Companies like Zillow, Dropbox, and Twitter have already decided to remain fully remote for most employees. 58% of workers are willing to quit their current jobs if they don’t have the option to work from home. So, we may see more companies following suit.
If this trend progressed, office culture, work schedules, and employee benefits would look very different in 10 years. Flexible schedules would be more common and employees could work wherever they are most productive.
Benefits like paid vacation would also become a minor player in your benefits package. We could see more fringe benefits geared toward your employee’s health, work-life balance, and wellness.
So, what will employee benefits look like in 10 years?
Here are the top 5 employee benefits we may see in the future.
1. Family Centered Benefits
Childcare isn’t a new problem, but the pandemic made sure we couldn’t ignore it. Pew Research found that 52% of employed parents had a difficult time juggling their childcare responsibilities and work.
There were employees struggling to provide care to aging parents as well. Companies like Prudential and Carter’s children’s apparel have already taken the initiative to support their employees.
Last year, Carter’s held many sessions with their employees regarding problems and concerns with childcare. These sessions revealed many employees needed help. Carter’s already offered childcare benefits, but after this they decided to ramp up their childcare options.
They now offer back up childcare, tutoring for school aged children, discounts to childcare facilities, and discounts to camps & programs.
Prudential is assisting their employees with eldercare benefits for their loved ones. They connect their employees with resources for emergency caregivers, in-home nursing agencies, and geriatric physicians.
Other family benefits we may see:
- Increased paid family & bereavement leave
- Adoption credits & subsidies
- Eldercare benefits
- Childcare benefits
2. Accessible & Affordable Health Insurance
As of right now, health insurance is expected to outpace the rate of inflation. This means medical coverage could cost our employees more than it already does.
As employers, we can opt to help our employees by trying to make health insurance affordable and more accessible. For instance, offering income-based premiums to lower-income families may allow your employee and their family to go to the doctor when they need it.
Some companies are even offering to cover 100% of health insurance benefits for their employees, spouses, and dependents.
GoDaddy covers 100% of the employee’s insurance premium and 50% of the premium for spouses & dependents.
Accessing medical professionals virtually and telephonically could be a staple for accessibility. Employee education of benefits may become more normal as well. Many employees aren’t aware of what’s available to them or how to initiate certain claims and services.
As time goes on, we’ll need to make sure they have all the information they need to make informed decisions.
3. Mental Health Benefits
Over the next 10 years, mental health benefits could be included with your employee benefits package. Luckily, 53% of employers have started to provide mental health benefits.
Starbucks gives their employees 20 free counseling sessions to their employees and family. PWC provides their workers access to well-being coaches. They can discuss what’s stressing them out or how to have a better work-life balance.
Giving employees the option for in-person, virtual, and telephonic counseling would make it more accessible to employees. Investing more in mental health benefits could help prevent burnout and possibly increase productivity.
4. Financial Wellness Benefits
Financial wellness is more than offering employees access to loans or resources when they’re going through hardship. The financial uncertainty and job insecurity of 2020 made people rethink their finances.
Employers can offer their workers financial education and access to financial counselors & coaches. With education they can learn how to plan for emergencies and how to use all the benefits at their disposal.
Other benefits offered could be financial aid guidance, student loan counseling, a 529 college savings plan, or credit & debt counseling.
Prudential currently offers their employees access to interactive financial content, online tools, and other programs.
63% of employees are stressed out about money
5. Employee Resource Groups
Employee Resource Groups (ERGs) may become more common in the remote work environment. These are employee-led groups to create a safe space for employees. ERGs help to increase inclusivity and build a sense of community within the workplace.
Each group is different and may share a certain characteristic, gender, religion, ethnicity, lifestyle, or interest. Employees can come together to provide support in career development, personal issues, or issues that arise within the workplace.
ERGs also help owners, managers, and leaders stay in the loop with specific issues, topics, ideas, and successes. As of right now, 90% of Fortune 500 companies have Employee Resource Groups.
The employee benefits we offer is a small piece to the puzzle of how to increase employee retention. What matters to our employees is changing and will continue to evolve.
However, we may be able to get ahead of the curve and start offering our employees fringe benefits that cater to their wellbeing and their families.