COMP NEWS – Employers on the cutting edge of talent acquisition are always searching for new ways to draw in productive minds and talented workers. But it’s hard to believe how much the landscape has changed in the 21st century.

One of the most recent evolutions in employee benefits is the most known – flexible and remote work opportunities.

Flexible and Remote Work Opportunities

The pandemic changed the way employees work, seemingly overnight. Now finishing the third year of the pandemic, many companies have gone completely remote and no longer have physical offices. 

Vacation and PTO

What makes paid time off and vacation an interesting benefit is the manner in which it has evolved over the last 20 years 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 vacation each year to prevent burnout. 

Companies have also been innovating their health and financial security benefits, giving people allowances for environmentally friendly travel, education, and health insurance premiums.

Financial Security Benefits

Work retirement plans have been in existence for much longer than 20 years. While many companies offer 401(k) matching programs, benefits are shifting to meet additional financial needs of employees. To recruit and retain quality employees, employers are now offering the following benefits, according to Tami Simon, SVP and global corporate consulting business leader at Segal: 

• Increased commuter benefits. These benefits, Simon said, help offset the costs of physically returning to the workplace.
• Green dollars. “These are reimbursing costs for public transportation such as biking, walking or carpooling,” Simon said. “Some employers may contribute to purchasing an electric car or solar power for the home.”
• College tuition contributions for family members. “Some employers contribute a gift to an education fund when a child is born or adopted,” Simon pointed out.
• Seed dollars to pay for health insurance premiums.

Money Management Resources

Other benefits that employers are offering to talent are resources for managing their money. Simon said this can include budgeting tools, financial planning, savings calculators, debt consolidation services and financial advisors for employees and family members. 

One lesser-known health benefit is being brought to prominence by Gen Z – pet insurance.

Pet Insurance

Amid the pandemic, many employees adopted pets or spent more time at home with their furry friends. Melissa Gutierrez, senior vice president and general manager at Pets Best, said they have been working closely with companies nationwide to offer pet health insurance as a voluntary benefit to employees.

Over the years, Gutierrez said, there has been tremendous growth, especially among Gen Zers who are embracing the pet parenthood experience. 

“Gen Z is redefining what the future of being a pet parent means in how they approach things like pet care, shared experiences with a pet and costs of care,” Gutierrez said. 

To read more about how employee benefits that didn’t exist 20 years ago, click here.

For more Comp News, see our recent posts.