10 EMPLOYEE BENEFITS TO LOVE WORK
BENEFITS FOR THE NEW NORMAL
As Bloomberg analysts have described “quiet quitting” as employees doing the absolute minimum to get paid, corporations have shifted benefits packages to attract top talent. Some of the shifts include:
REMOTE WORK:
Companies are offering more generous remote working benefits, such as home office allowances or subsidies for equipment or internet connectivity, to attract top talent.
ELIMINATING SALARY ZONES:
Geographic location is the prevalent factor influencing market pay rates for most nonexecutive jobs. Compensation for specific jobs in local markets can vary and can be impacted by a variety of other factors, including job level, company size, industry sector, talent availability, cost of living and health of local economies. If companies want to attract top talent, location-based tiers may just be a relic of the past.
FOUR DAY WORK WEEKS:
Companies are now offering a four-day (36 hour) work week with the same pay. The planning for such reduced hours eliminates unnecessary or redundant tasks such as recurring meetings.
TIME:
No Commutes to the office, means more time to hit that snooze button. Employees are getting more sleep.
PAID LEAVE:
Companies may offer more generous leave policies, such as unlimited time off, paid-sick leave, or flexible schedules to improve work-life balance. Such changes aim to improve employee relations, hiring and retention.
PROFESSIONAL DEVELOPMENT BENEFITS:
Companies may offer more generous professional development benefits, such as tuition reimbursement, training programs, and mentorship programs, to attract top talent.
READ: HOW TO ASK YOUR EMPLOYER TO SEND YOU TO A CONFERENCE
RIGHT TO DISCONNECT
Companies have eliminated Time-to-Respond requirements for after-hours requests. In addition, employees are given adequate notice when asked to pick up shifts or work later.
ELIMINATING NON-COMPETE CLAUSES
On Jan. 5, Federal Trade Commission Chief Lina Khan issued a sweeping proposal to ban non-compete agreements (NCAs), which block employees from leaving for a rival or opening a competing business, usually over a set period of time or inside a certain geographic area.
OFFERING FLEXIBLE BENEFITS:
Companies are offering more flexible benefits options, such as the ability for employees to choose their own benefits package or to opt out of certain benefits that they don't need. Companies are also offering generous virtual mental health counseling, telemedicine, and health savings accounts.
RETIREMENT BENEFITS:
Companies are offering retirement benefits, such as matching contributions to 401(k) plans, to attract top talent.
It's worth noting that the pandemic has had a significant impact on the job market, and companies may have to adapt their benefits packages to the current situation. Companies may have to deal with a smaller pool of candidates due to the economic consequences of the pandemic, while others may have to increase their efforts to attract remote workers.