Corporate
Employee benefits needed during Any community quarantineMay 26, 2020 | Mike Togle
Employee benefits have become a sensitive subject during the COVID19 pandemic. Employers know that their employees need such benefits, but the impact of the pandemic on businesses have left the unprepared companies scrambling to gather resources to cover their workforce.
Businesses are greatly affected by these community quarantine or lockdown setups. There's no denying it any more.
As early as March 2020, it was reported that several industries, which included Airlines, Casinos, Leisure and Hospitality, and Oil & Gas, received the brunt of the effects of this crisis. Both Philippine Airlines (PAL) and Cebu Pacific reported to have slashed 500 jobs since February 2020 and announced the need to apply other cost-cutting measures. These moves could be attributed to the rapid drop (to near absence) of demand as domestic and international flights are banned.
But not all industries are gravely affected.
Companies that belong to industries that can continue their operations are fortunate to still have income flowing in. Some of them have their employees on a Work-From-Home setup, but many, who were not able to adjust, require their workers to travel to the office and back every work day.
Many of these employees look forward to ending their work week.
But all of these people who need to travel and go to work will soon need new and/or better employee benefits to ease their burden in supporting the businesses that they work for.
Details
Employee Benefits Needed
Filipino workers are ever resilient and they are very resourceful as well. But it will definitely help them to have additional employee benefits that can either lessen their burden of traveling or peace of mind as they become exposed when they're at work.
Transportation Benefits
Because of the community quarantine protocols, some public utility vehicles are not yet available. Either they're not allowed for lack of social distancing or the vehicles still need to be assessed if they can prevent the spread of the virus. By providing transportation as one of the employee benefits, businesses can either lower their employees' transportation expenses through an allowance or lessen their exposure by providing a company shuttle.
Work From Home Benefits
Many companies have been forced to implement a work-from-home setup, but there are still some who have not adapted. There are businesses that cannot pivot to a WFH setup, and it's mainly because of their business model. For those who can, this employee benefit can greatly guarantee the safety of your people.
Technology Benefits
If your business can run on a WFH setup, congratulations! But because your employees are working from home, there are some technologies that will be important to make it possible for them to do their tasks. Some companies offer to pay for their employees internet connectivity or an upgrade from their existing plans. Many businesses sent their employees' desktops and laptops to their home or bought them a new set. Your employees will really appreciate it.
Financial Wellness Programs
Nowadays, people grab at straws to figure out what is the best way to manage their finances. Finances are an imperative topic and it isn't only for those who lost their jobs. People with additional savings because of the WFH setup will need guidance on how to make the best of their money. Running financial wellness programs and seminars will help them greatly, and they'll be grateful.
Increased Life Insurance Coverage
Since the start of pandemic, we have been receiving requests from our corporate clients to increase their life insurance. It may be due to the increased risks of getting sick or permanently retiring because of the effects of the virus. Having better life insurance coverage will give your employees more peace of mind, whether they're on a WFH setup or not. They still have to go out and buy supplies, which leaves them exposed.
Health Insurance and HMO
With the chances of getting sick increasing, employees will appreciate better Health Insurance or HMO benefits. The cost of recovering from sickness will always make a big dent in a family's savings. Any benefit that will dampen the impact of medical costs will be appreciated by your employees.
Hospitalization Income Benefits
Aside from health insurance, employers can also provide hospital confinement benefits for their employees. This applies to cases where the employee confined in the hospital or at the ICU, which leads to lost income. Hospitalization income benefits can provide income replacement for the days that the employee was unable to go to work.
Mental Health Paid Leaves
Mental health is an important topic to discuss during this pandemic. With people being cooped up inside the house while the community quarantine is enforced, their mental state becomes unstable especially for those who are used to being out and about every day. The extra work and stress during a WFH setup also aggravates things. Having mental health paid leaves will allow employees to take some time off to sort out their mental state. Of course, a medical certificate can be a required parameter for them to apply for paid leaves.
REALIZATION
"People are the life blood of almost every business. Help secure their lives to increase retention."
Mike Togle, Retirement Coach
Enhance Employee Benefits
Employee Benefits will play a big role in the lives of your employees. People-dependent industries will have a hard time keeping up operations if they don't have people to perform the needed tasks. With this pandemic leaving many companies losing valuable manpower, poaching will soon be more rampant.
Who will these employees choose?
Ramp up your employee benefits so that your business will have a fighting chance at keeping your valued employees in your company.
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Ayala Avenue, Makati City, PH
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