Benefits are an integral part of an employee’s compensation package. For most candidates, an inadequate benefits plan is a deal breaker, especially now due to the COVID-19 pandemic. What was a “nice to have” perk once, has now become a “must have” incentive.
Employers, take note. These are some of the most sought-after employee benefits of 2021:
- Healthcare: According to MetLife’s Employee Benefits Trends 2020 survey, 86% of respondents stated that health insurance was their top priority. Respondents also favoured COVID-19 benefits such as increased paid time off, waiving covid-19 assessment and treatment fees and mental health services. Many health insurance plans now have the option for “telemedicine” – allowing employees to access health care services from the comfort of their homes.
- Flexible Work: Flexibility has never been more important. 68% of American workers state that working remotely will continue even after public health restrictions have been lifted. Many firms have implemented a “COVID Subsidy” where employers allocate a certain budget to assist their staff with home office expenses.
- Childcare: As parents continue to work from home, the demand for employer sponsored childcare support has increased. A recent Care.com survey found that 85% of working parents don’t have childcare benefits and two-thirds of the survey respondents would consider trading personal benefits such as vacation, sick days or dental plans for employer subsidized childcare support.
2021 is the year for employers to make employee experience it’s top priority. As remote work and greater work flexibility becomes the new norm, employers need to implement new strategies and re-visit their employee benefits plans – offering benefits that really matter.