Let’s be honest for a moment, this past year has been a struggle for numerous companies. As a whole, companies have battled to not only get people in the door, but also to stay in positions long term. Why is that? The typical answer you hear nowadays is that the younger generation is lazy and does not have an established work ethic. Although this is true for some, this is not the overall case. Covid-19 has shaped a new way of thinking when it comes to the workforce. Individuals value flexibility and company benefits now more than ever.
Many individuals were laid off of or forced to work remote during the pandemic thus giving them more time at home to spend with their families. Many people did not take this for granted. Due to this new realization and being able to be there for a multitude of events they would have missed otherwise; people have realized they value the flexibility and want to incorporate more of a work/life balance. This has not been a simple transition for most, as many companies do not offer a large quantity of PTO to accommodate this easily. There is a trend we are seeing that more and more people are turning down jobs if the flexibility with time is not there from the start. Although accruing time is great, the younger generation is more ambitious to produce if they know they do not have to stress over time off if they need it. On the flip side, the older generation received a break and realized how burnt out they truly were.
Aside from time, in the current economic status, benefits are becoming more important. There are many obvious benefits that potential employees look for, health insurance, vision, dental (not just for themselves, but family plans too), 401k, paid time off. Nevertheless, just having these benefits is not enough for some, individuals are looking for the best to further them and their families. Ultimately, these important factors could be the make-or-break moment for a person to accept a position with a company. Yes, benefits are costly, but having those valuable options, will attract and keep top talent for your company, boost morale and energy, increasing productivity! Along with the “normal” benefits, people look for the additional perks. Some additional benefits could be as simple as flexible spending accounts, mental health days or even pet insurance.
A good benefits package and flexibility on time can make employees feel reward and appreciated for their work, boosting their mental health, and striving for the best work they could possibly do for you. Benefits can help you differentiate your business from competitors!