COVID-19 has had unprecedented effects on both local and national economies alike. Now more than ever is the time for human resources to support their company’s employees.
As we move forward and begin to phase into a new normal within the workplace, both current and potential employees will require more from their employers. The last few months have caused the workforce to take an introspective look at the most important priorities. A great deal of this focus will be shifted towards the specific benefits a company offers as prospective employees look for in their careers. Read on for more information on new benefits potential employees will be looking for after COVID-19:
Health and Wellness Benefits
The prioritization of employee health has increased significantly over the last few months. In a recent Deloitte report, 40% of the 1,100 employers surveyed stated that safety is their top priority in rebooting operations.
To effectively manage the needs of employees’ physical and mental needs, prospective candidates will likely inquire about these offerings more now than ever before — meaning businesses may consider offering services such as competitive health insurance, emotional support programs, and tele-medicine.
The study shows that employees value organizations that care about their overall well being, so when an employer offers programs and initiatives such as competitive health insurance, counseling, or workplace stress management, the value of that position can be increased beyond the salary being offered. Companies who wish to retain and grow a strong workforce should reevaluate their current health and wellness benefits.
Financial Advisement
With the current state of the economy, many individuals are facing added stress regarding their finances. With millions of Americans filing for unemployment over the past few months, recovering from debt and creating emergency savings will be a top priority as they regain employment.
Having access to financial advice could help significantly reduce the stress individuals face when it comes to their personal finances. Whether it’s conversations with a financial planner, retirement advice, or savings programs being offered by a prospective employer, the benefits of these programs can have lasting effects on an employee’s life. Looking into the future beyond the current state of affairs, it’s likely that current generations will be more inclined to prioritize providing financial advice as a top company benefit when considering a future employer.
Relocation Services
Recently, the interest in owning property and renting apartments within more suburban areas has surged. Nearly 40% of urbanites say that they are seriously considering the move during the pandemic. With shifting priorities in family and work styles, individuals view this as an opportunistic time to move to less densely populated areas. Relocating, however, often means uprooting an individual’s family and life. With a relocation benefit included in the acceptance of a new position, the move can become a little easier.
For businesses located outside of metropolitan cities, this benefit could become a competitive advantage in recruiting top talent that may have otherwise been unreachable. Relocation services can help increase employee retention rates and reduce the cost of time to fill for certain positions. These benefit packages typically include services such as transportation and moving fees, house-hunting help and, potentially, temporary housing.
This migration is likely to continue for some time as growing concerns over dense populations continue to rise and remote work forces continue to normalize.
Flexible Work Arrangements
As businesses temporarily closed the doors to their office buildings, many employees began navigating working from home for the first time. As time passes, many are becoming more comfortable with this work style and might even prefer it to a traditional office setting.
Families have been able to spend more time together as working parents are now servicing the additional roles and responsibilities around the house, with their career, and assisting their children with their education. For many, this new paradigm has reminded them of the importance of a healthy work-life balance. Whether businesses choose to offer increased opportunities for employees to work remotely or adopt more flexible schedules, these benefits could become increasingly more attractive to employees.
Working around children’s activities, doctor appointments, and more can be difficult under stringent 9-to-5 schedules. Having the capability to start/end the workday on their own time while meeting the weekly required hours is beneficial to employees who may need this flexibility to fit their situations.
It’s undeniable that the workforce will not be the same before the pandemic. Being flexible and meeting the new requirements that potential and current employees will be looking for after COVID-19 may help businesses stand out competitively — and increase employee on-the-job satisfaction at the same time.