Now that businesses and their employees have adjusted to doing their job from home, Ben asked over 150 businesses in the Ben Benefits Outlook Survey how they’re adjusting their benefits to change with the world around them over the next year. Here are a few of the ways companies have adapted their benefits offerings to this new world of work.
1. Staff wellbeing budgets are top of the agenda
Whether it’s adorning their offices with houseplants, finding new reading material or getting sweaty in the (home) gym, employees at 44% of businesses are happy recipients of a wellbeing allowance. Eighty percent of their employers are spending between £25-99 a month on each employee, and the benefits are clear: a happier, healthier team means better productivity, no burnout, and fewer sick days.
2. Bringing in more (virtual) team socials
In-office collaboration is hard to beat, but virtual social events are the next best thing, and keeping the company culture thriving is more important than ever—so 44% of companies are investing in cracking open (another) Zoom quiz, games night, or virtual team drinks. Cheers to that!
3. Nearly 40% are adding mental health support
Isolated from friends, scrolling anxiety-inducing news, and the constant ping of notifications hampering the distinction between work and personal life: it’s been a tough year for mental health. Providing mental health support reduces the stigma of asking for help. A healthy workplace culture means people won’t suffer in silence and they can bring their best selves to work.
4. Extra work-from-home allowances
With chairs that won’t stop squeaking, WiFi that keeps cutting out, and aggravatingly slow laptops, homes weren’t built for working before COVID-19 hit. So almost 1 in 3 companies are covering equipment upgrades so their teams can enjoy a more comfortable and productive environment.
5. Letting staff work more flexibly
A regular 9-5 just doesn’t make sense anymore for many teams. Maybe you have global clients, feel more productive at the weekend, or have children to look after, being away from the office brings freedoms that many managers are keen to embrace, with 28% of companies adopting more flexible working in their benefits packages.
6. Nearly a quarter are adding health benefits
Providing your team with health and dental insurance will be a big relief to many, particularly as our health has been put under the spotlight. Obviously, it will reduce sick days, but more importantly, it’ll show your employees that you really care about them, and boost their morale.
7. Learning and personal development budgets
A new language, a business coach, or maybe an online course—22% of survey respondents are investing in the personal development of their employees. Helping employees take care of their development not only leads to happier individuals, it also means they’re even greater assets to the business.
8. One in five are adding child care benefits
Working and parenting is hard to do at the same time, and businesses are stepping in and stepping up to help, with 20% of respondents committing to providing additional child care provisions.
9. Roughly 16% are adding internal support groups
Sometimes, having a supportive ear, an accountability partner, or a like-minded group of people at work is what it takes to get on the right track. For 16% of companies, adding internal support groups is one way to build stronger internal relationships.
10. And finally...13% are adding more insurance
By providing benefits such as life insurance plans and income protection, employers are demonstrating that in an uncertain world, their employees have peace of mind with protection and reassurance so that if the worst happens, they have a safety net.
So where does that leave your team? Is your benefits offering as competitive as you thought? Compare how you stack up with the survey results from over 150 businesses, then invest in your team in the right way for you.
About Oyster
Oyster is a global employment platform designed to enable visionary HR leaders to find, hire, pay, manage, develop and take care of a thriving global workforce. It lets growing companies give valued international team members the experience they deserve, without the usual headaches and expense.
Oyster enables hiring anywhere in the world with reliable, compliant payroll, and great local benefits and perks.
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