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Designing Employee Benefits Packages After COVID

In any case, here are some guidelines for redefining and redesigning the types of employee benefits you want to start offering to your workers.

One of the byproducts of the COVID-19 pandemic is the mainstream paradigm shift of working remotely. Such an option was already possible, of course. But generally speaking, it’s an opportunity offered as a perk and not a basic necessity of how the workplace actually works. While it’s still up in the air when the pandemic will finally be over, this era will leave a lasting legacy. We still talk about the “Spanish Flu” pandemic that happened over a century ago. How will the people of 2121 see us? In any case, here are some guidelines for redefining and redesigning the types of employee benefits you want to start offering to your workers. 

The Concept of the “Benefits Playlist” 

The idea of a so-called benefits playlist sounds odd. But once you take the time to think about it, it is an apt metaphor for employee benefits packages. Reward programs are intrinsically tied into these offerings, so separating them or making them mutually exclusive will not work. In other words, it’s inadvisable. The traditional healthcare plan is the bedrock of a good benefits arrangement. But traditions tend to evolve over the years to meet the ever-changing needs of more contemporary society. What worked in the 1980s, 1990s, or even the 2000s might not work now. 

Economic Market Forces and a Vague Future 

The job market is still somewhat sluggish. COVID disrupted supply chains all over the world. Digital commerce is also taking the forefront (cryptocurrency is gaining cachet, for example.) Given this reality, overhauling your employee benefits packages to be even more generous sounds antithetical to the way things have always been. In the end, it will save money and boost workforce morale.  

What Your Employees Want 

Dramatic changes aren’t always a bad thing! Employee expectations go further than raises tied to exhausting overtime hours served. Cafeteria plans and work-sharing initiatives are relics now. They’re old news. The “benefits playlist” means employees can select meaningful benefits that will be the most useful to them. 

The Advantage of Flexible Work Schedules 

Allowing your team to set their own hours is best for business. This permission comes with a caveat, though: regular business hours from 9-5 should be their expected window of availability. That means they’ve got to be easy to contact even if they aren’t on-call (as IT experts and system administrators often are.)  

Putting the Notion of “Extended Benefits” into Practice 

Audiobook subscription services are a valuable investment. It’s an unconventional benefit, but one that could interest your team members if they love to read. Extended benefits packages could also include flex spending. This financial resource manifests itself as a monthly stipend that employees can spend for whatever they want. 

Another Customer Testimonial

Martha R. Whiteley had more to say: “There was no additional administrative burden since Don met individually with each staff member one-on-one. Our employees appreciated the privacy and respect during their consultations. They were also excited to be offered traditional Short-Term Disability, as well as to have access to family income protection plans for when dependents and spouses are hurt or sick.” Thanks, Martha!  

Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!

This entry was posted on Friday, August 27th, 2021 at 2:45 pm. Both comments and pings are currently closed.

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