Has COVID Impacted Employee Benefits?
The COVID-19 pandemic has had a significant effect on many companies, particularly with regard to the benefits that employees receive. Already a major point of contention long before the pandemic struck, the issue of employee benefits has become even more heated as employers struggle to come up with a workable solution.
For most employers, the biggest challenge is ensuring employee satisfaction and well-being while maintaining productivity. The difficulty in meeting these goals is compounded by the changes brought about by the pandemic.
To be sure, many companies have already implemented the necessary strategies for achieving these goals even before COVID-19. But with the changes brought about by the pandemic, there is an urgent need to implement these methods on a massive scale.
Here are some of the ways that COVID-19 has affected employee benefits:
Less emphasis on in-office perks
Most employees are subject to alternative working arrangements that limit the number of people in the workplace. In some companies, they work exclusively from home. In companies requiring office or field personnel, they alternate between working at home and on-site.
Given these arrangements, many companies have cut back on standard office perks such as game rooms and complimentary coffee and food. Because fewer people are coming to work, these benefits have largely become unnecessary. The funds previously spent on these perks have been redirected into work from home equipment and health supplements.
Work from home setups
The shift to work from home arrangements has highlighted the need for equipment and supplies at home. Some companies reimburse staff for the items they purchase with their money. Others opt to supply employees with the necessary equipment, including computers, printers, and other essentials. Some even cover the cost of ergonomic chairs, software purchase and installation, and internet plan upgrades.
These measures benefit employers as well as employees. Because workers have the equipment they need to perform their duties at home, they can better maintain productivity. This, in turn, enables the company to continue operating optimally, despite having fewer people come to the office.
Increased priority on employee health
Some employers have just recently realized the advantages of having a healthy workforce, given the unique challenges brought about by the pandemic. Wellness kits containing medicine, health supplements, and food items are now standard issues in many workplaces. Some companies even offer exercise equipment such as weights, skipping ropes, and yoga mats.
Companies have also begun addressing mental health issues in a bid to ensure their employees’ well-being. Some host webinars to help workers cope with the challenges of the pandemic, while others offer online classes and training programs to alleviate stress and enhance creativity.
Insurance for business travels
Due to the increased risk of infection during travels, many insurance firms now offer business travel insurance to employers and employees. Companies in which personnel regularly travel locally and internationally could benefit considerably from these plans.
Business travel insurance gives workers a sense of security and protection, knowing that they will be covered for any untoward incident. The importance of insurance is now more significant than ever, particularly in areas where there is a high risk of contracting COVID-19.
Flexible time arrangements for parents and caregivers
Implementing work-from-home arrangements is an effective strategy for preventing infection in workplaces. Nevertheless, this setup often adds to the burden of workers who are also parents and caregivers. For many, juggling work and family responsibilities can be very physically and mentally demanding, not to mention extremely stressful.
Flexible time arrangements can ease some of this burden, giving workers sufficient time to handle their responsibilities and still get the downtime they need to rest and recharge. Some companies have also been laxer about granting emergency leave for cases of urgent personal situations.
Other firms reorganize paid time off (PTO) and vacation leaves so that employees can use PTOs when they have important matters to attend to. Some even allow workers to carry over unused PTOs or leave credits.
As you can see, the types of employee benefits offered–and the ways they are provided–have changed significantly due to the pandemic. Now, more than ever, it is just as important to keep employees happy as it is to maintain company profitability.
The strategies outlined above show that companies can achieve their objectives and ensure the continued satisfaction of their workers. While perks such as business travel insurance may not seem necessary, they are essential for improving working conditions for everyone involved.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that businesses like yours face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.