In 2020, when unemployment rates continue to fall and the demand for top talent increases across industries, a lucrative package of benefits can help companies attract, retain, and engage employees
FREMONT, CA: It goes without saying that proper employee benefits are one of the key ingredients of a successful people management strategy. In 2020, when unemployment rates continue to fall and the demand for top talent increases across industries, a lucrative package of benefits can help companies attract, retain, and engage employees.
Here are some essential employee benefits trends that companies can include in their 2020 strategy:
Benefits that Serve Employee Wellbeing
Health insurance is already in the list of employee benefits. Unfortunately, one aspect of health benefits is often overlooked by companies is mental health benefits. According to a survey by MetLife, 76 percent of employees agreed that employers are responsible for the wellbeing and health of employees- the figure increased from 68 percent in 2015. The definition of wellbeing includes various elements such as life insurance, student debt assistance, pension, financial wellness, car insurance, etc. In 2020, companies have to rethink how their benefits can allow for employees' long-term wellness.
Employee Benefits and EVP Working Together
In 2020, companies should let the employee benefit and employee value proposition (EVP) work together, for it is known to everyone that benefits are crucial to engage and retain employees. Henceforth, companies should incorporate the latest employee benefits trends in the EVP as well.
Data Collection to Measure Impact of Benefits
Only implementing benefits will not bring out desirable results. Companies should collect data on how the benefits are perceived and utilized by employees. Yet, very few companies are actively doing that. According to a report by Thomsons Online Benefits, only 54 percent of employers measure the impact of benefits on employee engagement. The report also highlighted that percent of companies who gather data are better at aligning their global benefits strategies with their people strategy.
The demand for flexible working has been growing for a while. Since it enables employees to maintain work-life balance, allows them to work anytime and anywhere, companies can consider including the benefit of remote work to their employee benefits strategy. As per a report by the Society for Human Resource Management (US), from 56 percent in 2015, 69 percent of companies now offer remote work benefits to their employees.
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