Best 2020 Employee Benefits

Most employers face numerous challenges in hiring and retaining employees. One of them is finding the best way to keep them happy and satisfied. This can be easily achieved by offering great benefit packages that meet their needs and those of their families. 

Every year, new trends in employee benefits arise, and this year is no different. While salaries still remain an important factor, employees also pay attention to other, less interesting, but equally important, perks when weighing in on a job. 

employee benefit

Here are some of the best employee benefits for 2020.

Health Insurance

With health care costs constantly on the rise, it is no wonder that the first and foremost benefit employees seek is health insurance. When faced with an illness, they have no other choice than to turn to their employers to resolve their healthcare problems. In turn, companies should work hard not only on reducing high costs and insurance premiums but also on ensuring the best health care plan possible for their workforce. 

Apart from their physical health, employees should also take care of their employees’ mental health and general well-being. Only by having satisfied and healthy employees will any business be able to grow and develop. That is why employees demand a more comprehensive insurance to cover treatment costs of anxiety, depression and severe health conditions, such as cancer.  

Since employees don’t share the same health care needs, HR specialists should consult them, see whether the existing health insurance meets their needs and if needed, make the appropriate adjustments. This act itself has a positive effect on the employees’ psyche. Just by knowing that they will be taken care of along with their family members, in case of an accident or illness will bring them peace of mind, which is priceless. 

Remote Work and Flexible Schedule

Over the past few years, remote positions and flexible working hours have become a trend that is only expected to continue in the years to come. These features are particularly popular among younger workers, students, and new parents who blame demanding business schedule, strict working hours, or long commute for their rather poor work-life balance. 

Nowadays, people are working long hours and spending hours commuting. Because they are unable to spend time with their families and friends, they perform poorly at work. In the long run, such a hectic and stressful lifestyle can result in declining health and lead to illness. An unhappy and disgruntled employee can only damage the company. 

However, by giving them the opportunity and freedom to arrange their schedule and not only work from the comfort of their home but from anywhere in the world makes a big difference. The employees will be more efficient and their performance satisfactory. 

Luckily for employers, remote work is no longer a problem thanks to the highly developed intranet. By engaging the workforce and enhancing their collaboration, productivity also increases, allowing an on-going workflow. Add the cost-effectiveness to this formula, and the employers have a winning combination even when the employees are working remotely. 

Tuition Reimbursement and Student Loan Repayment

Employees also have to figure out a way to retain some of the top class employees. The best way to make them stay is to show how much they are important to the company. That is why the employers invest in the professional development of their employees. This investment means the company is willing to cover some part, if not all, of tuition expenses and offer carefully designed packages to help their employees repay their student loans. 

Those wishing to take some additional classes, get a degree or a license, can do so freely knowing the company will help them financially in achieving their educational goals. This benefit is especially important for people working in IT. They have to hone their existing skills and acquire new ones to keep up with the latest technological innovations and advancements. 

Furthermore, there are so many employees all around the US struggling with repaying their student debts. With an on-going crisis regarding student loan debts, the employees will, without a doubt, in 2020, demand from their employers to devise a plan and offer benefit packages to remove this financial burden. 

Paid Parental Leave

It cannot be denied that men and women often sacrifice their private lives, postpone starting a family, and becoming parents because of focusing on their careers and professional growth. Owing to the unyielding pressures of the business world, sometimes the couples are faced with fertility issues having waited so long to expand their families. In such a situation, both sides suffer. 

To avoid this scenario, many companies have decided to support their employees in starting their families by offering extended and paid parental leave. According to Forbes, Netflix belongs to one of these companies as it allows their employees to take one year of paid maternity or paternity leave. Also, new parents can return part-time or full-time and take leave of absence whenever they want during the year. 

Some companies have taken matters to the next step by offering aid with the egg freezing process for female employees or covering the expenses of IVF treatments. Such strong fertility programs and maternity benefits, which include much more than the minimum requirement, foster a trusting and loyal relationship between the employers and the employees.

Without a doubt, 2020 will be another year full of challenges for employers to face. More inclusive health insurance and paid paternity and maternity leave are currently on the top of the list of employees’ demands. They are followed by allowing flexible schedules and remote work and providing assistance with student loans and tuitions. Either way, the decision to modernize the perks by introducing any of these employee benefits will leave the companies with a more attractive workplace for everyone.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

Speak Your Mind

This site uses Akismet to reduce spam. Learn how your comment data is processed.