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Employee benefits are a great way to attract the best talent, and keep them around as well. However, work environments have changed tremendously in the past couple of years, and with remote work being the new normal, traditional benefits packages aren’t sufficient anymore. Instead, employers have to rethink their benefits strategies and adapt their benefits packages to the new reality.
According to a health and benefits strategies survey carried out by Mercer, 70% of large employers and 53% of small business leaders are planning to enhance their offering of employee benefits in 2023—at least to some extent. But what are the top benefits for remote teams in 2023?
There are many different aspects that go into choosing a new place of work, and an attractive benefits package certainly is one of them. Especially when you find yourself in a rather competitive market and looking for some of the most educated and skilled employees in your field, offering the right kind of benefits can be the deciding factor for a new talent to join your team.
On top of that, being able to offer extra goodies in addition to an attractive pay can lower employee turnover. This has a direct impact on your business’s cash flow and productivity, as you won’t have to spend time and money looking for a new hire as well as onboarding and training them.
Finally, investing into benefits ultimately is an investment in your employees. By continuously educating and supporting them, as well as offering health and wellbeing support, you play a big role in their overall happiness and motivation—which in turn will lead them to do their best work and positively shape your work culture.
COVID-19 has had a massive influence not only on how we interact with other people, but also on how and where we work. Since remote work has become the new normal, the requirements regarding employee benefits have changed, leaving employers to adjust their previous benefits packages to the new reality.
In a world where employees are no longer bound to the office for work, a nice office space with gimmicks such as a pool table, free coffee and snacks and social gatherings has lost its appeal. Instead, employers have to find new benefits and perks to provide their teams with a great remote work experience and address the challenges that come with working from home.
Designing a benefits package for remote employees is one thing, but managing benefits for a globally distributed team is a totally different challenge. Check out our related blog post to learn how to rise to the challenge.
There are endless opportunities for employers to put together a creative employee benefits package for their remote teams. However, there are certain benefits that are currently in high demand. Here are the best benefits for remote employees for 2023.
If you allow your employees to work from home (or from wherever they choose), you should make sure they have the right equipment to comfortably and efficiently do so. This not only includes a laptop and a monitor, but also proper office furniture as well as a stable internet connection and a work phone. Basically, all the things you would usually provide your employees with in an office space.
Most companies opt for a so-called remote work stipend, which is a fixed sum of money allocated to employees for the purpose of adapting their home office set-up to their personal needs.
It’s a well-known truth that remote work can be lonely. In a recent study among 1,000 remote workers from 55 different countries, more than half of the respondents stated experiencing recurring loneliness. Loneliness can have a huge impact on mental health which, in return, can weigh down on employee performance.
Employers should therefore make sure to support mental health in their remote teams. For instance, you could offer regular workshops that tackle common mental health issues, or give employees access to meditation apps or fitness trackers.
Just as their mental wellbeing, the physical health of your employees should be among your top priorities. That’s because remote workers not only face mental health dilemmas but also increasingly suffer from physical health problems due to reduced mobility. For instance, a study by Upright Pose has found that “the average remote worker commutes just 16 steps from their bed to their workstation”.
To counteract this trend, employers should consider adding wellbeing budgets to their list of benefits for remote workers. These budgets could include online fitness classes, a healthy food delivery subscription, or a spa voucher once a month.
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Allowing employees to work remotely is already a big step towards offering them the flexibility they need to excel at their work. But if you want to be competitive, you’ll have to go one step further by offering flexible working hours.
Flexible work conditions are in high demand. In fact, the American Opportunity Survey by McKinsey showed that the search for flexible work was a major motivator for many workers to find a new job. Therefore, employers should not only give their remote employees the choice of where but also when they work.
Another important aspect to consider for your 2023 benefits package is childcare support. One thing that the pandemic really has shone a light on is how much parents have to struggle and sacrifice to combine their family and work life, especially when working from home with a baby.
According to the U.S. Chamber of Commerce, “work-life balance and childcare benefits are key in the remote work era”. Flexible working hours are one way of getting there, but employers should also look into flexible PTO policies or contributing towards the costs of daycare facilities.
Recent studies have shown that 50% of workers prefer a flexible time off policy to higher pay. Survey results like this illustrate the importance of paid time off for employees and clearly show that employers looking to enhance their employee benefits program in 2023 should improve their PTO policy.
Offering employees unlimited PTO is becoming more and more popular, and even employers who are reluctant to offer unlimited time off should work towards more flexibility in their PTO policy and extending it to account for childcare, mental health, and more.
In order to create a generous PTO policy for their globally distributed team, employers need to understand the different types of leave from work. Check out our related blog post for the full list.
If your business is remote-first, chances are the members of your remote team are scattered all around the globe. While working with a global workforce comes with numerous benefits, it also creates new challenges, one of them being salary payments.
Remote employees based abroad will want to be paid in their local currency without having to pay fees for foreign exchange or wait for longer than usual for the payment to go through. Payment solutions like Lano Wallet allow businesses to send money worldwide in seconds, while choosing between 28 different currencies and benefiting from free local payments.
Here you can find out more about Lano’s global salary payments capabilities.
Especially in countries like the U.S. where the mandatory social security coverage for employees is very basic and healthcare costs are high, offering remote workers a generous insurance package, including healthcare, retirement plan, life insurance and more, can go a long way in attracting new talent as well as in retaining experienced members of staff.
Providing comprehensive insurance coverage not only shows employees that you care, but also gives them a feeling of financial stability and security.
Just because people aren’t working in the office full-time, it doesn’t mean they don’t miss the social aspect of spending time with their colleagues. So instead of organizing after-work drinks in the office, why not send out a box with your favorite craft beer and a pizza to your employees and have a virtual get-together to build team spirit?
There are many different ways to socialize from home, so don’t forget that there are people with human needs right behind that work screen. Plus, virtual social gatherings are a great contributor when it comes to team building in remote teams. And while we’re talking about additional perks you can offer your remote employees, why not introduce a rewards program to show recognition and thank your team for their hard work?
Investing in your employee’s personal development and education is a win-win situation: Your employees can live out their interests and broaden their work experience, while you get to benefit from a more motivated and skilled workforce. That’s why allocating part of your budget for employee training is ultimately a worthwhile business investment.
Sure, Learning and Development in remote teams has its challenges, but there are many different ways for employers to incorporate L&D initiatives into their employee benefits programs. Giving employees access to online classes or even arrange for live training sessions with a coach via Zoom are just two of the many possible options.
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