The world of employee benefits is rapidly evolving. That’s what happens when traditional benefits like paid vacation, insurance and formerly popular work perks don’t have the same impact when employees work remotely.
Experts say flexible benefits are the way of the future, at least for now, as everyone has to worry about remote work fitting in with online schools for children and taking care of elderly relatives in a dramatically changing landscape.
What are flexible benefits?
Many companies are moving toward the flexible benefits approach to help their employees out. Flexible benefits are benefit options for employees. Your employees can customize their plans by selecting the ones they need the most. It can also be a great tool when recruiting rather than offering a one-size-fits-all package.
Companies offer benefits like extra time off, additional sick leave, time off for quarantines and caregiving.
And companies do not have to create something new. Adjustments to paid time off allowance, vacation or other areas are considered flexible benefits. Often this will allow employees to lessen the buildup of days off that didn’t get taken in 2020 because of remote work setups. Companies are also increasing their vacation carryover, so employees don’t lose the time off because of old administrative rules.
Virtual care is becoming extremely popular
A significant change for 2021 is companies adding behavioral health programs, particularly those with strong telehealth components. Virtual care has taken off, with mental health services going far beyond initial “check-ins” to see how employees were handling the stress of COVID-19.
In one survey, a third of companies said expanding telehealth was a top priority for 2021.
As offices reopen and some employees start heading back to work in 2021, commuter benefits will be another flexible benefit that provides value to employees and companies.
Employees can save up to $270 every month tax-free to pay for their commutes with commuter benefits. The savings can be applied to eight different commuting solutions, including micromobility options.
Meanwhile, businesses save on payroll taxes for each employee who participates in the program, making it a win-win for everyone.
Are you reviewing your benefits offering for 2021? Schedule a 15 minute call with a member of our team to get all the information you need.