Although some companies have been hard hit by the economic effects of the COVID-19 crisis, experiencing closures or scaling back benefits, such as reducing or suspending 401(k) contributions, others are in wait-and-see mode or adding benefits for their employees.
This article summarized a study that found 47% of employers surveyed are enhancing benefits and 45% are expanding wellness programs. Over three-quarters of employers are providing access to virtual mental health services and others are proffering virtual services for remote workers, such as weight management and virtual workouts.
About one-third of employers are planning to add flexibility for paid time off (PTO), vacation and sick time and offer mechanisms to minimize lost days. Some examples of the latter include increasing carryover limits, allowing negative balances and some may develop a donation program.
As summarized by the study’s architect, these positive changes are not only good for workers whose anxiety and stress might be off the charts right now, but also position the company as an employer of choice.