Author: Andrew Drake, Client Development Director, Buck
The COVID-19 pandemic has dramatically changed the face of the workplace, and in many cases has presented employers with enormous challenges. Without a doubt, employees’ needs have changed radically over the past year, meaning businesses have had to adapt their employee benefits to reflect this new normal. And while the country may be tentatively making steps back to normality, the long-term impact of the pandemic will continue to affect what employees want from their benefits.
In the wake of the pandemic, employee benefits not only need to reflect new and evolving ways of working, but also must support the wellbeing of a diverse range of staff and their families.
A year like no other
In the aftermath of the first lockdown in March 2020, we saw some immediate changes to employee benefits offerings. For example, some employees may have found it more difficult to access private medical treatments through their insurance when private hospitals pulled together to help an overwhelmed NHS. In contrast, insurance products such as income protection and life insurance became more sought after as people looked for financial security in the face of a public health crisis.
For employers, the challenge was to acknowledge and communicate where existing benefits may have faltered in the face of the pandemic and signpost employees towards other benefits which they may not have known were available to them.
Many of the everyday perks associated with office life fell by the wayside too, of course. Chats over a coffee, away days, team lunches and after-work drinks had to be replaced with virtual events that attempted to maintain a sense of connection as staff made the transition to working from home. While some businesses adapted to this way of working seamlessly, others found it more of challenge and the culture of the business slipped away as a result.
Adapting to the new normal
In the midst of such an uncertain time, employee wellbeing has never been so important. A year on and many employees are still working from home – some in small flats, some in shared spaces, and others with children at home. At the same time, a lot of staff will be struggling with financial worries or a sense of isolation.
As a result, employers need to make sure that wellbeing is at the heart of their benefit packages. Some businesses have been organising special meal deliveries or sending care packages in the post, while others have introduced tools like wellbeing apps and online counselling. Benefits like these are likely to continue for the foreseeable future, along with financial products like income protection and life insurance.
Employers are also adapting by introducing other remote perks, such as virtual gym membership or subsidised gym equipment to ensure physical and mental fitness. All of these benefits reflect the changing nature of work, but it’s even more important for employers to ensure that staff feel connected through these difficult times. In some cases, that could just means arranging informal chats and organising virtual team events as a way to bring people together.
The future of employee benefits
As lockdown is gradually eased, some benefits may simply return as before. For example, any private medical insurance claims that were postponed due to the pandemic are likely to become a top priority for insurers and employers. In some cases, interest-free travel loans or bike-to-work schemes may also be reinstated.
However, there is no denying that much has changed forever. Some companies may shut office spaces for good, for example, and shift entirely to remote working. Many other companies will continue to operate flexibly, with home working or hybrid options available to all employees.
But, with so many changes happening at once, and with so many employees completely changing their priorities altogether, now is the perfect time for employers to transform the way they think about employee motivation and engagement. Companies should use this opportunity to put employee wellbeing at the heart of their strategies by identifying which benefits will help staff stay both physically and mentally healthy, both now and in the future.
In order to achieve this goal, though, employers will need to take action now, starting with a review of their current employee benefits programme. For some employers existing benefits may need to be completely redesigned, while for others it may just be a case of changing the way that existing benefits are communicated. Fundamentally though, employers will not only need to recognise and understand their staff’s current needs, but also adapt their offering to cater for a rapidly evolving workforce.
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Source: http://hrnews.co.uk/a-year-in-lockdown-how-employee-benefits-have-changed/
