A year ago, when people thought of company benefits, they were often considered niceties that made a day at the office a bit more comfortable—whether it was a stocked kitchen, a game room with ping pong tables or early closure on Fridays. Consider that in 2019 companies were spending roughly $15k per month on office snacks and beverages—with 33 percent willing to spend more, according to one survey by ZeroCater.
Fast forward to today and those offices are empty, the ping pong tables are collecting dust and early-out Fridays don’t matter much when you’re starting and ending your work day at home.
Very few of the traditional office perks and benefits matter in the pandemic-induced remote work environment—and yet, retaining talent has never been more crucial. Losing and replacing a valued employee can cost a company 16-20 percent of the employee’s annual salary. For an employee earning $100,000 per year, the cost could be more than $16,000 for just one employee! In this environment, HR is scrambling to determine the benefits that help maintain employee engagement and overcome the remote work challenges of this pandemic.
More important than we might think
Benefits truly matter to today’s employees and have proven valuable in making employees feel recognized, cared for and appreciated. According to the American Institute of CPAs, 80 percent of US employees would prefer to stay in a job with benefits, than take one that offered more pay but no benefits.
Denne historien er fra January 2021-utgaven av People Matters.
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Denne historien er fra January 2021-utgaven av People Matters.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
How Digital Transformation Can Power The Great Reset
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The Crypto Meltdown Of 2022
FTX implosion: A setback, but not the end for the crypto market
Govern Pre-IPO Unicorns to Create Value; Not Valuation
Billion-dollar startups always make the headlines. But is there true value behind those eye-catching valuations? How can proper governance be implemented for these much-hyped companies?
On change and change management
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The Great Reconnection: A paradigmatic moment for employers and employees
This year has not been a good one for employee retention. The Great Resignation, originally thought to be a US phenomenon, has emerged in Asia now. But is there a way to turn it into the Great Reconnection?
Lessons Managing in leadership: a global hybrid team
What takeaways can we draw from the pandemic? Fatima Koning, Chief Commercial Officer at IWG, shares what the last five years have taught her about managing a global sales team across 120 markets in the hybrid model
Eight HR trends that we saw throughout 2022
As companies manage their workforces in a dynamic era, HR departments have continually adapted and adjusted, and never more than this year as digital acceleration and workplace evolutions came together
One way to turn the tide of employee retention
There's a surprising link between skill development opportunities and job satisfaction. Here are some ways of boosting skilling and thereby talent retention
A key focus for L&D going into 2023 should be business alignment
Venkat Subramaniam of Degreed believes that learning is core to business success and organisations need to invest in the right processes and technologies to adapt to continuous change
WOMEN IN LEADERSHIP CAN BE GAME GHANGER FOR INCLUSIVE FUTURE OF WORK
BREAKING FREE FROM THE STEREOTYPES IN THE INSURANCE SECTOR, PAMELA THOMSON-HALL SHARES HER JOURNEY OF BEING A CHAMPION FOR WOMEN AND BRINGING ABOUT A CHANGE IN A MALE-DOMINATED INDUSTRY
