Business

What will be the main trends in employee benefit plans 2021?

At the end of this abrupt year, companies take stock of the progress of their activity during this fiscal year. On the other hand, they also focus on measuring the efficiency achieved and driven by the productivity of their workers. But have companies succeeded in motivating their employees and retaining talent in the midst of a health crisis? In order to achieve these goals and stay in business, leaders looked to corporate profits. These have recognized that they must be factored into the goals of well-being and corporate culture, as they directly affect the productivity and creativity of the workforce.

Employees demand a digital, flexible and innovative offer

Without a doubt, health has become a priority for companies and employees. Physical, due to the context in which we find ourselves; the psychological, by practices derived from alternatives such as remote work. So much so that, according to data from the Status and Trend of Benefits report from Cobee, a digital company that enables flexible and fully automated management of benefits, 90% of those surveyed admit their stress levels have increased for reasons. work-related. And, in fact, 54% say their interest in having health insurance after the pandemic has increased.

COVID-19 has created new needs. Especially in relation to the way in which the benefits are consumed and their nature. Well-being is positioned as one of the most requested rewards for 2021; virtual gym, online medical consultations, among others. 76% of business leaders say they wouldn’t mind having a lower annual salary if, in return, they had a benefit package designed to maintain and improve their well-being.

Labor flexibility when using the benefits is essential. Workers want to decide how to receive their wages, when to spend them and how to manage them. Digitization is the direct way to achieve this. Employees want more digital benefit plans that are fit for purpose and can be used regardless of whether their work is face-to-face or not. In fact, 91.5% say their companies’ current compensation plans are neither modern nor technological. So, looking ahead to next year, there will be a migration from traditional advantages to a fully digital format.

On the other hand, it will offer specific trends, products and services that employees actually use and understand. Even assuming savings at the end of the month. Personalized plans that make workers the owners of their compensation and that allow them, via a simple and dynamic application, to control their benefits in real time.

The key emotional salary to pay employees

According to data from a Sage study, the economic recovery of companies is only expected in the second half of 2021. Consequently, the increase in employee wages will not be a recurrence. Business leaders will look to flexible compensation as a measure to achieve employee value and well-being at no great cost to the business.

Investing in the emotional wages of workers will normalize over the next year. This, on the one hand, would play a key strategic role in the retention and recruitment of talent; on the other hand, it would increase the motivation of the employees in trying to make them feel that they are part of the company. Their attitude will be more positive and proactive without necessarily implying a salary increase. In fact, 7 out of 10 employees recognize their company’s effort in setting up a social benefits plan; they even consider that it is a reason to take into account to choose to continue there.

“There is no doubt that next year will be a challenge for businesses. They must resume their activity and try to continue the development of their companies by relying on people. There is no doubt that the pandemic has made workers more demanding of their working conditions, but, on the other hand, business leaders are now aware of the importance of ensuring satisfaction and well- be one of them ”, Borja Aranguren stands out, CEO and co-founder of Cobee. “From Cobee we want to support them and offer them a digital solution, flexible, simple and adapted to the requirements of workers at no additional cost and with advantages for both parties”, he concludes.

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