What are the most important employee benefits during the pandemic and beyond?
There is still a lot of uncertainty about how to move forward and what the future of work will look like post-pandemic. One thing we can all agree on, however, is the way we once worked has changed forever. Unsurprisingly, the wants and needs of employees have also changed.
So, what do employees want today? What does the short and long-term future hold for both employees and organisations? To find out, we surveyed more than 58,000 employees across Europe for The Future of Work Report: Employee Benefits and Work Trends in Europe. Below we share some of the findings.
Employee benefits that reflect the current situation
With office closures and our homes now also our workspace, many of the employee benefits that were once in demand and considered attractive no longer have the same appeal, like lunch subsidies and discounted annual public transport cards.
When survey participants were asked whether they think their benefits offer reflects the current situation, less than 20% of participants in the UK, Sweden, Denmark, France and Germany rated their current benefits offer as an eight or higher on a scale of 0 to 10. Only in the Netherlands is it higher, where 34% of participants rate their current benefits offer an eight or higher.
Perhaps more concerning, however, was that 33% of Germans, 25% of Brits, 28% of Swedes, and 23% of French participants rated their benefits as a three or less.
For a detailed breakdown for each country, be sure to download The Future of Work Report: Employee Benefits and Work Trends in Europe.
What benefits employees want today
So, what would make employees more satisfied with their employee benefits today? The top three elements wanted by the survey respondents across all countries were:
- A larger selection of benefits and discounts.
- Clearer information about their benefits.
- More individually tailored benefits.
When participants were asked what benefits they would like their employer to offer, the overwhelming majority said they would like financial benefits such as bonuses, profit-sharing and company shares.
With Covid-19 having caused financial instability for millions of people around the world with job losses and reduced working hours, it’s not surprising that so many employees want greater financial incentives and financial support. While you’re here, don’t miss our post on the importance of financial wellbeing and how to alleviate your employees’ day-to-day concerns about their finances.
A glimpse into the future
Although companies have begun welcoming employees back to the office in certain countries, many experts say that 2020 marked the end of the traditional 9-5 office set-up that we once knew. Many believe that the office will soon become a place for collaborative work only.
Be it full-time, part-time, or somewhere in between, it is clear that we will most certainly see greater flexibility and more employees working from home in the future.
Our survey reveals that 71% of participants in Sweden, 66% in the UK, 59% in Denmark, 55% in the Netherlands, 54% in France and 51% in Germany say they would like the opportunity to work from home more in the future.
So, what benefits will be most important to employees in the future? While the responses vary ever-so-slightly between countries, the consensus is that we will see a need for benefits adapted for home working (e.g., ergonomic chairs, extra computer monitors, etc.), benefits that encourage work-life balance, benefits to support mental health, and benefits around leave and working hours. To see the top three for each country, download the The Future of Work Report: Employee Benefits and Work Trends in Europe.
This article is provided by Benify.
View the original article: Important Employee Benefits: During the Pandemic and for Tomorrow.
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