Chapter 2
With the competitive talent market, companies need to stand out from the crowd to retain and attract the right team members. As such, our next question focused on the specific benefits and perks that organizations should offer in 2022.
Salary and other financial benefits
It’s true what they say; money makes the world go round. The foundation of any working relationship is compensation. And as we make our way into 2022, that’s no different. Yes, comprehensive benefits packages and company culture also play key roles. But at the end of the day, a paycheck is the main motivation for most workers. Companies need to continue to prioritize not only salary but benefits that equate to money in people’s pockets.
Companies should focus on providing livable, thriving wages that keep up with the rapidly increasing cost of living and benefits that support employee health and wellbeing. Some great benefits I’ve seen include reasonable healthcare options, individual and company-wide paid time off, sabbatical offerings at different milestones, as well as stipends for mental health, massages or gym memberships.”
The good news is that some organizations seem to be getting this memo. A Bank of America report found that 46% of employers offered financial wellness benefits in 2021, up from 40% in 2020. (However, there’s definitely still room for improvement!)
6%
more employers are offering financial wellness benefits this year
Adam Perry, VP of People at Perkspot, suggested that you could also offer home office subsidies to ease the cost of remote work—while John Baldino favored the idea of “incentive-based bonuses and experiential rewards, such as cash compensation or personalized gratitude options, which will help to make the employee experience stickier.”
Flexibility in all facets of the workplace
Another benefit that multiple experts touched upon was flexibility.
One of the big takeaways from 2021 is that people are looking for more out of life, including work. Knowing this, employers can expand perks and benefits to account for more flexible and personalized experiences that relate to their employees’ wellness and financial preparedness.”
Workers no longer regard flexibility as a workplace ‘perk.’ Rather, workers see it as a necessity in achieving a healthy and balanced lifestyle.”
Employers (especially those stuck in more traditional mindsets) often struggle with providing flexible schedules. They fear they’ll lose productivity or accountability. Alan Walker suggests that in 2022, you should be able to provide flexibility by “measuring outputs, not inputs.” In other words, help your organization shift its focus to results versus clocking in and hours logged.
A few of our experts suggested exploring a 4-day work week as a competitive advantage for flexible workplaces.
In this employee-driven market, candidates are demanding more flexible work arrangements — a trend that will continue for a while.”
Mental health resources
Mental health benefits aren’t a ground-breaking suggestion, but they continue to grow in importance. Companies can’t just pretend they promote mental wellness; they need to “walk the walk.”
Mental health benefits and policies that support employee mental well-being need to come to the fore. Employers may need to take a hard look at how much and what type of mental health care they’re covering via traditional health benefits and work with their insurance partners to enrich their offerings. But they should also look at less formal or traditional benefits and policies, such as access to mental health and wellness apps or other services, flexible work policies, and company culture to support overall well-being.”
Allotting mental health leaves will allow your employees to take time off and get the help they need to be happy and healthy.”
To take it one step further, consider incorporating company-wide mental health days. There’s a much greater benefit when all of your staff shuts down — a peace of mind that everyone’s relaxing just like you, and there won’t be a slew of emails to respond to when you get back.
Addiction recovery assistance
Substance abuse has become an increasingly prevalent concern for many Americans as they cope with the stressors of the past two years.
40%
of U.S. adults reported struggling with mental health or substance abuse due to the pandemic
Mental health and addiction recovery services will likely be of greater need in the coming year. The pandemic has been a prolonged, traumatic event that has caused isolation, fear and anxiety for some of the workforce. Providing recovery support services as well as a safe space for employees to use it will help avoid stress and other related health concerns that can have significant long-term impact to the employee and the workplace.”
Beth is correct that organizations can provide a unique type of support to their people by understanding the long-term effects of this pandemic and offering recovery resources in a safe and welcoming environment.
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