Changing Employee Benefits

Every aspect of society was upended when the Covid-19 pandemic hit our world, whether personal or corporate. Jobs were lost, schools were closed, and many had to pioneer the work-from-home environment, one day at a time. As individuals continue to receive vaccines, workplaces are reopening, yet the work-life landscape appears different from a pre-covid world—one area that needs a post-Covid overhaul: employee benefits.

New research indicates employee benefits have been adjusted to accommodate our post-covid workforce. With several employees now working remotely, employers must reconsider employee benefits, including but not limited to medical, child care, and mental health. Let's focus on some of these changing benefits.

Changing Benefits

Currently, employers are offering "Whole Person" benefits to provide for all aspects of an employee's life. For example, some companies offer stipends for home office equipment, babysitters, private tutors, pet walkers, and grocery delivery services. Other companies are offering paid memberships to various online platforms that offer services in the home (i.e., grocery delivery and childcare, etc.).

Other companies view the mental health of their employees as a top priority and something worth investing in going forward. Several mental health benefits include online fitness classes, mental well-being apps, and cooking classes, to name a few. It pays to take care of your employees in every aspect, especially in these trying times.

Decisions to offer such benefits help support the home workforce and help in employee retention. When employees feel valued and taken care of, morale will increase, work ethic will rise, and employee attrition will plummet.

Changing benefits in a post-Covid workforce look different from traditional benefits seen in years past. For starters, let's look at medical benefits. These benefits have been a staple to the workforce offerings for years. But as the business landscape changes, namely the at-home workforce, these benefits are also changing. Before, when colleagues worked in the same office, in the same local, it was easy to pick one medical insurance company and offer it to the entire company. With employees currently working from home, companies have the added tension of dealing with those who may live outside the state and country lines. This proves an issue for numerous reasons. The first concern is with local leave laws. These must be examined wherever your employees reside to make sure each one is accommodated. Another concern is doctor availability. Certain insurance companies have in-network and out-of-network doctors. If your employees travel far distances to see a doctor in-network, consider offering insurance plans for employees based on their location. Suppose your company is running into issues with employee medical benefits. In that case, it may be time for further examination and a possible overhaul to make sure your employees feel taken care of.

While some employees are eager for medical benefits restructure, others are willing to give up medical benefits entirely in exchange for a healthy remote work environment. This may include mental health and wellness benefits, childcare, elder care, pet care benefits, and office space stipends. This is necessary because working from home can be more distracting and taxing on an employee; thus, less traditional benefits are necessary, and whole-person benefits are becoming the new norm. Childcare, eldercare, and pet care are areas where employees look to increase their employee support at home. This may include access to online platforms to find care for specific household needs, subsidized backup care, new parent support, and cash subsidies for parents, to name a few. Employees can no longer leave their worries at home, home is additionally the office, and this tangle affects their job performance.

A growing area of concern, especially with the work and home environment now being combined, is an employee's mental health and well-being . Because of this, employers realize it is a top priority and recognize this need after a world in shutdown. Previously this area was overlooked by employers, but that is changing now. New benefits they offer are online fitness classes, subscriptions to mental well-being apps, and even cooking classes.

As the world continues to get back to the "new normal" after the global pandemic hit, more and more employees will be looking to employers for help with education and support for their health and well-being. The world is changing and continues to do so. Companies must adapt to the change and provide for their employees, personal well-being, and employee retention.

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Is your company looking to implement new employee benefits in this ever-changing workforce? Not sure where to start? Cornerstone Payroll Consulting is here for all of your payroll needs. Give us a call today!