What is one tip for rethinking your benefits and perks for the year ahead?
To help you rethink your perks and benefit into the new year, we asked business professionals and leaders this question for their insights. From providing child coverage to creating an employee stock option pool, there are several ways to rethink perks and benefits into 2022.
Here are nine tips for rethinking your benefits and perks for 2022:
- Provide childcare coverage
- Sponsor employee skill-building programs
- Reshape the internal office environment
- Personalize perks to stay competitive
- Contribute to insurance premiums
- Consider implementing remote work
- Understand your age demographic
- Make mental health a priority
- Create an employee stock option pool
Provide childcare coverage
As we go into 2022 and the coming years, some offices are requiring employees to come back into the office. One way to rethink benefits and perks is to provide childcare payment benefits and perks for returning parents. This was one coverage that was not needed as much during the pandemic. To make the return to the office easier, provide benefits that include child care.
Katie Keirnan, NUE.life
Sponsor employee skill-building programs
Organizations’ advancement and growth in the future will largely depend on the proficiency of their employees in vital soft skills as well as hard skills. It is a well-known fact that the relevance and significance of futuristic skills like creativity, leadership, critical thinking, digital literacy etcetera are on the rise. Having said that, I strongly believe that employee incentives should be proportionate to their performance in skill-building programs offered by the organization.
Simply put, the better the employees perform in their skill-building programs and objectives the greater the perks. Even if an organization does not have skill-oriented programs, it can sponsor employee training through digital learning applications. A benchmark needs to be set for employee development. As employees attain more certifications and skills, their benefits will keep amplifying. In this way, organizations can encourage employees to be diligent in their upskilling and reskilling objectives.
Jessica Robinson, The Speaking Polymath
Reshape the internal office environment
While many employers are looking at perks and benefits that benefit the external experience, a different approach is reshaping the internal office environment. Creating a healthy break room, in which the company provides healthy eating options for its staff, having organized breaks and social times during the day, and creating a game room, are great ways to improve the work atmosphere.
In addition, as workers adopted pets to deal with pandemic loneliness, many are struggling with how to care for their companions as they return to work. Offering pet insurance options, pet daycare assistance, or even a “bring your dog to work” day, can alleviate these concerns and be an attractive benefit to your team as well as potential candidates. By concentrating on bettering the workplace environment, companies can greatly improve their benefits and perks without adding exorbitant costs.
Jeff Meeks, EnergyFit
Personalize perks to stay competitive
Businesses have plenty of openings and are struggling to fill positions. For job seekers, there is a big opportunity to pick and choose; they can take the time they need to find a company that has a culture and work environment that’s a great fit. Previously, interviews were very one-sided. Companies grilled candidates to decide if they were a good fit. A lot of that has reversed; employees are interviewing companies. To stay competitive, employers need to find new ways to stand out beyond offering a “great company culture” or “excellent work-life balance,” especially because that’s what everyone is offering. At Compt, we lead with empathy and offer personalized perks tailored to each person. People are looking to work for a company that actually cares about them and fulfills their needs. Gone are the days of the Friday office pizza party. People want to be able to choose what works best for them, whether that be a gym membership, daycare stipend, support for continuing education, etc.
Amy Spurling, Compt
Contribute to insurance premiums
When a candidate compares two job offers, they will certainly include insurance expenses. Rethink how much your organization contributes to those premiums. Companies are starting to cover the entire insurance cost, which gives them a massive advantage in the competition for great talent. Though it might cost a few thousand dollars per year, that’s a meaningful benefit for candidates and it creates an amazing first impression about your company culture.
Logan Mallory, Motivosity
Consider implementing remote work
If you aren’t already letting your employees work remotely, it might be time to consider implementing remote work for your employees for the year ahead. The world that we live in has changed, and you must change along with it. Remote work is a priority for a lot of employees and candidates and if you want to be competitive in the job market, you need to offer remote work to your employees. Remote employees are just as efficient as in-office employees and the company culture can still be kept intact. If you haven’t made the transition to remote work yet, this year could be the year that you adopt this change.
John Wu, Gryphon Connect
Understand your age demographic
As many employees are still working remotely, it’s important to ensure that your benefits are useful in the virtual workplace. Understanding the age demographic of employees is the first step. For example, if the majority of workers have children, schools and daycares are reopening for in-person sessions. What can you do to make the transition as easy as possible? Can you offer resources to help employees find babysitters or a discount on childcare? Finding a balance between professional and personal life in terms of benefits will be more practical as businesses adapt to this new way of working.
Hayley Albright, Xena Workwear
Make mental health a priority
Pay attention to your employee’s mental health. The pandemic is having long-term effects on everyone, so prioritize your company’s health and wellness. One way to do this is by giving your employees the choice of working at the office or from home. By ensuring your team is working in the environment of their choosing, you’re likely to increase their overall happiness and productivity. By allowing your employees to not only focus on their work, but also on their family and hobbies, you’re creating a work environment that prioritizes mental health.
Jean Gregoire, Lovebox
Create an employee stock option pool
An employee stock option pool is beneficial both for the company and its employees. A stock option allows employees to buy into the company at a reduced price and align the employees’ interests with those of the owners — used as an incentive for employees to work harder.
Furthermore, equity enables companies to retain top talent on the onset of the great resignation and attract new workers in a competitive recruiting environment. However, developing an equity compensation plan is not always as easy as it sounds and needs careful planning and implementation to serve, both, the interests of the organization and its employees.
Sam Santa, Zeitholz