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2 May 2020

A Full Smart Benefits Guide for the 2020 Firm

Post by Kaylee Barnes

Businesses that agree that the workforce is their most valuable asset are the most successful ones. But one thing that still most businesses fail to understand is that for today’s workers, compensation in the form of salaries is more of a basic thing than an actual scorecard. In short, just offering competitive salaries won’t help offer a great employee experience to your workforce. You need more than just monetary benefits to keep your talented asset engaged, happy, and motivated.

Company perks and additional benefits remain the most major aspect for most companies to retain their loyal employees and make the most out of their skills.

According to a study, it was reported that around 50% of employees would consider the company’s benefits and perks before finalizing their decision of joining a workplace. In addition to a long list of employee benefits, the availability of snacks and flexible working hours were some of the most notable perks that candidates take into consideration.

But what kind of benefits really encourage employees to perform at their best capacity, stay longer in the organization, and stay loyal to its operations? When salaries fail to move the needle, it’s the smart benefits that come in handy for organizations.

Best Smart Benefits of 2020 – Everything You Need to Know

This guide covers all the details about the best smart benefits of 2020 and why employees would always prefer a workplace that offers these benefits.

Online Development Programs

According to the CEO of LinkedIn Reid Hoffman, the average employee tenure lasts between 3 and 5 years, and during this time it becomes the company’s responsibility to work on the personal and professional growth of the employees.

Offering online development programs is a great way to engage your current workforce in the changing dynamics and keep them up to date with their learning. Not only this guarantees a mutually enriching relationship, but it also helps the employees feel valued and allow constant augmentation of their skill set. Providing online developing opportunities to improve learning is a highly advantageous smart benefit, especially in our economy where switching jobs is a norm.

Flexible Working Hours

This is a smart benefit that’s also regarded as one of the biggest opportunities for employees. Especially keeping the current pandemic situation in mind, 2020 calls for this benefit to keep most people employed during this time.

According to a survey, the smart benefit of flexible hours is the third most crucial perk that employees value the most – right after the conventional benefits such as health insurance, access to an income driven repayment plan, and 401(k). Thanks to the ubiquity of smartphones, laptops, easily accessible internet, software, and enterprise chats, most jobs can be done within the comfort of your home or from a remote location.

Having access to continue work from home can be very meaningful to the employee experience and cost nothing to the company.

Access to High-Tech Equipment

Just allowing your workforce to work-from-home is a great smart benefit but providing them with all the essential equipment required to make this efficiently possible. Providing a good internet connection, a laptop, smartphones, or similar smart benefits entice employees who value the flexibility of work.

With the right equipment, employees can make the most out of their flexible schedule benefit and offer the same level of productivity and efficiency if not more. Offering the high-tech equipment to keep up with the flexible schedule does not only helps employees maintain a greater quality of life but also helps businesses to continue with operations regardless of where the employees are.

Paid Sick Leaves

Paid sick days is another great smart benefit that provides employees with their most valuable commodity – the time they need to recover. In 2020, this benefit has become the most important on the list. Offering paid sick leaves does not only boost your employees’ morale but is a great way to tell them that you care and appreciate their presence.

Paid sick days also encourage employees to get themselves treated because they’re not financially burdened. Also, if the disease is contagious, providing paid leaves is less likely to decimate widespread illness.

Conclusion

Benefits and perks play a major role in helping a potential employee make a decision. Offering smart benefits gives organizations the edge over the competition and allows them to retain employees without incurring a lot of costs.

Consider offering these smart benefits this year and make sure your top talent stays loyal to you.

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