In the last decade, some employers attracted new employees with perks like free gourmet coffee and flexible, fun gathering spaces in the office buildings. But how valuable are those benefits when you aren’t able to work in the office in the first place?
Because the lockdowns forced everyone into their homes, workers discovered that they could deliver value to their employers virtually. Now that this is known in many office spaces, you can expect that the relationship is going to be permanently altered.
As it evolves, so will benefits and perks. Here are just a few predictions on what we expect employees of the future will prioritize in their benefits packages:
Flexible hours – and locations
This is the conversation already happening in many workplaces. As lockdowns have been lifted, some employees simply aren’t returning to the office. Whether it’s out of concern for their health, frustration with mask mandates, or simply the recognition that they can do their jobs just fine from home, a large portion of the American workforce is already discussing how to keep their remote work arrangements.
Even before the pandemic of 2020, office workers were negotiating remote workdays with their bosses, along with flexible hours. The nationwide lockdowns simply poured gasoline onto those fires.
With the average office worker now proving over several months that they can still deliver value to their jobs, expect more of them to demand increased flexibility in their hours and their remote arrangements.
No-cost medical benefits
The cost of healthcare continues to rise, and everyone is feeling the hurt.
Employers and employees share the financial burden right now, and when health plans are ticking up into the range of thousands of dollars per month, it’s becoming more difficult to justify these arrangements.
Besides that, some employees are simply opting out of their health care packages entirely, preferring to handle the costs themselves just to prevent that big of a chunk being taken out of their paychecks.
In the near future, one could expect large organizations offering smaller organizations legal structures that allow them to continue offering health benefits at a reduced cost. In some cases, this could allow companies to lessen the weight of their 50% contribution, or they could potentially leap ahead of the competition and pay 100% of health care benefits at no cost to the employee.
As the market evolves, expect competitive packages like these to be discussed.
Student loan repayment
The general public is now aware of the pitfalls of the ever-increasing student loan industry. Higher education costs have not stopped rising in the last twenty years, and at a rate that far outstrips the rate in which graduates are making money.
Some companies offer to pay a portion of tuition costs. Others are even chipping in on student loans.
It wouldn’t take much for a financial services organization to create a pre-tax student loan payment vehicle. The demand for such a product would be extremely high, and employees would be happy to save money wherever they can so that they can pay off their loans faster.
As employee benefits change and adapt to the new marketplace, new solutions are required to help deliver rewards to workers. COGZ Recognition Currency is a platform that allows employers to increase engagement with employees, offering a new way to provide additional benefits and perks using a method that can adapt with the times. And because this unique technology is so easy to use, you can create a new employee engagement plan within minutes – no learning curve required.