Rewards and Benefits since Covid-19
With Covid-19, what is the future of Rewards and Benefits for employees?
Fact! The world as we know it is changing.
Fact! There is a shift and WFH is part of this new world.
This will mean that potentially, companies will not need to rent or have those enormous office spaces available for their workforce to come to work, they can have smaller spaces and people can choose to come or not. This will help companies with overhead expenditures meaning less supply office equipment or furniture.
Allowing employees to work flexible schedules can increase job satisfaction and reduce turnover. This helps you cultivate a long-term employee.
This will also mean that the “Google and Facebook” perks like Canteen, countless soda, candy, foosball tables, Ping-Pong, slides and you name it – will no longer perhaps be needed.
In my opinion, we need to gear the shift towards the well-being of our workforce – yoga classes, mindfulness sessions, massage gift vouchers, health and dental insurance coverage, I would go even further, to therapist/psychologist visits.
On a more practical note, employees would prefer their internet, electricity and heating bills to be paid rather than having fruit and 10 different types of milk in the office I would assume.
With the restrictions in gathering and social distancing people may not go out for lunch, so will ticket restaurant continue being attractive or will employees value food supplies and deliveries to their door, on Fridays they fill the menu form and the following week they get the food delivered on behalf of their employer so no time invested in cooking or time wasted.
Studies show that WFH employees are 20% to 25% more productive than their office counterparts. Not only are there fewer social distractions, but there are also more opportunities to take necessary breaks when needed, which psychologists say helps with overall performance, motivation, and creativity— among other benefits. Employees working at home have greater autonomy, face fewer interruptions, and can focus on their work more.
This will also have an environmental effect, if the staff no longer needs to commute to work, less spent on petrol or transportation costs, it will reduce the C02 emissions and also improve work-life balance and less time spent on the commute.
Employees will have fewer needs of going on vacation, study reveals WFH can feel like a break from the office, even though your employees are still working.
Employees will get to recharge and spend more time with their families, so they might not be as inclined to take a two-week vacation as they used to before.
Another big question solved by the fact that you allow flexible working schemes and WFH means you can hire the BEST TALENT; no matter where they are based from. This has been a huge constraint for many recruiters during the past few years where we had to look into relocating candidates with their families, spouses, pets and kids and the hassle of what that meant as well as the fact to be focused only on a territory rather than finding the best skilled and available candidate in the market place.
And what is even more important it will make your employees happier! Of all the surveyed conclusion was that overall employees have accommodated to this “new set up” of working from home and are quite keen on continuing post-pandemic.
Happy Employees = More productivity = staff retention!
So now my question is how will you adapt as an employer to adjust your recognition and rewards for your employees?
Have you thought about it?
You cannot go back to normal – you must do something!
CEO & Co-Founder
Talented International – Contact me