New Age Employee Benefits - Some new & some with new clothes

In today's fast-paced and evolving work environment, the expectations and needs of employees have significantly transformed. Traditional benefits, the usual ones like - vacation, casual, medical, maternity leaves, insurances like medical, life, accident, etc., while still essential, no longer suffice in addressing the holistic well-being of employees. Modern challenges demand a more comprehensive approach to employee benefits, one that encompasses physical health, mental health, work flexibility, continuous learning, personal time, and broader community engagement. This article delves into modernization of the existing benefits and adding few new age additional benefits to meet these evolving needs to create a supportive and dynamic workplace.

Health & Wellness:

In the past, health benefits typically included medical insurance and annual health checkups. However, with the increasing complexity of work and life, it is imperative to address both physical and mental health. According to the World Health Organization, depression and anxiety cost the global economy $1 trillion per year in lost productivity. Customised Employee Assistance Programs (EAPs) are a step in the right direction, but more needs to be done. Employers can play a crucial role in reshaping perceptions about mental illness by organizing expert sessions on mental health, thus fostering a culture of openness and support.

Hybrid Working:

One positive outcome of the COVID-19 pandemic is the widespread acceptance of remote working. The necessity of remote work during the pandemic demonstrated its efficacy, leading to greater acceptance and implementation of hybrid work environments. Organizations that continue to offer at least 1-2 days of remote work each week are likely to be more attractive to top talent, especially tech talent, as this flexibility is now a key factor in the job market.

Learn While You Earn:

With daily commutes becoming increasingly time-consuming due to traffic and crowded public transport, it is essential to utilize this time effectively. Offering "learning capsules" through various learning apps can provide employees with opportunities to learn while commuting. These capsules can be customized and made available in both written and Audio/Video formats, making it convenient for employees to access training content on the go, whether they are driving or using public transport.

Running the Errands Break:

For organizations that do not offer hybrid working options, providing short breaks for personal errands can be highly beneficial. Despite the convenience of online services, some tasks still require personal attention. Activities such as parent-teacher meetings, picking up children from school, or visiting a sick relative in hospital, often do not require a full or half-day break but can be managed in 2-3 hours. Offering this benefit as part of the employee benefits program can enhance work-life balance and reduce dependence on the discretion of supervisors.

Tax-Free Meal Expense:

The saying goes that there is no such thing as a free lunch, but in many countries the provision of a meal voucher or free food at the workplace is a well-established benefit on which many employees rely. The origin of these schemes varies among countries, but many of them have become an integral part of workforce compensation. In India, some employers provide free or subsidized food and some offer tax free meal coupon. This tax benefit is contingent on government policy. In the context of hybrid work and the increasing reliance on food delivery, offering a tax-free meal expense can stimulate the economy and support the food industry. The current tax-free meal coupon program and its prescribed limits to save tax are outdated, updating it to reflect current food cost and modern work practices can provide significant benefits to employees and the economy.

Volunteer and Community Engagement:

Paid volunteer time off (VTO), company-sponsored volunteer opportunities, and corporate social responsibility initiatives are becoming increasingly popular. These programs foster a sense of community and social responsibility among employees, contributing to a positive organizational culture.

Paid Family and Parental Leave:

Organizations are increasingly offering generous parental leave policies, including paid time off for new parents, adoption leave, and caregiver leave. Some companies even offer pet care leave, recognizing the diverse needs of their employees and supporting them in their personal lives.

Lunch & learn Sessions to educate people:

It’s imperative to educate people on relevant topics for their health and wealth. This will give them peace of mind and enhance employee engagement and productivity. Organizations can benefit by regularly organizing awareness sessions led by industry experts on these important subjects. Some of the most popular sessions include health talks on heart disease control and diabetes management, as well as sessions on money management, such as financial planning, mutual fund investments, retirement planning, and tax-saving plans.

Skill Enhancement Program:

Due to the rapid pace of change, primarily driven by the introduction of new technologies, employees need to continually upgrade their skills to remain relevant. However, this is easier said than done, as several challenges exist. First, identifying the right skill to improve is crucial; it should not only be beneficial for the current job but also advantageous for future growth prospects. Second, finding the time to complete a course amidst a busy work schedule can be difficult. Third, for many, the most significant challenge is funding the course.

Employers can play a pivotal role in helping employees overcome these critical challenges. By supporting their skill enhancement efforts, organizations can drive employee engagement and increase employee longevity.

In conclusion, the landscape of employee benefits is rapidly evolving to meet the diverse and complex needs of the modern workforce. By adopting a holistic approach that includes mental health support, hybrid working arrangements, continuous learning opportunities, flexible personal time, and community engagement, organizations can create a supportive and dynamic work environment. These innovative strategies not only enhance employee well-being but also position companies as attractive employers in a competitive talent market.

- Arun Verma

(HR Professional with 23 years of practicing & learning HR)