The COVID-19 pandemic has tested the well-being of employees everywhere. In addition to the physical and mental stress the coronavirus has caused, many workers are experiencing a financial strain as well. As such, employers should continue to consider how their total rewards packages resonate with the current employment market.
Employee retention and recruitment continue to be the most common workplace challenges for employers and HR professionals. This article explores factors to consider when planning salary and total rewards to help attract and retain a skilled workforce post-coronavirus.
The COVID-19 pandemic has offered an opportunity to rethink and revamp compensation practices. Competitive pay and employee well-being continue to be top priorities. Especially during a pandemic, workplace benefits should fully support employees—taking total financial, mental and physical health into consideration.
Consider the following benefits that may evolve as a result of the coronavirus pandemic:
Continuing to have all employees work fully remote may not be ideal for your organization—especially if you still have an active building lease or day-to-day work involves employee interaction. However, there may still be a way to offer other flexible options or benefits that support work-life balance.
When planning salaries and benefits, it’s important to consider economic recovery and unemployment levels, as both factors have been greatly impacted by the COVID-19 pandemic.
Regardless of whether total rewards packages change at an organization, employers should regularly express empathy and concern for employees’ situations. Employees are looking for such support now more than ever, both in and out of the workplace. After all, employees want to work at an organization where they feel safe and supported.
Consider updating your current total rewards program to meet the company’s needs and the needs of employees, as well as increase the value of your investment. To learn more about how the workplace is changing as a result of the COVID-19 pandemic, contact your account executive today.
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In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.