Whether it is Adobe’s Disaster and Epidemic Time Off Policy providing employees up to 20 days off a year to care for family members who are ill with COVID or Google’s newly expanded parental leave that gives 18 weeks of leave to all parents. There’s little doubt that the technology industry understands the importance of thinking “differently” when attracting new talent.
Transforming business operations to be more digital-friendly has accelerated over the past two years. And with the availability of more sophisticated technology covering everything from artificial intelligence to data science, organizations are under increasing pressure to attract and retain talent.
Indeed, financial rewards are always important, especially in challenging economic conditions. But putting in place, unique benefit packages that deliver more than just a high salary and health insurance have increased in prominence over the last decade.
The pandemic has undoubtedly exacerbated this as people turn to hybrid work opportunities, flexible hours, and other non-traditional benefits as an incentive for staying or motivation to move. The talent war is now centered on employees and how businesses can best meet their expectations of the value-adds on offer. Recent events have accelerated people’s motivations when it comes to their employment. Organizations have no choice but to reevaluate their total benefits strategy if they are to meet the expectations of employees better.
Work from anywhere
Perhaps the single most important trend around benefit packages that have emerged recently is the option to work from anywhere. As more professionals show their ability to work from home, telecommuting and remote working options are heavily considered by candidates when choosing employers. Data from the Survey of Working Arrangements and Attitudes shows that 45 percent of US employees would like a hybrid arrangement post-COVID.
Facebook, for example, offers employees flexible scheduling to work remotely when needed. And while this is not available on a full-time basis, it does show how perceptions are changing toward telecommuting. Intel is another organization that provides for the option to work remotely in addition to other benefits like a sabbatical program, education incentives, and housing assistance.
Those businesses looking to differentiate themselves should consider adopting a work from anywhere policy that offers employees geographical freedom so they can work and live anywhere for 90 days in a calendar year. The only caveat is that they must still have a permanent address for tax and payroll purposes. A bonus is that the organization is positioned as enabling a culture that views remote work as a positive alternative. In turn, the company can attract location-independent talent who wish to live a nomadic lifestyle.
Work-life balance
COVID-19 has reinforced the belief that there must be a better balance between work and life while staying productive. An employee survey conducted by Qualtrics in the US indicates that many people are considering their priorities due to the pandemic and are seeking flexible jobs that allow them to be in control of each aspect of their work.
Take Atlassian as an example. It introduced an employee assistance plan that includes counseling and parenting resources available to all members of an employee’s household. It also offers fitness and wellness reimbursements to encourage a healthy and active lifestyle. Salesforce.com also provides a well-being reimbursement and bolsters on-site daycare, backup childcare, and priority access at childcare centers.
Going beyond these examples, an organization can consider introducing flexible scheduling, allowing employees to take the entire day off on Friday or leave early. Something a bit more extreme, especially for traditionalists, is embracing a four-day workweek where employees get an extra day to recharge for the same pay. These benefits are designed to foster a culture of ‘ownership mindset’ where productivity is measured instead of employees being judged by the number of hours they have worked.
Family planning
Family has become a central theme behind some of the most innovative benefit packages. Intuit offers comprehensive benefits for new children. Parental leave and adoption reimbursement programs are two examples. It also provides access to backup childcare centers same as Salesforce.com.
In addition to the fertility benefits it provides, Amazon also has daycare and nursery school discounts and employee membership to the Bright Horizons Care Advantage Program, a network of more than two million caregivers. Dell in the US echoes this by providing childcare discounts and emergency backup childcare.
Sponsoring fertility benefits is a fantastic way to differentiate. For instance, a range of treatments and services that include infertility diagnosis, in-vitro fertilization (IVF), egg freezing, donor sperm or eggs, intrauterine insemination (IUI), and gestational carrier services can be sponsored. By prioritizing fertility care and family planning, a company can demonstrate its commitment to inclusion and equity.
Mental health
Despite all this, there is still a genuine danger of burnout. Often, this results from an increased workload, lack of staff, and poor management and leadership. To mitigate against this risk, companies can implement a variety of benefits focused on improving the mental health of their employees.
For instance, access to online psychotherapy with licensed therapists using third-party apps can be a significant value add. And then, there are virtual wellness solutions to consider, such as on-demand fitness classes, health education, literacy, health coaching, and health fairs. Organizations can even provide employees with a mental health day as an additional means to recharge.
In a tight labor market, benefits packages that cater to employees’ specific needs provide a competitive advantage in retaining and recruiting new talent. However, an organization must ensure that it takes an empathic, supportive, and expectation-management approach to benefit selection and design.
Authored by Amit Rapaport, Co-founder and CEO of Compete
This post is supported by Compete.