Ask a college student what benefits they would get by working and they’d definitely tell you that it is money. Ask a salaried professional the same question, odds are the answers would be non-monetary in nature.
The evolution of employee benefits as a concept has followed a similar path — initially offered as a retirement pension to railroad workers, employee benefits are not only monetary in nature, they are also intangible.
In fact, a lot of the benefits employees receive are non-monetary in nature.
Employee benefits are ever-evolving and here is what they might look like a few decades from now.
An incentive to come to work
Employee benefits are being used by organisations everywhere as a powerful bargaining tool. With many countries, like Finland, Canada and Sweden considering offering a universal basic income to all its citizens, an attractive pay package would no longer be a sufficient motivator for an employee to join the company. Employee benefits could be offered to potential employees as an incentive to join an organisation.
With the advent of automation, many blue- and white-collar jobs are being or are expected to be phased out. However, experts agree that it won’t lead to mass unemployment. The evolving nature of work itself would result in new opportunities cropping up as old ones get phased out. It wouldn’t be long before organisation offer employees consistent skill development courses as an employee benefit to ensure that the workforce is always employable.
Health and wellness
The link between employee performance and health is a well-known one. As healthcare costs continue to rise, offering medical plans to all employees is basically a norm. Now, organisations are using tech to ensure employees lead healthy lives — some organisations offer activity trackers and encourage employees to take part in activities. With Big Data offering interesting insights into every walk of life, we predict that it won’t be long before companies start predicting when employees are most likely to fall sick and take preventive measures or even shift work to other employees to ensure optimum productivity.
Digitised tax benefits
Employee tax benefits, like meal vouchers, medical reimbursements, etc. have always been surrounded by tedious processes, from distribution to spending. However, the trend of offering digitised solutions to corporates and employees alike has already begun. This trend would gather even more momentum, becoming more efficient as the process gets digitised from end to end. Labour intensive processes like ensuring whether an employee applying for LTA was on leave, the valuations of the claim, etc would be completely automated.