Companies shift benefits to fit employees’ new needs
One year after COVID-19, the scope of employee benefits has changed, possibly forever.
Care.com recently released its 2021 Future of Benefits Report, where it surveyed 500 C-level and HR executives to find out the trends in employee benefits.
The report shows how Covid influenced decisions and what benefits might get cut or added because of the current state of affairs with employees.
Some significant changes have occurred where you most expect it. Family care is an increasingly prominent issue for employees, both with young children and seniors.
Some findings include:
- 82 percent of those surveyed said they were aware of care issues for employees.
- 95 percent had care concerns for employees with high attrition rates.
- 50 percent or more had productivity decreases for parents with minor children.
With childbearing duties regularly falling to women in families, employers are also concerned about what this means long-term for their female employees.
The Care.com survey said 89 percent of companies plan to change benefit priorities because of the pandemic, and 98 percent say they will add benefits.
Companies are looking to add various benefits to help employees out. Many workers will see subsidies for various forms of childcare, including regular and backup. While many companies have mental health benefits, it is expected there will be improved mental health access. To combat the sometimes chaotic situations at home, companies will add flexibility on a day-to-day basis.
Other benefits might not have as great of importance right now, but it all depends on the company.
For example, a company opening up its office again could help employees through commuter benefits for transit or prepaid transportation cards for mobility vehicles. However, a company continuing on the work-from-home path may have commuter benefits as a lower priority than it had in the past.
If your company has commuters, you could make life easier for them with commuter benefits. They can save tax-free from their paychecks every week to spend on mass transit, qualified parking or rideshares. If your employees want alternative transportation, we can help you set up a program for prepaid cards for mobility vehicles like e-scooters and e-bikes.
There are a lot of opportunities available. Visit www.commuterbenefits.com to learn more.