Fun Friday: Top 5 employee benefits for 2020

Flexible working was all the rage in 2019. In fact, four in five workers would even turn down a job if it lacked the option for remote work, according to workspace specialist IWG.

If the past year is anything to go by, 2020 will see employers competing for talent by offering meaningful (and unique!) benefits. Here are the top employee perks that will continue to make headlines in 2020:

Student loan repayment
In 2019, the student debt crisis in the US ballooned to more than US$1.5tn, the highest it has ever been. Employers are thus using student loan repayment as a way to attract Millennial and Generation Z workers to their team. Companies typically offer a fixed amount – $100 a month, for instance – which goes directly into debt repayment.

Fertility benefits
With more workers prioritizing their career and choosing to have children later in life or through alternative means, employers are starting to provide a more extensive range of fertility benefits as part of their health plans.

These perks include egg freezing and in vitro fertilization, as well as surrogacy and adoption support services. This year, global banks JP Morgan and Goldman Sachs expanded their fertility benefits to help employees plan their family amid the demands of their career.

Pawternity benefits
Pet-friendly offices often allow employees to take their fur-babies to work during special occasions, but there’s more to the pawternity benefit than just letting staffers introduce their pets to the team.

Some companies pattern this incentive after some of the more traditional parental benefits, which allow working mothers/fathers to take leave and be with their child if they are in need of urgent care. Pawternity is the same – only this time it’s for their fur-babies.

Some employers have begun offering paid time-off to workers who are welcoming a new pup or kitten into their home, while others also provide bereavement leave to ‘hoomans’ who suffer the loss of their pet.

Telehealth services
Employers are beginning to subscribe to holistic health and wellness services that are accessible to workers across digital platforms. Telehealth or virtual health care enables employees to consult with a medical professional on a range of physical and mental health matters, either online (video), by phone or through a mobile app. Support services are available on demand and in the privacy of their own home.

Transportation and fuel allowance
The daily commute to the workplace can be costly and exhausting, but employers are lending a helping hand either by shouldering the cost of public transport or by handing out fuel cards. Giving your staff fuel cards, for one, eliminates the need for them to file reimbursement claims periodically.