Important benefits to include in employee remuneration packages
Employers are struggling with a plethora of challenges both in the workplace and the economy. A recession is following the post-pandemic economic boom, which might mean hiring freezes. If organizations choose not to hire more employees, they'll still struggle with another issue: the current labor shortage. Millions of positions remain unfilled following the Great Resignation that saw almost innumerable workers quit their jobs.
These factors combined present businesses with yet another problem, namely how to attract talent. This is true for hiring new recruits and retaining their current workforce. So, how does one make their company appealing to workers? The answer may lie in remuneration and benefits. People are increasingly looking toward a business' perks and packages as their deciding factor whether to apply for or stay at a job.
Which of these benefits are the most important to employees today? Without ranking them in any particular order of importance, let's have a look:
Paid time off
During the COVID-19 pandemic, a new buzzword spread throughout the working world: "burnout." This phrase refers to the exhaustion people feel when they're overworked and aren't given enough time to rest. The global crisis taught us the importance of taking breaks to look after our health, both mental and physical. Consequently, people have realized the value of being offered paid time off to attend to their personal needs and responsibilities. Companies that offer vacation days and sick leave that are financially compensated are likely to see greater employee retention, as well as greater numbers of job applications.
Flexible work schedules
To the above point, workers have also started to see that the traditional 9-5 in-office working setup isn't always strictly necessary. The global stay-at-home orders that were instituted by governments to curb the spread of coronavirus meant that millions of non-essential workers had to work from home. This phenomenon has remained a major component of today's working culture, and many people consider the flexibility to work remotely and set their own working hours (within reason) to be essential to job satisfaction. As such, employers should offer employees the choice to schedule their work as they see fit, to whatever degree is feasible.
It's largely been the norm for employers to contribute — at least in part, and in some industries — to employees' health insurance schemes. As health care becomes largely unaffordable for many people, particularly working and middle-class employees, whether their organization covers their medical expenses holds more sway over an employee considering a new job. Most people don't earn enough to cover their own health insurance but have an income that's higher than the threshold for government-sponsored health care (Medicaid). So, people are looking toward their employers for assistance. Thus, organization management and executives should seriously contemplate including health insurance in their benefits packages.
These are just three potential benefits. There are many more, such as disability cover and subsidized childcare. The routes that are best for your organization will largely depend on its nature, as well as your company culture and budget.