Better Benefits, No Headaches
A Brave New World: Employee Perks
A Brave New World: Employee Perks
"Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients." – Richard Branson
COVID-19 has changed the way we work, parent and approach our daily lives. As I write this blog, I can hear two different elementary school classrooms channeling into my office from down the hallway. It's safe to say we are all in a much different place than we were in just six months ago. Yet Charles Branson's quote rings true today more than ever: "Take care of your employees, they will take care of your clients."
Thankfully, employers today can benefit from a decade of progressive technologies and services that have created new ways to meet their employees' changing needs. Employee perks have evolved due to a tightening talent pool, increased investment in employee engagement, and our multi-generational workforce.
Identified below are four key areas for companies looking to support employees in the post-COVID world along with a vendor providing a solution for employees’ needs.
Family Support: Maven
Maven provides end-to-end family support, meaning employees have care providers available from family planning until their children have grown. In between these bookends, members engage with the platform and its network of caregivers for advice on adoption, fertility, pregnancy, parenting, sleep coaching and even milk storage. Maven's most unique differentiator is that it has created the largest custom provider network and caregivers to support members by combining in-app practitioner messaging and virtual telehealth services.
Financial Support: Financial Elements
Financial concern is one of the leading causes of stress and anxiety in America today. One of the possible solutions to this problem is Financial Elements. It is an employer-sponsored service that couples an award-winning financial services technology with a mentor to help employees with their financial journey. Whether it's consolidating debt, buying a first home, saving for college or retirement, the mentor is with you every step of the way.
Financial Elements' adoption rate is 35% to 50% on average, and there is no doubt that the availability and access to a mentor set this solution apart from its competition.
Meal Stipends and Home Office Equipment: Twic
The key to Twic is its flexibility. The product, at its core, is a rules-based spending account.
In some ways, Twic is like a traditional TPA in that they offer basic services such as FSA, Commuter and HSA. However, what sets them apart is the ability to help companies design employer-sponsored spending accounts. These accounts are set-up with rules that allow companies to control an allotted amount of funds for specific expenses accurately.
One example would be for employers that previously provided lunch on-site for employees (in office). Using Twic, an employer could now allocate lunch funds used for in-office lunches to their remote employees. The rules-based system can be set up to make this a daily stipend. If it isn't used that day, the funds go away rather than accruing.
A second example would be an employer that would like to help employees work comfortably from their home offices. Using Twic, an employer can provide a one-time stipend up to a certain dollar value for the purchase of office equipment and supplies.
Home Schooling Support: Outschool
Homeschooling is a reality for much of the country today, and with it has come several challenges. These challenges range from the need for new technology at home to fill the void of dead time as our local schools struggle to transition to remote learning.
Outschool provides a marketplace of live classes that can be used to supplement education for families working and schooling from home.
Employers partner with Outschool to allow their employees to access the platform at a discounted rate, and in some cases, employers are sponsoring a specific dollar amount toward Outschool classes.
Over the past six months, both work and school environments have changed drastically for everyone. Employees have made great strides to work and educate from home, but not without a litany of stress and anxiety. These new perks, solutions and service providers are working together with employers to support them where they need it most as we all adjust to this brave new world.