As a result of the pandemic, the majority of organizations have started rebuilding their human resources compensation and benefits packages to retain their top talent and attract the right candidates. We’ve got to agree that the benefits offered a year ago will surely need to be restructured and undergo several transitions to meet the current needs of the employees keeping the pandemic in mind. Challenging times bring change in priorities, same is the case with employees, their priorities in terms of benefits and compensation also changes, the aim to adjust along with the changes and retain them with the perfect package. Here are 4 compensation and benefits your company can offer post/during the pandemic to retain your employees:
1. Inculcate Healthcare Packages/Plans
The COVID-19 pandemic has surely highlighted the need for value-added healthcare plans for the workforce. We have understood that health care goes a long way from here hence it’s the need of the hour for organizations to inculcate packages (Health insurance plans) to help employees feel secure in terms of health. We highly recommend investing in such plans at the end of the year itself as according to sources: Employers expect healthcare costs to jump 5% in 2021 amid coronavirus pandemic.
2. Invest in an Employee Assistance Program
Another benefit that makes an all-the-more difference would be investing in an Employee Assistance Program. The Coronavirus outbreak has made “Stress and Anxiety” – the biggest threats to mental health, employees are having a hard time focusing on their physical and mental well-being. Only a team of satisfied & happy employees can result in a good performance and high productivity – Hence, we are all set to support companies with our Employee Assistance Program to foster a healthy, engaging and happy workforce even during these unprecedented times.Another way to go about it would be going for the best HR recruitment consultants in Delhi as they also offer extended services in terms designing compensation plans, renewing benefits, branding, engagement, EAP and more.
3. Additional Key Services/Benefits
Benefits shouldn’t be limited to just health care packages, it would be a great idea to include free virtual learning programs, discounted internet services or memberships, e.g. Netflix, Amazon Prime, Cure Fit, etc. It’s on your budget, you can get as creative as you can be it partnering with clients that offer legal or financial help. Revamping your packages is a great way to attract your workforce and retain them.
4. Compensation Benefits Beyond Salary
Though keeping aremains a priority, providing honour salary-transparent plan salary increases that were recommended before a crisis is the first step. In case your company is going through financial issues, we recommend including the following benefits:
– Reduced work hours or workweek
– Covering additional costs for #WFH instead of larger salary increases.
– Paid Leaves
– Offering voluntary temporary layoffs