Amidst the growing emphasis on mental health, family well-being, and overall well-being, companies are vying for top talent by offering employee benefits that extend beyond traditional retirement and health plans.
According to a Gallop poll, 61% of employees consider increased well-being and work-life balance when applying for a new job. 64% said that better pay matters most. These numbers point out that employee benefits and a high salary are equally important.
So, which employee benefit is more in demand?
Flexibility
Since the easing of COVID-19 restrictions, the desire for flexible work arrangements, including the freedom to choose one’s work location and set one’s own hours, has become a top priority for employees worldwide. .
Flexible work arrangement is not just about working from home. Various work models come under it. Let’s take a look at them:
Remote Work
Employees work from a remote location, which is either their home or a co-working space. It allows employees to fulfill their responsibilities from the comfort of their homes or other locations, reducing the need for a centralized office.
Work from Home (WFH)
WFH gained more traction during the pandemic. As people were forced to isolate in their homes, offices decided to continue their business operations by offering employees the feasibility of working from the comfort of their homes. Those who found out that this work model helped increase ROI, allowed employees to work primarily from home on a full-time basis.
Hybrid Work
As the name says, this work model combines remote work with in-person work. Meaning: Employees primarily work from a remote location but can be called to the office for special meetings and teamed projects.
Flex Work
The flextime work model permits employees to choose their working hours within certain limits. This flexibility recognizes employees’ peak productivity times, allowing them to tailor their schedules accordingly.
Compressed Workweeks
Some employees prefer to work longer hours on certain days, resulting in a compressed workweek. For example, they may decide to work four days a week for more than the standard 9 hours, which gives them the benefit of taking more days off.
Decentralized
This working model offers autonomy. Employees work in a team but are spread across the globe. They are given specific tasks, which they have to complete in a given time and update the team leader about their progress. However, not many employees prefer this work model because where there’s autonomy, there’s accountability.
The COVID-19 pandemic highlighted the importance of adaptability in the face of unforeseen challenges. Today, companies with established flexible work policies are better positioned to handle employee absenteeism.
In conclusion, flexibility allows employees to manage their personal and professional commitments, fostering a healthier work-life balance. This, in turn, can lead to increased job satisfaction and reduced stress levels.
Offering flexible work arrangements attracts top talent significantly. Companies prioritizing work flexibility in a competitive job market are more likely to appeal to diverse candidates.
