Future of Work Series: Employer Benefits
Claire Davis | May 26, 2022
In this report, we explore how technology companies structure their benefits programs and how they are utilizing non-cash incentives as a key lever of total rewards.
Employer benefits are a critical component of a company’s total rewards program, and an important low-cost lever of talent acquisition. Here are a few ways employer benefits are changing in the new future of work:
Tech companies are expanding certain benefits: Companies plan to expand benefits offerings across most categories – especially learning & development, health & wellness, and family & childcare. The top benefits companies are expanding this year include mental health support, fertility benefits, 401K matching, and e-learning tools.
Work arrangement will be a core benefit: Work arrangement and flexibility have always been important aspects of the employee experience. However, as workplace norms change in a post-COVID world, we predict employees will consider their work arrangement as a key benefit akin to paid time off, and companies that don’t provide flexibility in this regard may lose out on a large part of the tech talent pool.
More tech companies are publishing their benefits publicly: As part of a broader movement towards better visibility into total rewards – and for purposes of talent acquisition marketing – tech companies are sharing details on their benefit offerings publicly via their websites, socials, and job descriptions.
Benefits will become a strong indicator of company culture to employees and candidates: When describing tech companies with strong culture, the word “Benefits” is the second-most utilized word in employee reviews (second only to “People”). With the growth of remote and hybrid work arrangements, employees may start seeing benefits as an even stronger indicator of good company culture.