Why Now is the Time For Employers to Rethink Company Benefits
Over the course of the past 12 months, our working lives have changed dramatically. The ramifications of Covid-19 have left few businesses untouched, and as such, we are acclimatizing to new ways of working in what will hopefully soon be a post-pandemic world.
Flexibility in the workplace has become fundamental across the board, particularly as we bounce back and forth between varying states of lockdown. And although initially born out of necessity – with many employees having no choice but to work remotely – it would seem that this new flexible approach is here to stay.
Indeed, research suggests that 71% of Americans have worked from home during the Covid-19 outbreak, and 54% would like to continue this in the future, either permanently or occasionally. Furthermore, 47% of employers – from tech giants like Facebook and Twitter, through to industrial stalwarts like Ford – have stated they will allow their staff to continue working from home beyond the pandemic.
So if a remote-first approach is now the norm for a significant proportion of businesses, what wider implications does this have on our working lives, and what else should employers be thinking about in order to keep their teams happy and productive?
The changing face of company benefits
Along with the death of the commute and chats by the water cooler, one of the biggest aspects of our working lives that currently feels a bit redundant is the company benefits package. With Friday night drinks, discounted gym memberships, and an office canteen potentially a thing of the past, finding new ways to motivate teams and retain the best talent is becoming increasingly important. And while remote working undoubtedly has its benefits for both employers and employees – a better work-life balance, increased productivity, and cost savings, to name but a few – it can certainly take its toll on our motivation and happiness at times.
With that in mind, employers need to start considering how they can better respond to the changing wants and needs of their teams to ensure they are providing a competitive benefits package.
There’s also no better time to do it. As we hit the one-year mark since the pandemic took hold, businesses have had ample time to address the immediate challenges a remote-first model brings – it’s now time to look to the future and take advantage of the fact that we’re more willing to embrace change.
Likewise, it’s crucial that businesses understand that the prospect of further lockdowns and new waves in cases is by no means off the cards yet. So taking action now, invigorating teams and adapting faster to emerging trends is a key way to retain the best talent.
From perk to expectation
One of the first things an employer should consider is that thanks to the pandemic, what was once considered a perk, is now an expectation.
Working from home is a prime example: 12 months ago, the ability to work remotely was not necessarily a given, and those companies that did offer a flexible package were seen as progressive. Now that a remote-first approach has been proven as effective and mutually beneficial for all parties, employees no longer expect this to fall into their benefits package but instead, consider it as a standard way of working.
With this in mind, employers should think about how they can build upon this so that it carries the same level of desirability for employees.
One of the biggest pandemic-induced trends we’ve seen in recent months is the elevation of ‘WFH’ to ‘WFA’ (working from anywhere). The idea being that now we are no longer geographically bound to an office, we can, in theory, work from anywhere in the world.
Major global companies, including Spotify and Salesforce, have recently introduced WFA as a company benefit, and with the global relocation management market (valued at $29 billion in 2017) set to grow by 3.3 percent by 2024, it is highly likely other organizations will follow suit.
Working from anywhere is a new and attractive proposition for a lot of employees, but it’s not without its challenges. So organizations can take this perk one step further by introducing a system that not only permits it, but actually enables employees to do it as well.
At Perchpeek, we have developed an AI-driven app that companies can use to facilitate the relocation of their team members either domestically or internationally. Guiding employees through all aspects of a relocation journey – from finding a property and sorting out visas, to creating international bank accounts and even finding schools – the platform provides HR teams with a full-service solution that removes many of the traditional pain points associated with moving a team member to a new location.
We’re already helping a significant number of forward-thinking clients build successful and highly productive teams that operate remotely across a range of locations: working in tandem with their legal departments to truly support staff in moving to new locations, switching between different offices, and ultimately finding their perfect environment.
Listen to your people
Of course, relocation is a significant work and lifestyle change, and not all organizations are in a position to facilitate it just yet. But that doesn’t mean they can’t create an appealing benefits package in other ways.
Asking your team what they would appreciate and value – and listening to this feedback – is one of the easiest ways to tailor your company perks and create a model that everyone benefits from.
It might be that office teas and coffees could be replaced with lunch on the company card once a month. Or perhaps you bump up your employee’s home WiFi package so they can get a better, speedier connection. Whatever it is, by talking to your employees, you can ensure they remain at the very heart of everything you offer: something which will ultimately pay off in the long run.
Shaping the ‘new normal’
So while we might not be fully out of the woods yet and Covid is still presenting an air of uncertainty, there is one thing we can be sure of: our working lives will never be the same again. The onus is now firmly on companies and HR teams to ensure they are stepping up to meet this shift both in how we work, and the expectation of their employees, with an employee benefits package that will not only attract but also retain talent.
About the Author
Paul Bennett is co-founder of Perchpeek, the AI-powered relocation agent. Perchpeek provides an end-to-end relocation service for a new generation of relocators – those who can work from anywhere – as well as helping some of the world’s top companies attract and retain top talent.