Employee Benefits 2021: 5 HR Trends To Look Out For
Many people think that employee benefits mean performance bonuses and double-pay. But in fact, they are perks added on top of your salary to attract employees. This has changed over time since the Covid-19Coronavirus pandemic with remote working. It is also known as fringe benefits and is now a consideration for companies. These add-ons are ways in which employers can show their appreciation and recognition.
As we enter 2021, we take a look at the changes in employee benefits and the trends that might be here to stay.
What Are Employee Benefits?
The most common employee benefits include medical insurance and paid vacation. These are two examples to name a few. But do they still make the cut when it comes to job hunting today?
Aside from salary, there are other areas that candidates consider important. This has changed during the pandemic, due to shifting job locations and flexible work. What benefits are available to us in 2021 that contribute to our total work compensation? We have categorised three types:
- Benefits at work
- Benefits for health
- Lifestyle benefits
Remote Work & Flexibility
Remote working and flexi-time is a new norm. During the pandemic, the world has faced a lockdown that has seen employees working from home. As part of the preventative measure, this sometimes comes with flexible hours. This is one of the new strategies that allow more work-life balance due to working and living in the same area. It also means greater employee productivity.
Allowance for Home-Office Equipment
With a variety of different job types, some employees are unable to work from home. This could be due to certain setups, such as systems or platforms that need to be accessible from home. On a separate note, working from home requires proper equipment. The standard 9 to 5 may still be in place for some, and approximately eight hours per day would mean a good desk and chair. Extra computer screens may be necessary or even a mouse to avoid finger cramping. These all cost money which some companies provide an allowance for. This is to upgrade home settings with the proper fittings necessary.
Focus on Mental Health and Wellness
With a merge between work and personal life, it is important for employeeshumans to have a supportive network. The work from home arrangement makes it hard for employees to achieve balance. This means they could be less engaging both at work and at home life. Taking a break from the same environment is necessary. Companies are embracing mental and physical exercise by launching wellness programs. This does not have to mean gym memberships — what with the gyms closed on and off. Employers could launch a program that motivates employees to get moving.
Psychological support is important during Covid-19. The pandemic has caused stress and depression to rise in people of all ages. With social distancing in place, meeting up in person has become is much more difficult. To expand options for healthcare, telehealth has boomed. This makes it possible to get help while taking precautionary measures. Telehealth reduces strain on healthcare systems by minimising the demand for facilities. Necessary care is still provided and can include post-consultation follow-ups. It sets aside the emergent cases from the non-emergent cases.
Final Thoughts on 2021 Employee Benefits
All-in-all, not all employee benefits need to be high cost. There are low-cost or even non-monetary benefits that are non-monetary that can also make a difference in 2021. Online happy hour sessions promote socialising. Paid time off to volunteer promotes doing good. Participating in a virtual walk or marathon means more exercise. These all add value to employees by helping them live better lives, now and in the future.