Post COVID19: How The Employment Incentive Will Change

group medical insurance companies

Incentives can both attract new employees to an organization and retain existing ones, and currently, one of the biggest incentive companies can offer is comprehensive employee insurance. As the world continues to deal with a global pandemic, employers are reconsidering the options that will motivate its workforce and preparing to bring change in compensation and benefits practices to ensure business continuity. Where before the emphasis was placed on items such as raises, bonuses, profit sharing, and stock options, current employers are quickly learning that employees want more than just money for their efforts.

Open Talk

No matter how tough individuals act, humans, in general, are an empathetic being. Constant and transparent communication deliver positive results, and employers need to take this into account when addressing employee concerns about the health and safety of family members, friends, and loved ones. Executive teams and departmental heads are making bi-weekly updates and stand-up meetings regular features to increase collaboration and all-around connectivity. When an organization is able to make its workforce not only understand its weakened situation but accept it for a time-being, only then can it bounce back in full force in the near future.

Health and Wellbeing

Companies have always been responsible for ensuring the health, safety, and welfare of their employees to an extent; however, in recent times, workplace wellbeing has gone from being just a perk to an essential. Organizations are offering virtual care and encouraging participation through online platforms to expand the focus on immediate needs such as loneliness, anxiety, and resiliency. Since the current pandemic is causing people to reassess the importance of family time, employees will be looking for organizations offering an increase in leisure and lifestyle benefits.  

Insurance On the Go 

Priorities change constantly, and it’s no surprise that a pandemic has brought forth one such priority in the spotlight: health. Healthcare plans amongst employees across the globe are being valued above all other incentives. Companies that provide comprehensive group medical insurance shine like a beacon to employees searching for security and stability not only for themselves but for their dependents as well. When your employees realize that they will have coverage against unexpected medical expenses, it will not only empower your employees but increase workplace productivity as well. 

Financial Wellness

Lockdown and quarantine measures have caused numerous workers to question their long-term financial security. As employees slowly head back to work, they are distracted by the situation of their personal finances. Employers who understand the responsibility to support their staff’s financial security can offer financial training and solutions as stepping stones to supplement traditional benefits. When a company’s workforce receives help with building financial goals and achieving long-term financial stability, they will become less stressed and more engaged, resulting in a win-win situation for all.

Post-COVID and amidst transitions, restructurings, and downsizings, many companies are re-evaluating their employee benefits package and the incentives they offer. Today, more than ever, an organization’s success will depend on the strength of its employee morale. In order to build employee motivation and engagement, businesses need to stargaze their incentives around promoting mental health, mitigating future risks, and increasing medical benefits.