2018 vs 2021: The evolution of workplace benefit priorities
Over the years, top companies in different industries have come to terms with the importance of ensuring overall convenience for employees. Employers are responsible for providing a healthy work environment that’s free from hazards since workers spend so much of their weekdays (or perhaps weekends) at the workplace.
Organisations decide which incentives to offer through input from their human resources department. In some cases, companies can implement HR software to collect and analyse information on benefits.
Some organisations, especially small-sized ones, may even find it challenging to offer their workers workplace benefits like compensation for working overtime or health care.
Organisations are finding it difficult to clearly define the benefits that they can provide to the members of their workforce due to changes in regulatory laws that got implemented in the previous year. Considering that employees and employers alike stand to gain a lot from compensation, deciding which ones to administer should not be so much of a challenge.
How benefit priorities changed from 2018 to 2021
From 2018 to 2021, our world has gone through a lot of changes that influenced how companies and their employees view workplace benefits. There’s a report from Cezanne HR that analyzes these changes in several points, and you get it at https://cezannehr.com/infographics/workplace-benefits/.
Some of these changes are demonstrated in the hierarchy of benefits that organisations provide for employees. In 2018, ‘enhanced leave’ was the eighth most beneficial workplace compensation. By 2021, it ranks as the topmost valuable benefit. ‘Social media’ which is now the eighth on the list used to be second in 2018.
Following the pandemic, 2021 saw an increase in the number of people working from home. That explains their need for control over their work schedule so they can handle other duties. Flexible working hours was described as an essential employee benefit. Back in 2018 where physical presence was a factor, benefits such as social activities and travel loans were available for employees to enjoy.
Due to the restrictions on physical contact and the adoption of remote jobs, employees have rearranged their priorities in 2021. It’s also important that workers deal with the stress that is building from managing their time and work. For example, HR software can automate several activities of the department to create a more flexible work schedule for employees.
Gym membership and workplace gatherings are some benefits that used to be high-priority but not any more. On the other hand, there has been an increased demand for personal growth opportunities like promotions or career improvement training. According to research, most workers want their employees to provide benefits in line with their career goals.
The role of HR in implementation of valuable benefits
Both workers and employers have parts to play in implementing valuable benefits. Employees help identify benefits that are valuable and companies work towards providing them most cost-effectively. No organisation would love to be at a disadvantage by providing low-valued or inappropriate incentives all in the bid to keep existing employees happy and attract prospects.
It is a major responsibility for HR management to ensure that workplace benefits are clearly articulated to improve the decision-making process for employers. The department can achieve that through organized meetings with the workforce in both individualised and group settings. They implement HR management software to assist communications teams in identifying workplace benefits. This is especially import.t because only a minority of staff members are satisfied with the benefits they tend to get from companies..
Another duty of HR is to help workers better understand their insurance plans and how to maximize their value. The department will also need to present compensation data to improve the choices that the leaders of the organisation make as regards the benefits. HR will need to consider the cost-effective approaches to help the company offer the most valuable benefits to their workers.
Over the last three years, the priorities placed by workers on some benefits have changed. Companies must understand these to avoid wasting limited resources in providing invaluable compensation. Some of these changes have been highlighted in this write-up. Ultimately, it is up to HR to bridge the gap between employees and employers and ensure that relevant workplace benefits are offered so both parties are satisfied.