Employee Benefits After Covid-19

Categorised in: Employee Benefits

There has already been much discussion on the impact on consumer trends and employee wellbeing during the Coronavirus Pandemic. But, as lockdown restrictions ease and vaccination programs continue to be rolled out, it might be time to discuss employment after Covid-19. To that end, what long-term Employee Benefit trends are we likely to see in a post-Covid economy, and how should your business adapt?

What have we already seen?

To understand what trends we may see after the pandemic, it’s important to go over what the immediate impact on employee benefits actually was. Perhaps the most obvious changes we saw were the mass transition to working from home and online business operations. Later on, we also saw the growth of Flexible Work Policies as some office spaces partially reopened.

This all affected employee perks systems and benefit norms as, whilst many found comfort in remote working, companies had to deal with a loss of social interactions. This meant that Covid-19 had both short-term benefits and drawbacks to employee work-life balance, whilst perks such as company events and certain discount programs became somewhat redundant.

Moving forward:

An employee benefits rethink

Any major change to the way that we live our lives and run our businesses will inevitably see a rethink in operations. Thus, we’re likely to see changes in how companies approach employee benefits after Covid.

Indeed, according to an employee engagement survey by Aon, 78% of businesses are considering updating or evaluating their staff rewards system. This suggests a long-term change as to how companies attract, recruit, and retain the best talent is already well underway.

Employee engagement with the office

Post-Covid trends won’t solely be driven by businesses. Employees themselves will have a huge say in how office life and benefits systems adapt to the new normal. As a result, employee engagement tactics could begin to look quite different in the long run.

Working from home had a lot of positives for many, meaning it’s likely that greater company flexibility with where people work will continue. Staff also may want to live closer to offices or begin walking or cycling to work as an alternative to the traditional commute. And, with a greater emphasis on remote work, we may also see increased demand for Employee Apps to help with Engagement.

Increased wellbeing support

After a difficult year for much of the workforce, employee wellbeing support will continue to be as relevant to office management as ever. After all, to Retain Employees, businesses will have to provide staff welfare support such as health and work-life perks. Therefore, demand for this will most likely only increase in the years following the pandemic.

Thankfully, you can start improving your support with our advice on 20 Employee Wellbeing  Incentives that you can Launch Today.

Overall, how companies approach employee benefits will see some significant changes in the next few years. That’s why Hive360 offers enhanced benefits and a comprehensive wellbeing package with its PAYE Payroll Solutions. This gives you a flexible, adaptive staff perks system that offers everything your company needs, from discounts to welfare support. You can discover How Much You Could Save Here, or Contact Us to find out more.