Remote work has a positive effect on the productivity of employees. Money savings, less commute stress, and ease in maintaining work-life balance are among other benefits of remote work.
A survey found that remote work is much more common in industries with better wages and educated employees. According to the study, 16% of the employees will continue working from home after the pandemic.
Flexible working schedules have also been one of the most desired benefits among employees this year. Since many employees work from home during the pandemic, a flexible schedule allows them to manage their work effectively while simultaneously taking care of house chores and responsibilities.
Flexible working hours can also increase productivity. A study shows that 87% of the employees prefer to work flexibly.
One of the examples of a flexible schedule is the 9/80 work schedule. This compressed schedule allows employees to take one day off every fourteen days. To read more about this schedule, click here.
The US healthcare system was never in great shape, and the ongoing pandemic has crippled it even further. The ever-increasing medical costs are one of the primary concerns for the majority of employees. In such circumstances, a good health insurance plan is the best thing to offer your employees.
One of the options for good healthcare plans is a Health Savings Account. It allows for greater flexibility, tax savings, and many more benefits for employees and employers.
Some companies are also offering Medical Tourism as an employee benefit. It has shown to lower healthcare costs, relieve stress, and boost employee morale.
Professional Development Plans
Professional development plans aid employees in their professional growth and also benefit the company in the long run. According to this article, mentorship programs have a significant impact on the career development of employees.
Professional development plans can include conferences, on-the-job development, seminars, coaching, and training programs. This article outlines what more a professional development plan can offer.
The most popular part of a professional development plan is tuition assistance programs, primarily due to high tuition costs in US universities. According to a survey, 84% of the participants say tuition assistance programs had a significant influence on their decision to join a company.
A sabbatical leave is defined as the time taken off work to pursue personal or professional goals. Most of the companies offer sabbaticals after an employee has been with the company for a certain time period. For example, Facebook offers its employees a 30-day paid sabbatical every five years.
A sabbatical has many psychological benefits for employees. A study found that employees who went on sabbatical were less stressed when they returned to work. Sabbaticals also help in capacity building and leadership development throughout the organization.
Employee wellness programs should be prioritized in every company as a healthy employee is more likely to make a contribution to the overall growth of the organization. Wellness programs have become more critical this year as a study found that 76% of employees are experiencing work burnout due to COVID related worries.
An employee wellness program may comprise on-site fitness centres and snacks, yoga classes, transit options and paramedical services. Apart from these options, office design has also been found to increase employee satisfaction.
There are many myths associated with an employee wellness program. This article dispels all of those myths using science-backed solutions.