Manage HR Magazine | Sunday, August 23, 2020
Health insurance is already at the top of the list of employee benefits. Unfortunately, one aspect of health benefits often overlooked by companies is mental health benefits.
Fremont, CA: It is needless to say that proper employee benefits are one of the key elements of a successful people management strategy. In this year, when unemployment rates continue to fall, and the demand for top talent gradually increases across industries, a lucrative package of benefits can help companies attract, retain as well as engage employees.
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Let us look at some essential employee benefits trends that companies can include in their 2020 strategy:
Benefits that Serve Employee Wellbeing
Health insurance is already at the top of the list of employee benefits. Unfortunately, one aspect of health benefits often overlooked by companies is mental health benefits. As per a survey by MetLife, 76 percent of employees agreed that employers are responsible for the wellbeing and health of employees- the figure increased [vendor_logo_first]from 68 percent in 2015. The definition of wellbeing encompasses various elements such as life insurance, pension, student debt assistance, financial wellness, car insurance, and more. In 2020, companies have to rethink how their benefits can allow for employees' long-term wellness.
Data Collection to Measure Impact of Benefits
Only implementing benefits can not bring out desirable results. Companies need to collect data on how the benefits are viewed and utilized by employees. Yet, only a few companies are actively doing that. As per a report by Thomsons Online Benefits, only 54 percent of employers measure the benefits of employee engagement. The report also highlighted that companies who gather data are better at aligning their global benefits strategies with their people strategy.
Flexible Working
The demand for flexible working is growing with time. companies can consider providing remote work to their employee benefits strategy since it enables employees to maintain work-life balance and allows them to work anytime and anywhere. As per a report by the Society for Human Resource Management (US), from 56 percent in 2015, 69 percent of companies now offer remote work benefits to their employees.
See also: Top Employee Engagement Consulting/Services Companies
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