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What were the benefits 20 years ago? According to a January 2003 article in Government Executive, benefits include designated pay increases for federal employees and military personnel, as well as federal benefits for those over 50. It included legislation passed by Congress allowing employees to contribute an additional $2,000 to their Thrift Savings Plan accounts. Meanwhile, employees were able to put up to $3,000 into a Flexible Spending Account (FSA) for medical expenses.
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Since then, workplace perks and benefits have obviously changed quite a bit. The last three years amid the COVID-19 pandemic have introduced even more benefits that are now considered essential. Here are some common benefits employees receive today that weren’t available 20 years ago.
Flexible remote work opportunities
The pandemic seems to have changed the way employees work overnight. After his third year of the pandemic, many businesses have gone fully remote and no longer have physical offices.
Some increase flexibility in the workplace. A good example of this is a hybrid work schedule in which employees are in the office some days a week and work from home the rest of the days. While these job opportunities were initially born out of the need for social distancing and physical safety, they remain a win-win for employees and businesses today. companies can significantly expand their talent pool and hire top-notch employees.
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vacation and paid vacation
What makes paid time off and time off an interesting benefit package is the way it has evolved over the past two decades to meet employee needs.
Chris Goldsmith, VP and senior consultant at Segal, said emerging vacation trends include companies requiring employees to take a minimum amount of time off each year to prevent burnout.
Microsoft currently implements an unlimited PTO policy known as discretionary leave. All salaried U.S. employees are entitled to 10 corporate holidays, leave of absence, sickness or mental health leave, and jury duty or bereavement leave. An employee with an unused vacation balance will receive her one-time payment in April.
This fits with another holiday trend that Goldsmith has noticed. This means employees can redeem accrued vacation for cash, travel, or charitable donations to reduce the burden of vacation planning.
“Smart companies are improving parental leave, bereavement leave, crime victim leave, caregiver leave, and sabbatical leave,” Goldsmith said, noting that leave, especially unlimited PTO, is only a result of professional workers. We predict that it will lead to a working environment model of
Benefits of financial security
Retirement plans have been around for over 20 years. While many companies offer 401(k) matching programs, benefits are shifting to meet the additional financial needs of their employees. To recruit and retain quality employees, employers are currently offering the following benefits, according to Tami Simon, Segal’s SVP and leader of his global enterprise consulting business.
- Increased commuting allowance. These benefits help offset the cost of physically returning to work, Simon said.
- green dollar. “These are reimbursements for public transportation costs such as biking, walking and carpooling,” Simon said. “Some employers may contribute to the purchase of electric vehicles and solar power for home use.”
- College tuition donations for families. “Some employers donate to education funds when a child is born or adopted,” Simon points out.
- Seed dollars to pay for health insurance.
money management resources
Another benefit employers are offering talent is resources to manage their money. According to Simon, this includes budgeting tools, financial planning, savings calculators, debt consolidation services, and financial his advisors for employees and families.
“Companies are just beginning to realize that the more financially secure their employees feel, the less stressful they are and the more productive they are,” says Simon.
pet insurance
During the pandemic, many employees adopted pets or spent more time at home with furry friends. Melissa Gutierrez, senior her vice president and general manager at Pets Best, is working closely with businesses across the country to offer pet health insurance as a voluntary benefit to employees. said.
Over the years, Gutierrez said, there has been tremendous growth, especially among Generation Z, who are embracing the experience of pet parenting.
“Generation Z is redefining what the future of pet parenting means in the way we approach pet care, shared experiences with pets, the cost of care, and more,” Gutierrez said. Told.
Pets Best’s “Pet Parenthood Today” national pet parenting research study revealed key findings about Gen Z. These findings are relevant for companies looking to add pet health insurance to their benefit packages. Unexpected vet bills are the biggest source of anxiety for pet parents of all generations, but her 87% of Gen Z respondents are most worried about the cost of pet care.
Whether your business is pet-friendly is another important consideration for Generation Z. According to the survey, 60% of Gen Z pet parents cite company pet friendliness as a priority. The pet’s best interests are more likely to influence employment decisions compared to older pets.
“Companies need to pay attention and incorporate these new considerations into their company’s voluntary benefits strategies if they want to attract and retain their employee population,” Gutierrez said.
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