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Pandemic is changing Employee Benefits

Pandemic is changing Employee Benefits

According to Tim Allen, Harvard Business Review, companies are recognizing that employee benefits can be life-changing for their workforce, especially those centered around care, flexibility, and mental health.  Many employers in order to better support their employees and their business are planning to revise their benefit strategies.

In a recent report, “The Future of Benefits” report, asked what employee benefits they plan to keep, get rid of, add, and expand as a result of lessons learned during the pandemic.

Among the benefits deemed not essential, on-site child care, paid vacation days, commuter benefits, tuition reimbursement, and food or meals.

“Employees cannot leave their home life at the door.  They bring their worries to work, and it impacts their productivity.”

63% surveyed said they plan to increase their company’s already existing child care benefits.

Not only is child car critical but also care for the elderly is also important.  Employees are looking to switch nursing home to in-home care.  Of the 41 million Americans who are unpaid caregivers to the elderly, 10 million are Millennials. Employers are looking to expand senior care benefits.

66% of employers say they plan to offer greater work flexibility, a family-friendly benefit with no direct costs to the business.

These are just some of the benefit changes employers are hoping to implement in 2021.

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Source:  Harvard Business Review