People are inherently keen to learn about themselves, their strengths and weaknesses, and how they can improve personally. As part of this process, people need to review the benefits available for them at work.
The modern workforce is highly skilled and talented; workers expect various benefits beyond salary, including medical coverage, bonus plans, education opportunities, and non-traditional benefits.
For employers, this means that it’s time to update the employee packages and benefits available so that the employees can remain competitive in attracting highly-skilled, highly talented workers. The future of work will be driven by deeply collaborative relationships between employees and employers; to achieve this, both parties must focus on respect, trust, flexibility, and a mutual investment in the future of the enterprise.
What You Can Offer Your Employees as Part of Their Compensation Packages in 2022
Companies that provide the best working conditions and most excellent work-life balance will attract and retain highly-skilled, motivated employees.
As part of an existing comprehensive benefits package, consider including the following:
- Training – Continuous learning is increasingly important in business; it’s one way for companies to ensure they stay on top of changes in their industry. By offering training opportunities, employees can develop their skills and stay current in their field. It’s also a way for employees to learn new skills that they can use in other work areas.
- Flexibility – Employees work best when they can manage their time effectively; by offering flexible work schedules, telecommuting, and the ability to work remotely, you’ll attract and retain highly skilled workers who need this kind of flexibility to balance their work and life responsibilities. The future of work will be based more on relationships than tasks, and this requires flexibility.
- Financial benefits – Financial security is essential, so having a financial wellness program can help employees prepare for future goals such as buying a house or sending their children to college. Providing access to pre-tax flexible spending accounts will also save your employees money they can use towards medical expenses and childcare costs. You must also make sure that your employees always receive their pay on time. You can hire a company that specializes in payroll services so that you can focus on your other tasks and responsibilities.
In addition to these benefits, consider offering the following to attract and retain the best talent:
- Health and fitness – A strong focus on a healthy work-life balance will help employees achieve a positive mindset. Consider your office space – do you want people working in a sterile environment or one that’s inspiring? Offering access to a fitness center and health coaching will help employees improve their overall health and well-being.
- Alternative work options – To attract highly-skilled, motivated workers in 2022, you’ll need to offer them flexible working schedules. Let people work when they’re most productive by offering different types of alternative work arrangements, including part-time, temporary, or project-based work.
- Social responsibility – Employees are drawn to companies that share their values, so consider offering opportunities for employees to give back through volunteer programs or even matching employee donations. By expressing your company’s sense of social responsibility, you’ll attract employees who align with your organization’s core values.
How You Can Update Your Benefits for 2022
In addition to offering the above benefits, companies can also update their benefits offerings for 2022 by becoming more transparent in communicating and using data. Providing employees with access to a personalized dashboard that provides accurate benefit information will create trust between employer and employee.
Employees may be concerned about high healthcare costs or retirement security in 2022, so it’s essential to be clear about how you use employee benefits data. Being transparent will help employees feel secure in enrolling in your benefit plans, which will encourage them to have healthy lifestyles that are better for their well-being and the company’s health.
What You Can Update for Your Benefits for 2022
- Welcome new employees with a personalized benefits package that explains what they can expect from your company
- Inform employees of the data you collect and how you use it. This way, employees know their concerns about high costs or retirement security are heard by leadership
- Offer alternative work options
- Identify and communicate how you’re positively impacting the community and your employees’ lives through workplace giving and volunteer opportunities.
Possible changes to employee benefits packages may include:
- Tuition reimbursements for high-quality graduate or advanced degree programs
- Cafeteria-style benefits by which employees can select the benefits they want, for example, healthcare coverage vs. flexible spending accounts (FSA) instead of offering pre-selected options
- Financial wellness tools that help employees save money, prepare for retirement, and understand their benefits
- Fitness and wellness tracking tools that track employees’ personal health information, access to gyms or other fitness centers, or incentives for healthy activities like walking or running.
In the era of rapid change, it is essential to stay up-to-date with current trends and what is going on in the world. There are many benefits to staying educated, including improving work performance and gaining new insights into the market you operate in. By updating benefits for 2022, you’ll be able to attract and retain quality talent that will help your company grow.