The month of December is a time of reflection, where we look back at the events of the past year as well as forward to what we can expect in the year to come. Though no one likely would have predicted the chaos of 2020, from it, we can see a few key themes that will have a long-lasting impact on the nature of work and employee benefits.
As industry experts put on their fortune-tellers’ hats to prognosticate, a few key themes emerged. First among them: the growing emphasis among employers on fostering diversity, equity and inclusion. This is no doubt in large part a response to protests and social justice movements following the death of George Floyd and others, but this is just one driving force behind the growing interest in DEI. We have also seen more people of color in high-profile positions (such as vice president-elect Kamala Harris) serving as role models and advocates for change. Adding to that has been an increased focus on ESG (environmental, social and corporate governance) policies among corporate boards.
Not to be discounted has been the impact of the pandemic, which has highlighted the need for better benefits for women and working parents, as well as low-income individuals. Industry insiders predict that these forces will all drive employers’ benefits strategies in the coming year.
Benefits will cater to a more diverse range of needs
As companies strive for a more inclusive culture while also ensuring they attract and retain a diverse workforce, one-size-fits-all benefits will be tossed aside as personalized benefits for all employees become the norm. Benefits serving varied employee needs have been on the rise in recent years – from mental health support to transgender-inclusive health benefits to single point solutions (fertility/IVF, adoption support, childcare, etc.) – and as the challenges of 2020 left many employees unsupported, the trajectory towards inclusive benefits will continue and become increasingly prevalent. This change won’t just be reflected in Silicon Valley tech giants, it will permeate across all company sizes and industries.
–Sarahjane Sacchetti, CEO, Cleo
Benefits become more equitable
In 2020, working parents had very different challenges than their single, young counterparts: the former struggled with childcare solutions while the latter struggled with isolation from friends and family. Moreover, employers and employees took a front-row seat to a variety of challenges–we peered into each other’s homes and lives (quite literally) on a daily basis.
This disparity among groups highlighted a need for employers to respond with empathy in the types of services they’re administering to their people. The vastly different working conditions and experiences of employees in 2020 will encourage employers to take a more equitable approach to employee benefits in 2021 – replacing one-size-fits-all benefits packages with customizable marketplaces that allow employees to pick and choose services that best meet their unique needs.
–Jordan Peace, CEO at Fringe
An increase in social benefits
What are social benefits? They are things like student loan repayment programs, commuter benefits, child and elder care benefits, paid family leave, and the like. They are benefits that match up with what younger employees view as part of their expectations for their employer’s social responsibility.
Student loan repayment benefits were expected to be big in 2020. Again, the COVID-19 pandemic has slowed that emergence for now. Yet we still see the idea gaining steam through the end of the year and into next year. We also see a broader appeal of social benefits.
–Robert C. Love, president, benefits division at BenefitMall
Connecting in a remote world
There are many opportunities and many challenges that have risen from this change in our day-to-day working environments. Remote teams have unlocked new opportunities for companies in the forms of a more diverse candidate pool. Companies need to put even more focus on technology to enable their team’s success and coaching their employees in time management skills to increase productivity when out of office.
Employees will benefit in many ways; better work-life balance, less commuting stress, location independence, improved inclusivity, money savings, and many more. In terms of challenges, Companies learned firsthand the difficulties of fully remote teams when 2020 forced shelter-in-place regulations across the world. As companies continue hybrid or remote work into 2021, people teams will need to continue to plan for updated remote work policies as well as address communication and culture disconnectedness.
–Jack Altman, CEO and co-founder, Lattice
DEI-empowered recruitment
The world events of 2020 put a much-needed spotlight on the DEI initiatives and efforts of organizations across the globe. Companies will find our now virtual environment helpful not only to business continuity, but to driving tangible results in their DEI missions throughout 2021 and beyond. Employers will no longer be limited by their geographical location in sourcing new talent, but rather empowered by the ability to leverage virtual event and recruitment platforms to access a much larger, and more diverse, talent pool.
–Ed Barrientos, CEO of Brazen
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