Company incentives (beyond salary) can go a long way in aiding recruitment efforts, as well as retaining employees. Understanding what your team values leads to improved relations and productivity–an investment strategy that can make the difference between your best employees and/or candidates choosing you or a competitor.  

Finding the right benefits package can be confusing, as benefits and perks are not exactly the same. Benefits are a general form of non-cash earning covering an employee’s basic needs that they would usually have to cover on their own without their position. Perks, however, are additions to an employee’s salary and benefits package that are not necessary needs but can be the deciding factor of employment for your workers or job candidates. 

Especially now with the coronavirus, benefits and perks have become more important than ever. While some benefits remain important, others have become more favorable due to the many alterations companies had to make to adjust to the pandemic, but what are those? Below are the top benefits and perks post-COVID:

Benefits

The benefits employers offer have not necessarily changed, but the fine details of each have shifted. The top five benefits companies should offer are health insurance, paid time off, dental insurance, retirement savings options, and life insurance. The most notable changes post-pandemic are concerning health insurance and paid time off. While many companies offer health insurance plans, HRAs, or HSAs, COVID coverage has become increasingly important. While the government has assisted in testing and vaccine costs, some employees find themselves needing hospital coverage. Double-check with your insurance provider of any limited coronavirus coverage options to ensure if needed, your employees won’t be stuck. For those offering HRA or HSA, review your policies for the company offering those benefits.

Paid time off has become more important due to the pandemic because of the ever-changing status of schools performing classes onsite and exposure risks. Many families struggled to balance their children being home for months as the virus first emerged and finding the proper care to ensure their safety as well as them attending remote classes. Another concern that becomes more predominant is the potential exposure and limitations of working remotely. To best combat the first worry, review your paid time off policies to create an action plan for employees who have families. For potential exposure situations, see if your company has the ability to offer remote worksite equipment. This can be employees bringing all necessary equipment and supplies from the office home or offering so much compensation for equipment needed. If neither options are suitable, have your company review its paid time off policy to see if additional changes or amendments need to be implemented.  

Perks

Perks have also not changed, but the limitations or specific guidelines of those perks may need to be reviewed the most due to the pandemic. The top five perks are flexible work schedules, remote work options, paid parental leave, employee discounts, and other PTO opportunities. Flexible work schedules have become more important than ever, no matter if your employees work remotely or onsite. Personal obligations and changes from COVID-19 have increased the need to have a flexible work schedule. This can mean some employees work from 11 a.m. to 8 p.m., or perform most of their work on-site, and then finish their day at home due to children’s school schedules. 

Parental leave policies have changed for some companies when they couldn’t alter their paid sick leave for pandemic reasons. Make sure to review this policy as well if you find your company in the same scenario or vise versa, to ensure some flexibility regarding the changes the coronavirus can bring. 

As employees consider their benefits and perks more, the more likely they are to choose their employment options based on what they value the most. A strong benefits and perks package can decide the productivity, morale, and candidates for your company. If you are unsure what decisions or changes to make, the best option is to ask your current team members to learn first-hand what they value most. If you are recruiting candidates, you can also implement a section of questions to see what they value. 
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