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Workplace Benefits that Matter Post-COVID

Neha Mirchandani

Many employers across the country are gradually reopening offices as states lift their restrictions and more Americans get vaccinated. Several large companies have announced reopening plans for their office workers recently. As we reflect on the year-plus of working from home, workplace benefits have changed significantly due to the pandemic. Wellness benefits focused on improving the physical, mental and financial well-being of employees replaced office perks like catered lunches and ping pong tables. With the possibility of the end of the pandemic inching closer in the United States, employers need to continue to support their employees by adapting workplace benefits to their evolving needs. 

What workplace benefits are employers considering post-pandemic to keep their employees well and engaged?

1. Remote Work 

More than 42% of the entire American labor force worked from home during the pandemic―even greater if we count only office workers. This transition has been largely positive for both employers and employees. According to PwC, 83% of employers say the shift to remote work has been successful for their company. Employees gained flexibility and time by not commuting, and productivity increased.

Although many miss interacting with their colleagues in person, employees overall enjoy the benefits of remote work. According to Prudential, 87% of employees who have been working remotely during the pandemic would prefer to continue to do so at least one day a week in the long term. As many as 61% of office workers surveyed by Envoy say that they will look for another job if their employers don’t allow them to work remotely at least a few days a week. So far, the hybrid model is popular among both employers and employees. Employers may want to consider extending this arrangement long-term to continue supporting their employees’ needs. 

2. Healthcare

Healthcare is one of the most significant workplace benefits that matter to employees. The American system of tying health insurance to employment caused many unemployed workers to simultaneously lose their income and access to healthcare at the height of a global pandemic. Many employees who kept their jobs during this time gained perspective on the importance of healthcare benefits. They are more likely now to examine this workplace benefit closely when evaluating job options. Offering competitive healthcare benefits can help employers gain a competitive edge in attracting and retaining top talent. 

Financial Wellness Benefits

In addition to the health aspect, there are also economic costs to the pandemic that translate to financial stress for everyday Americans. The unemployment rate is still more than double its pre-pandemic level. Sectors that rely on tourism and in-person services have not yet fully recovered. Finances are the number one cause of stress for employees, impacting their physical and mental health. Financial stress also dampens employee engagement and productivity, with 45% of employees citing money as a source of distraction at work.

To foster financial security among employees, employers are looking to offer holistic workplace financial wellness programs. These programs go beyond traditional retirement benefits and aim to help employees achieve financial success at every stage of life. A holistic financial wellness program should cover everything from financial education, goals-based financial planning, investing, and day-to-day management of their money. In 2020, 10% more employers offered financial wellness benefits to their employees compared to 2019―making it one of the fastest-growing workplace benefits along with mental health and childcare. 

As we all gradually emerge from pandemic restrictions and some of us head back into offices, employers need to keep a constant pulse on their employees’ needs and how to best support them. As with the shift to remote work more than a year ago, your employees’ needs for workplace benefits will continue to evolve. The flexibility to work remotely and access to holistic healthcare and financial wellness benefits will be key to healthy and happy employees and a successful post-pandemic workplace.

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