Top employee benefits to look out for in 2020
If you’re thinking annual leave, sick leave and insurance coverage, it’s time to get ahead of times.
With the competition for talents especially among the millennial and Gen Z workforce showing no signs of slowing, employers are cracking their heads in coming up with innovative and never-heard-before employee benefits to cater to and attract new talents.
While the traditional benefits such as annual, sick and paternity leave and insurance remain the bread and butter of employee benefits, there is an increasing need for employers to keep up with the modern and evolving lifestyles of the younger workforce today.
Let’s take a look at some of the latest and game-changing employee benefits for the upcoming year.
1) Paid babysitters
As part of their health and wellness initiatives, PayPal and Microsoft have teamed up with a provider of employer-sponsored childcare to hire and pay for babysitters. The idea is to free up time so their employees can attend the holiday party or work during the break when their kids are off school. While this trend is growing in the US, it hasn’t been introduced in Asia yet. Parents in Asia will be crying out for this to catch on in their region.
2) Pawternity benefits
While employees’ kids are taken care of by the babysitters, the furkids are not forgotten as well. With pet ownership at an all-time high and pets considered as part of the family for many employees, employers are coming up with pawternity leave. It’s the same way it works for the traditional paternity leave – but this time for their furkids. Employees whose pets are unwell or are welcoming a new puppy or kitten can take paid time-off to spend more time with them.
3) Egg freezing
With more female workers delaying their family planning as they prioritise their careers, companies such as JP Morgan and Goldman Sachs are recognising their sacrifices by including perks such as egg freezing, in vitro fertilization (IVF), as well as surrogacy and adoption support services as part of their employee benefits.
4) Student loan reimbursement
In a bid to attract younger talents, companies like Burger King are introducing benefits such as Student Loan Reimbursement to help those that are fresh out of school and laden with student loans. Companies usually offer to pay a fixed amount (e.g. $100/month) to help pay off their loans.
5) 4-day work week
It might be a trial by Microsoft Japan, but the positive results that came out of it might encourage more employers to give a serious thought to it. There was a 40% increase in sales compared to the same month last year. On top of this, there was a 23% drop in electricity usage and 59% fewer pages printed, partly due to the telecommuting initiative run during the same period. After the trial month, 92% of employees approved of the shorter working weeks. Soon it might be TGIT instead of TGIF!