Back to the complete issue
Wednesday, 19 May 2021

The post-covid world comes with a new set of workplace perks — and expectations

The pandemic is shifting workplace perks towards an individualized, health-attuned culture and away from traditional perks designed to keep employees productive by keeping them at the office, the Financial Times says.

Central to this shift is recognizing younger and older employees have different needs:

Younger employees are looking for support with finances and personal development, argues Manchester University organizational psychology professor Cary Cooper. For these age groups, using traditional perks to get employees to work on-site from the office and boost their productivity is not an effective strategy, says Flex author Annie Auerbach. In the post-pandemic world, these “stay here tactics” — like having ping pong tables and gyms in-house — will make way to a more empathetic managerial vision that is grounded in the understanding that staff members have a life outside their jobs, Auerbach says.

What’s wrong with the job hopping generation? A 2020 report by Gallup found that 21% of millennials changed jobs in the last year, which was three times the number for non-millennials. “The reason they are going from one employer to another is because they are not getting what they are looking for,” says Cooper.

Over 60% of employers are placing more emphasis on perks that promote physical and mental wellbeing, according to UK job rating site Glassdoor. These include apps, private healthcare, and online therapy. The study found that almost nine in ten would be more likely to apply for a job at a company that took care of its employees.

Some companies are tweaking perks to factor in debt relief: Google announced it will match student loan repayments up to USD 2,500 a month from starting this year.

Providing flexible hours is not an advantage. It’s a disadvantage not to: “Companies that don’t have flexibility benefits as standard will really lose out,” says tech consultancy Unleashed CEO Anouk Agussol, arguing that the freedom of choosing when to work weighs a lot more now than it did before the pandemic.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.