The impact of Covid-19 on Employee Benefits and the consequences on the post-pandemic scenario
The Covid-19 pandemic compelled many employers to rethink how they use benefits to engage and reward their workers. Flexibility, once a selling point, became the benchmark. But now, the debate around improving benefits reflects on how employees are likely to work when the pandemic is over. Market research says that is a sign that many employers believe some form of remote working is the new and most effective scenario.
As people return to the office, everyday life and the future of work are sure to change. Employees found they can be productive from their homes and have grown accustomed to their flexible schedules. Even post-Covid, there will still be a demand for wellness offerings, as well as childcare and eldercare support.
Some 43% of HR managers said their company added new benefits because of Covid-19, according to a survey of more than 1,000 human resources managers at U.S. companies with at least 20 employees.
Using benefits to attract employees Back to the Office
Employers began offering more benefits during the pandemic to keep workers productive and engaged, but the expectation for employees to return to the office forces leaders to face the challenge of figuring out what incentives make a real difference.
Benefits boost employee morale and productivity and show individuals that their company cares for them. Employers are letting their employees know that they care about them enough to invest in better resources.
When employees are content, that reflects in their work and interactions. That tends to be the case if people feel good and supported by their organization. They tend to be happy in their jobs, therefore they'll not focus time and energy on complaining and trying to get things changed.
Benefits also help in the current competitive job market. Sign-on bonuses have become popular, and while a person won’t accept a job just because they’re being offered a bonus, it is an indicator that the company wants them to work for the organization.
With many still working from home during the pandemic, it’s difficult for companies to differentiate themselves from the competition. Employers must be sure to lay out all the benefits they’re offering during the hiring process. People want to join a company that they feel is going to be supportive, and help them grow in their careers.
An SHRM survey shows that 52% of employed Americans would choose to work from home permanently if given the option. As the workforce settles into a new post-pandemic standard, these actions will evolve into a scenario where Employers' needs will meet better Employee benefits.
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EPIA inc. is a private Insurance Agency with no ties with legal entities. The information contained in this article is based on information provided by the HRDive Official Website.