An organization's success is deeply rooted in the happiness of its employees. A satisfied workforce tends to be motivated and engaged, leading to better performances and results. Therefore, it's critical to provide benefits that motivate and inspire employees in order to create a fulfilling workplace.
With Gen-Z entering the workforce with new aspirations, companies must rethink their benefits packages to attract, engage, and retain talent. Several national and international companies have refined their benefits packages to meet the needs of today's workforce.
This blog will highlight some rewards or benefits that any organization can easily fit into its compensation scheme.
New-Age Benefits to Include in Employees’ Compensation
Stipends for Home Offices
A remote work stipend, also known as a home office stipend, is an additional payment that businesses make to their staff members to enhance their working-from-home experience. While some businesses allow their employees to choose how to use their stipend, others specify certain items (such as internet bills or office supplies) that employees must purchase.
Branding Goodies
Offering freebies with the company logo has become a new trend. This smart strategy works two ways. First, employees love receiving free, useful products from the company, which gives them feelings of belonging and engagement. Second, employees use social media to show off these brand-new kits, including a laptop, diary, water bottle, and more, with the brand’s name or logo on the products. This indirectly brings attention to the brand and builds a good reputation.
Moreover, with work-from-home here to stay, employees appreciate companies that send entire home office setups, including a table, laptop stand, headphones, etc., along with the items mentioned above.
Repayment of Student Loans
Student loans can significantly reduce an employee's pay for years after they graduate, especially for students who study abroad. For this reason, employers who offer debt repayment assistance for student loans—a benefit akin to tuition reimbursement—are particularly appealing.
Extra Paid Time Off
Full-time employees usually receive a set number of paid days off from their employers each year, which they can use for emergencies or vacation. Paid time off (PTO) is a vital and protected part of an employee's benefits package, so providing additional PTO as a reward can be quite motivating.
Giving out time off often entails making a small budgetary adjustment for your company to make room for additional paid time off, then allocating those days to the staff members who have earned that incentive.
Final Thoughts
The new workforce, especially Gen-Z workers expect different rewards from what employers are used to providing. Innovation in reward structures reflects the evolution of your workplace culture. From allowing home office stipends to offering complimentary branding goodies, companies are adapting to meet employees’ changing needs. These benefits evoke appreciation, satisfaction, and loyalty in employees, fostering a positive and fulfilling work experience.
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The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.
As artificial intelligence technology continues to develop, the demand for workers with the ability to work alongside and manage AI systems will increase. This means that workers who are not able to adapt and learn these new skills will be left behind in the job market.