As we begin to settle into the new year, it’s important to take some time to both reflect on the past year and continue planning for the year to come. While 2020 was an unpredictable year, through the chaos we find insights that will shape the future of the workforce and employee benefits.
While many experts have made predictions for what 2021 might entail, there are a handful of themes that have come to the forefront for most. Likely the most notable of these is the prioritization among employers to promote diversity, equity, and inclusion. Following a year of civil unrest and mass protests for social justice, it makes sense that there is more interest in DEI. And we are seeing more people of color filling roles in high-profile positions – inspiring others, and influencing change. Additionally, we’ve seen a growing interest in environmental, social, and corporate governance policies among corporations where ESG had traditionally been less of a priority.
While priorities have been shifting regarding social equality, we have also been enduring the impacts of a global pandemic. This has shed light on many areas that have been overlooked in the past, such as improved benefits for working parents, women, and low-income individuals. These emerging themes have played a major role in what experts believe will influence the benefits strategies of employers in 2021.
Meeting a Diverse Range of Needs
It has become apparent that a broad benefits plan for all isn’t an effective strategy for companies that are working to create a more inclusive and diverse workplace. Instead, the standard has changed to a need for personalized benefits. While a change to benefits that serve a wider variety of employee needs (mental health, childcare, etc.) has been in the works for a few years, the events of 2020 have and continue to accelerate the need for more inclusive, well-rounded benefit programs.
More Equitable Benefits
2020 brought with it a variety of new challenges for employers and employees alike. While working parents struggled with the stress of ever-changing childcare solutions, many single non-parents struggled with the mental health concerns caused by isolation. The differences in the varying needs of employees brought forth the need for empathy and a shift in the benefits and services offered by employers. The effects of these differences will influence employers to have a more equitable approach to the benefits offered moving forward.
The Rise of Social Benefits
Social benefits refer to things such as student loan repayment programs, commuter benefits, child care, elder care, and more. They are a response to what many employees consider their employer’s social responsibility. While student loan repayment plans were expected to be the big trend of 2020, the COVID-19 pandemic certainly had a big impact on the emergence of such plans. However, that idea and similar non-traditional benefits are continuing to become more important as we see a growing interest in social benefits.
An Emphasis on Connecting Remotely
Our daily working environments have changed dramatically this year and with it came many opportunities and challenges. For example, remote work has allowed employers to tap into a wider pool of talent. However, employers need to continue to prioritize the use of technology that helps their teams succeed and educate them on time management and skills that will improve productivity while working from home.
Surge in DEI-Based Recruitment Efforts
Among all of the realization of the past year, we have seen a significant focus on the need for effective DEI initiatives from employers. The new virtual environment is not only helpful to the continuity of businesses, it encourages DEI initiatives in the future. Employers are no longer limited by geographical location when acquiring talent, rather, the virtual environment enables them to leverage recruitment platforms to access a more diverse pool of talent.
A Focus on Inclusivity, Despite Social Distancing
It uncertain when we will return to working in the office again. Many employers are feeling the struggles of the disconnect between employees. While Zoom meetings are helping us stay connected, it doesn’t quite replace the feeling of seeing and collaborating in-person. In the future, it will be important for leaders to structure remote work in a way that puts inclusivity as the top priority. Regardless of what the future holds, it is important that employers create a uniform and inclusive experience that encourages employees to do their best work.