What employee benefits will look like in the year 2022
Employee benefits are the non-monetary gains that a company provides its employees with. They can vary from company to company and individual to individual. These are given as an added incentive for employees, generating a sense of belonging towards their organization and creating a protective work environment. In many companies, the benefits may range from anything between having a dedicated gym area and an enormous canteen!
But since Covid struck, the priorities of the working class have taken a sudden shift towards their health (both mental and physical), with individuals seeking health benefits more than ever. They are now more than happy to invest in comprehensive health insurance than they were around 5 years ago.
But while giving employee benefits is the need of the hour, the HRs should keep in mind the uniqueness of every worker. The term ‘benefits’ should be fitting to the job profile and not merely a tactic used by the HRs for employee retention. In the 21st Century, the applicants have survived almost two years of a pandemic. The importance of good health coverage has been realised by each and every individual. These trying times have been an eye opener for everybody. People are trying to work out job opportunities which suit their needs and satisfy them, without compromising on their mental and physical health.
Mental, emotional and physical health are given priority because COVID-19 has taught everybody the importance of giving time towards one’s family. Some of the preferred benefits for working individuals could be getting health insurance for not just themselves, but their parents/ in-laws as well. Knowing your organization cares for you as much as you do for them sends across a great message to the employees.
Companies have started to invest in employee benefits because the added perks create a good work culture. More so because job security plays an integral role in building relationships within the organization. Employers have started to curate benefits’ plans for their team, keeping in mind their needs and wants. The incentives have been a part of the corporate and government sector since long, but it has been improving simultaneously to make the working scenario easier for the employees. Some companies have started compensating a fixed amount for its employees to set up their home office. It could be used to buy a chair, table or anything they require for the same. On the other hand, some companies have tried to provide their employees with a stable internet connectivity.
To ease the workload of the employees, providing a shuttle service for the commute would be a great way to decrease employees’ stress as it cuts the fuel cost from their pockets and is easy conveyance, with zero chance of coming in late! Also, the saved hours from the never-ending traffic could be used in a more helpful and intelligent manner. If your employees are working remotely, providing them with flexible working hours would be a great option. This will improve their productivity and efficiency as they will have to work for lesser duration, therefore the quality of the work done will be increased. This will also reduce the ‘office politics’ that people will appreciate a lot more.
The new age Indian employees know their worth pretty well. Their curiosity and the will to not settle for less than they deserve has increased the competition gravely. The money is not enough for the youth anymore, rather they look for opportunities where they might upskill themselves. In the year 2022, and the upcoming years, the youth will be more focused on getting their work done efficiently, without compromising the quality.