Principal and CEO of GetFive, a leader in Modern Outplacement (moving on) and Career Management Solutions (moving up).
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Beer fridges in the breakroom are so 2019. In the wake of the pandemic, job seekers want benefits that offer security.
If you're in HR or otherwise involved in hiring for your company, you've been on the perks and benefits roller coaster that, typically, has been governed by the unemployment rate. When the unemployment rate is high, employers hold all the cards. They offer job seekers the standard, basic benefits that most companies offer — health insurance, 401(k) plans, PTO and other traditional benefits that don't typically put a strain on a company's bottom line — or HR's creativity.
But when the unemployment rate is low, it's a job seeker's market. That's when you see HR go deep into the perks and benefits pool, pulling out all the stops, offering things that are decidedly outside the box. Companies on Main Street start to take a page from Google and Facebook, offering perks that are designed to up the ante on the "employee experience," or what it's like to work there from day-to-day: beer fridges in the breakroom, free breakfasts and lunches, sleeping or meditation pods, unlimited PTO, avocado toast on demand. The sky's the limit when it comes to coaxing the best and the brightest to sign on the dotted line in a tight job market.
Then Covid-19 happened and changed the rules.
When the pandemic hit and our country went into a shutdown, one-fourth of all Americans lost their job or income. Layoffs and furloughs were the norm. Some employees, especially those in the hospitality industry, were called back to work after a layoff, only to be laid off a second time. It was brutal out there and still is for many.
As we are all attempting to settle into our new normal, I'm seeing a new benefits trend coming to light. It's about what job seekers are looking for today. They don't care so much about beer fridges or meditation pods now. Many companies are still working remotely, so the employee experience in the office is becoming irrelevant. Instead, job seekers want benefits that will provide security and stability for themselves and their families. Yes, that means a solid health and life insurance plan and an employer-matched 401(k), but it goes deeper than that. Here are some of the new benefits I'm seeing.
Sufficient Training And Skills Development: Even before Covid-19 hit, the opportunity to learn, grow and develop their skills on the job was a paramount concern for millennials. In fact, one survey put sufficient training on the top of their list. They'd be wary of taking a job that didn't offer a clear path up the ladder. Now, it's not so much about climbing up the ladder as it is about job security. According to a 2016 Gallup poll, millennials view their jobs as an opportunity to develop new skills. When a company is committed to providing these opportunities, millennials interpret this as the company investing in their future. Whether the employee stays on the job or not, they will have enhanced and heightened skills to take with them to the next one.
Enhanced Sick Leave: There are many ways people have experienced and recovered from Covid-19, from no symptoms at all to a few days of chills and fever to hospital stays to the new long-term symptoms that are affecting even young, otherwise healthy people. Job seekers want to know their new jobs are secure should any illness befall them and keep them out of work for any length of time.
Child Care: For many parents, Covid-19 has brought with it the added burden of having to supervise their children's at-home learning if their schools are not open full-time. If the parents are also working at home, it can create a chaotic atmosphere in which nobody can get any work done. Having the benefit of employer-funded child care eases that burden and allows employees to do their jobs without constant interruptions from their kids.
Outplacement: Letting your job seekers know that your company offers outplacement to employees if they are let go is a powerful way to create a sense of security. We've all seen the layoffs and furloughs, and many people have experienced getting the rug pulled out from under them. Knowing that if the worst happens, they have the safety net of outplacement services goes a long way to quelling people's uncertainty and fears.
In this uncertain world, job seekers are looking for security and stability. You can't guarantee employees a job for life, nor should you have to, but you can give them benefits that show your commitment to their long-term future.
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