What does it take to keep workers in the era of the Great Resignation? A poll of over one thousand professionals on LinkedIn revealed the benefits of making many employees think twice about packing up and leaving. In addition, 83% of the respondents confirmed that benefits affect how they decide to apply and stay in this era.
The Great Resignation is unique because people did not expect mass resignations right after the most challenging periods of the pandemic. The pandemic was a pressure cooker, and we can view the current era as a way of releasing the pent-up pressures that began in the lockdowns of 2020.
When looking for a career, the benefits offered in a company’s remuneration package are crucial to all candidates. In addition, employee benefits assist employees in paying for healthcare, saving for retirement, and taking time off when necessary.
Understanding the relevance of benefits packages can assist managers in providing more comprehensive packages to attract and retain outstanding people and assist employees and applicants in determining their priorities in a position. Employee benefits are sorts of compensation that firms provide and pay to their employees.
Other standard perks such as paid vacation, health insurance, life insurance, and retirement plans are optional for employers. However, to be competitive when hiring and keep their staff happy, healthy, and productive, businesses often provide additional benefits.
- Healthcare Benefits
Healthcare benefits are the foremost requirement for job seekers. It’s number one on the list and expects candidates to scrutinize what they get when applying.
U.S. employers and employees report that this remains the most critical benefits category. Employees also demand online mental health coverage, telehealth services, and telemedicine. Wider accessibility is essential for job seekers in the time of COVID.
- Better Work Flexibility
Current trends show that workers are more likely to apply if the employer offers true work flexibility. Therefore, job candidates want absolute freedom when they sign up for remote position opportunities.
The goal is to better work-life balance and increases one’s capacity to accommodate one’s personal life. Much higher demand for locational flexibility has been noted in the U.K., Japan, Germany, France, Australia, and the United States. A staggering 95% of workers have work flexibility at the top of their “must-have” lists when applying for jobs.
- Allowance for Setting Up a Home Office
Everyone’s familiar with the challenges of setting up a worthy home office. Unfortunately, it’s not as simple as bringing home the equipment and connecting the PC, Mac, or laptop to the Wi-Fi. The pandemic years taught us that productivity suffers in less-than-ideal home office setups. That’s why employees are now asking for additional allowances for setting up their home offices. This allowance reduces the financial burden, and workers become more efficient and productive.
- Elderly Care and Childhood Assistance
It’s no secret that many employees have families to take care of (more than financially). Having children and elderly family members at home will eventually take a toll on an employee (if it hasn’t happened yet). However, breaks will suit everyone, and people will become more productive and efficient at work. In addition, when there’s elderly care and childhood assistance, they won’t have to worry so much about family while working.
- Development and Learning Opportunities
All companies should be progressive in the sense that they encourage the genuine professional growth of their employees. Within the context of corporate culture, this means companies must provide ways to encourage workers to pursue their personal and professional interests.
The goal is to increase employee satisfaction and reduce attrition. Development and learning benefits can help convince employees to stay. In addition, these opportunities will help employees feel supported by their employers.
- Wellness Stipends
Employees now report that they do better with wellness programs. The trend shows that wellness benefits have an impact on healthcare costs. These programs also reduced absenteeism while boosting productivity. Companies offering these benefits send a clear message to current employees and candidates that company culture prioritizes the wellness and health of its own. Not a wrong message to send in the time of the Great Resignation.
- Allowances for Coworking Spaces
While the general trend shows that many employees are happier working at home due to apparent work-life balance benefits, a portion of workers report that they are more productive in coworking spaces.
Coworking spaces are not new, but they’ve certainly gathered more popularity during the pandemic. Employees now want to work where their brains work most efficiently, and if it has to be in coworking spaces, they believe that employers should support that decision.
- The Grand Total (Compensation Plus Benefits)
Employers should never lose sight of the bigger picture. While salary is substantial, benefits are equally important, and the two sides of the same coin should make sense and support each other.
Employers who are at a loss as to how to keep employees should be ready to review their employee packages to see where the structure is failing. This applies most especially to businesses with cross-cultural teams strewn globally. In addition, companies may need to rethink what to offer employees who are working in other parts of the world, as they may have other needs.
Employee perks are also crucial for workplace morale because a motivated and happy workforce is more likely to be productive and collaborate well. Job satisfaction from good benefits also lowers turnover rates, resulting in stabler and more robust workplace dynamics.
Organizations may help their employees advance their careers by covering a portion of their continuing education costs. Companies typically place constraints on course types, ensuring that the courses studied are relevant to their job role, or compel employees to work for a particular period after completing their coursework or degree.
Employees and job candidates are increasingly bothered about how they can attain better work-life balance. In addition, employees now want to spend more time with their families and friends thanks to benefits like flexible hours and additional vacation time. These benefits allow them to have more fulfilled personal lives. They’re especially vital for parents who manage work with childcare or other family obligations.