5 Benefits Young Professionals Really Care About in a Post-Covid World

Our world has changed a lot since Covid suddenly hit us in 2020. There is no denying that.

The abysmal economy and uncertainty that followed had an even deeper toll on employees' physical, mental, and finan­cial well being. Workers are having increasingly different priorities towards what they expect from their jobs and employers alike.

The pandemic has had a massive influence not only on how we interact with others, but also how we work and what you do to keep your employees happy.

And don’t be fooled, your workers’ eyes are wide open. More than two thirds of workers (69%) say they will work harder for a company that provides them with benefits that fit their needs.

So one thing is certain: your employees’ needs have changed since the pandemic hit us.

And with that, so should the benefits that your company offers.

Benefits were once offered as a means to improve morale and to enhance productivity, motivation, and happiness for workers that spent most of their week at the office. They were never mandatory, but highly valued.

Employee benefits are anything offered to workers outside of their normal wages. Benefits traditionally include vacation, healthcare, insurance, transportation aid, and retirement packages, among others.

These perks can also come as in-office extras, such as occasional fruit baskets, yoga rooms, or even special employee recognition events, like those grandiose office parties to present performance rewards.

With workers having to maintain a safe social distance from each other for almost two whole years, prior benefits once held dear to our hearts (such as video game rooms and big office parties) unexpectedly became archaic.

With the pressure to maintain hybrid work as a standard practice, new post-Covid employee benefits were desperately needed. Currently, we’re experiencing a thrilling rise of a new employee culture that revolves around work-life balance—from personal health concerns, to job/financial stability, and, of course, flexibility.

Ensuring your employees’ well-being increases their productivity, decision-making ability, and overall performance. It boosts morale, attracts more skilled talent, and improves staff retention. Simply put, if your employees are happy, this positive energy will pass on to your customers.

As the popularity of traditional benefits fades away like a distant memory, other powerful offerings are being put forward by major players who don’t wish to lose their shining stars.

“If organizations want to recruit and retain the best talent, they have to know the types of benefits that will attract and engage employees,” says Rae Shanahan, Chief Strategy Officer at Businessolver.

So let’s dive into 5 important benefits that employees really care about in a post-Covid world.

1. Hybrid Work

Remote work, once a foreign concept, has now become the new norm. Suddenly, there was no more need to commute for hours on end, to apply makeup first thing in the morning , or even to brush your teeth for that matter.

This is to say, the pandemic has not only affected our genuine desire to stay home on a Saturday night and watch Netflix, but also how we perceive the need of being physically present at the office. Turns out, we don’t need to be there five days out of seven.

Who knew?

So regardless if you believe work should be entirely onsite, employees around the world think otherwise. As an example, Gen Z's likelihood to apply to a given company is significantly higher if the job posting mentions "flexibility".

And this generation’s approach to work isn't only because of their young age. Rather, most of these young workers started their careers in 2020 without the traditional 9-to-5 office experience. To them, flexibility is the norm.

So unless you wish to have a huge chunk of your current workers flying away to your competitors, consider offering hybrid work options. This is the most popular work benefit currently being demanded, where employees can decide when they wish to work from the office (and as well when they feel like working from home to avoid work burnout).

2. Flexible Hours

Adding on, hybrid work should not be confused with flexible hours. These are rather different benefits (and both greatly appreciated).

The pandemic has made flexibility more of a need than ever before. Working parents now find themselves spending more time with their kids than they could ever imagine. With parents juggling work and kids at home, it is not uncommon nowadays for these workers to find themselves in unforeseen situations.

And because of that, work flexibility has shot to the top of workers’ needs.

3. Pet-Friendly Offices (and pet benefits)

Not all of us have kids, but many of us have fur babies (and the pandemic sure motivated many of us to buy pets to maintain our sanity at home). Because of this, pet-friendly perks are more than welcome.

Adding on, financial pet aid, such as pet insurance, is increasingly becoming an attractive benefit to lure in employees. Owning a fur baby is expensive and veterinarian bills can add up.

4. Bespoke Benefits

In other words, offering individualized packages for employees.

Indeed, bespoke benefits are growing fast in popularity because of Covid-19 and the end of the pandemic. Businesses now focus on delivering more effective benefit packages to meet employee demands.

Why would you give every worker a full month of paid time off if this perk isn’t as predominantly a priority as, say, childcare (as an example)?

What’s more, bespoke benefits further demonstrate that the employer knows its organization’s needs. As an example, Gen Z employees (aged 16-23) reported a willingness to sacrifice an impressive one-third of their salary to receive a personalized healthcare package that fits their individual needs.

And how would the logistics work, you might be wondering?

Individualized benefits require a more personal approach. Meaning, managers need to work closely with HR teams to ensure these offered benefits actually reflect what those employees value the most.

5. Financial Aid

It’s safe to say that most of us wouldn’t say no to more money. A powerful recruitment and retention tool is to offer perks that provide financial relief to employees. And companies that want the best young talent could consider offering a student loan assistance program.

A survey from Beyond stated that “89% of job seekers with debt indicated that they believe employers should offer student loan repayment as part of the benefits package. (...) 10% ranked student loan help higher than paid vacation time as the ‘most important’ benefit.”

Moreover, PricewaterhouseCoopers (PwC) gives its associates and senior associates $1,200 a year towards their student loans for a period of up to six years with payments going directly to the loan provider. This is a fantastic way to captivate the attention of a fresh, qualified workforce.

After having a taste of the pie, employees realized they can’t get enough of the freedom and are increasingly looking for more flexible working conditions such as remote work and flexible hours.

Not too long ago, many companies offered fun game rooms to promote employee engagement and maintain top talent. Employees could play darts, video games, foosball, and ping pong.

But with Covid, that ship has sailed and employees from all ages began welcoming more flexibility and bespoke perks that cater to their wellness, family, and their personal time.

Now working from home and flexibility is no longer seen as a perk, it’s an expectation.