Employee Benefits for a Post-Pandemic World

Fortune offers several business-related newsletters that I read when I can, many of which offer insights from CEO’s around the globe. A recent executive conversation centered on attracting talent in a post-pandemic world. Deloitte US’s CEO considers the current environment the “hottest market for talent that most of us have ever seen,” and Allstate’s CEO envisions “an employee-choice model in the new world.” One consistent theme was that social issues are now business issues. And, in an employee-choice model, businesses must widen employee benefits to remain competitive.

For small businesses, expanded employee benefits sound like an expensive option. But not everything has a large price tag. You probably can’t do it all, but a new world of benefits and perks means blending employee demands with social change in order to attract the best employees for your business. Here are some post-pandemic employee benefits to consider:

Education Benefits. The pandemic finally blew the top off exorbitant student loans. Once laid off, people found their acquired education and its long-term cost were out of balance. But the CARES Act allows employers to make some payment of education debt for employees—and it’s tax-free for the employee. Even small amounts of $100 a month will significantly shorten the loan life, all while creating a very appreciative and loyal employee. 

Health, Dental, and Vision Insurance. Insurance drives many prospective employees’ decisions to work for you or not. Why? It’s expensive for them to buy alone, of course. But insurance through employers is part of group benefit plans that are usually cheaper. You choose your contribution levels to stay within your budget, but offering the plans makes your business more attractive to applicants.

Work Flexibility. From flexible schedules to remote work, giving some wiggle room to “how” employees work is something many employees will want to continue after the luxury of working from home. If you business is not appropriate for WFH options, there are many other ways to schedule employees who are clamoring for choice.

401(k). Offering a 401(k) costs you nothing if your business meets a few eligibility requirements. When a payroll service or PEO is on your team, this is often a built-in perk that means lower taxes and future financial security to employees. You don’t have to contribute if you don’t want to or cannot afford to. But employees feel like they are gifted something valuable.

Life Insurance. Like a 401(k), a basic, employer-paid life insurance plan is one very low-cost option, and employees can purchase higher levels independently. As part of a group, it is very inexpensive to offer.

Paid Parental Leave. Most job candidates desire paid family leave, particularly those with two working parents (or soon-to-be-parents). For some employees, it may be the most valuable benefit to foster family and career balance.

VTO (Volunteer Time Off). When an employee wants to do good, support them by being the employer who values what they do. You don’t even have to pay for the time off. To start, you simply allow the scheduling flexibility.

Convenience Services. Stay-at-home orders changed how we live. There was more take-out food and more home-delivery of services. Those conveniences will be hard to give up. Laundry pick-up, dog walking services, or video streaming might be what is desired by employees. Or partner with local professional businesses that can provide financial planning or student tutoring at a discount. The effort to support local businesses and employees is attractive to everyone in your community, especially prospective employees.

Your business’s foresight into post-pandemic hiring will significantly impact your ability to attract and retain good employees. Prospective employees measure your job offers by more than salary. They will evaluate and focus on benefits and perks that meet their personal and social needs. Be sure to attract the best talent with the best offerings.

Author Profile Jon Forknell is the Vice President and General Manager of Atlas Business Solutions, Inc., a software marketing company specializing in employee scheduling software, including ScheduleBase employee scheduling software, and other business software solutions. In the past, Jon has been recognized by the U.S. Small Business Administration as a SBA Young Entrepreneur of the Year. For many years, Atlas Business Solutions has been named one of Software Magazine’s Top 500 Software Companies.