In light of COVID-19, has your organization changed its benefits offerings to become more flexible and meaningful? If not, now is the time to re-evaluate!
Here are some of the 5 Creative Employee Benefits to consider adding to your compensation package:
The Coronavirus pandemic has made organizational leadership think more creatively about how to retain and recruit talent—at the forefront of this conversation is employee benefits.
With more people working from home, millions of employees are using more electricity. A technology company that makes accessing clean energy easier for renters and homeowners has created a new program for employers to add clean, lower-cost home energy to their employee benefits packages.
The company will connect workplaces in any state with 100% clean energy for their employee’s homes at no cost. Companies can choose to subsidize monthly bills for their team through the platform.
This is an example of a unique and relevant benefit to offer at a time when businesses have been forced or have chosen to work remotely for the foreseeable future.
2. Mental Health
More than ever, employees need a holistic approach to medical coverage. Remote work means more isolation and the struggle of balancing work, life and childcare solutions in a confined space. Anxiety and depression are at an all-time high. Innovative organizations see this as an opportunity to reduce the cost of mental health and wellness issues down the line. Consider investing in and emphasizing the importance of your Employee Assistance Program (EAP), adding new behavioral health options, and/or providing a childcare stipend to help maintain your employees’ work/life balance at home.
3. Home Office
With millions of employees shut out of their offices and working from home during the Coronavirus pandemic, organizations have been evaluating what they can do to make the work-from-home process smoother. One increasingly more popular answer–a home office fund.
Forward-thinking companies are paying for their remote employees’ desks, chairs, and computers and instituting allowances for mobile devices and WiFi. Some companies are even offering a “Home Office Stipend” as part of their employee sign-on packages.
Happy employees = productive employees!
Onsite gym memberships and classes tied to a particular location are no longer meaningful employee perks during COVID-19. Consider instead offering a stipend your team can use for virtual physical fitness activities or increasing Flexible Spending Accounts (FSA) or Health Savings Accounts (HSA).
5. Virtual Care
Virtual care is an integral component of benefits packages during COVID-19. Employers should strive to deliver a comprehensive health benefits package that provides easy access to telemedicine, EAP, and behavioral teletherapy.
Studies have shown that better physical and mental health benefits lead to better employee morale, less turnover, higher productivity, and reduced healthcare spending.
It’s important for HR leaders to get creative with compensation packages to attract and retain new hires, as well as stand out from the competition.