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Post-COVID: The New Normal Of Work Series Episode 6: How Perks are Evolving July 2 nd , 2020 Rachel McClain Director, Next Jump Greg Kunkel Co-Founder Next Jump Workplace Trends
Post-COVID: The New Normal Of Work Series
Episode 6: How Perks are Evolving
July 2nd, 2020
Rachel McClainDirector, Next Jump
Greg KunkelCo-Founder Next Jump
Workplace Trends
For the latest how-to guides, visit https://www.perksatwork.com
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❑ Episode 1: Work From Home Transition Trends – what’s happened and will it last?
❑ Episode 2: Collaboration Trends with remote work
❑ Episode 3: Hiring and Onboarding Trends
❑ Episode 4: Wellness in the workplace
❑ Episode 5: People Analytics
❑ Episode 6: How Perks are Evolving
❑ Episode 7: Recognition Trends
❑ Future Episodes: TBD
Workplace TrendsPost-COVID: The New Normal Of Work Series
Defining Perks
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Perks are an investment by employers to take care of employees. Showing CARE/GAS in employees builds care/GAS to enterprise
UNLOCKING DISCRETIONARY EFFORT: No matter how good your strategy is, if your people don’t have GAS,
“don’t give a shit”, it won’t work.
NxJ Example
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Little Details to Show
GAS Towards
Employees
Pre-Covid Perks/Benefits Trends for 2020
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• Personalization (younger vs older, working mothers – people have different needs)
• Student-loan repayment aid helps attract and retrain
• Shifting health plan costs to employees reaches its limit
• Stand-alone HRAs earn consideration as a group-plan alternative
• Expanding mental-health and well-being benefits
• Caregivers get a helping hand
From SHRMTop 6 trends
Jan 2020
To now: July 2020
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From Episode 1: Workplace Trends Session
WFH no longer a “perk” – it’s the norm
The pandemic has changed consumer spending
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Consumers are generally being more conservative, saving more. And buying more online…less likely to use cash, and less likely to go in-store
Different phases of spending:
1. Early phase was online grocery, hand sanitizer, stocking up on snacks, essentials (the TP crisis)
2. Then consumers started to buy for their home offices…Printers, monitors, headset, tablets for kids, office chair upgrade
3. Latest phase - nesting drives home improvement. Furniture, Kitchen, appliances, general home improvement etc
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From new study by Raj Chetty:
• Decline in spending is mostly in rich ZIP codes, whose businesses saw a 70% drop-off in their revenue.
• That compares with a 30% drop in revenue for businesses in poorer ZIP codes.
• Paycheck Protection Program did little to protect jobs
The pandemic has changed consumer spending
Not only are spending habits changed, but warning signals that the drop in spend is coming from more affluent which likely will have economic impact on further job loss
What does that mean for employers?
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• Shift to Work-from-Home → HOME OFFICE PERKS
• Employees feeling cared for → Food (snacks)
• Harder to take care of self →Wellness Perks• Physical• Mental/Emotional Health
• Working Parents ➔ ??
Company perks are evolving to address the most crippling areas for an employee since the onset of the pandemic
Some Datapoints
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•Among parents working from home, over 40% surveyed by Gallup in May said it was a "major challenge" to balance doing their job while helping their kids with school.
•Despite a US unemployment rate that topped 13% last month, employers realize the added responsibilities at home could push some valuable employees to leave their jobs, especially if they are able to take care of the kids while living off their spouse's salary.
•"I don't think there's a day that's passed that I haven't heard concern about talent drain because in this period, traditional assumptions have flown out the window," said John Bremen, a managing director at HR consulting firm Willis Towers Watson.
•A recent survey from LeanIn.org found that women report spending an average of 71.2 hours a week on household chores and caregiving since the onset of the pandemic, while men report 51.5 hours.
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What we’re seeing
New Perks added by companies as Exclusives
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What we’re seeing at COA
Age Range
Wellness Learning Kids
20-30 4% 4% 5%
30-40 18% 15% 29%
40-50 34% 26% 41%
50-60 35% 45% 22%
COA Attendance (2+ COA) Most Popular Classes
Work-from-Home Setup Perks Predictions
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1. Will begin to see furniture spend by employees, with choice, vs corporate real estate
2. Education of “healthy” office furniture (e.g ergonomic furniture and assessments)
3. Tech equipment stipends
4. Allowing staff flexibility in merging vacations/WFH in different setup
• Food Expense stipends (some tech companies have had to send notice to NOT do this)
• Snack packages delivered to employees
• Group Cooking Classes
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Food Perks Predictions
Wellness Perks Predictions
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Physical
1. DECREASE in gym memberships
2. Virtual workouts (as community)
3. Vendors that offer flexible workout sessions
Mental/Emotional
1. Meditation/Sleep Apps
2. Virtual Wellness classes; Speakers
3. Vacations/Time off
4. Peer Connection Programs
Working Parents Perks Predictions
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•The risk of losing good employees may become most acute when employers ask people to physically return to the workplace.
•To help with that transition, 86% of employers said they are offering or considering offering flexible hours, according to a recent survey by the Society for Human Resource Management.
•Seventy-one percent of them said they may allow full-time remote work for parents. And 63% said they may offer reduced working hours -- presumably for less pay.
•Some companies are offering either paid or unpaid leave or some combination of the two to support their employees who are caregivers
For the latest how-to guides, visit
https://www.perksatwork.com10
Q&A
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❑ Episode 1: Work From Home Transition Trends – what’s happened and will it last?
❑ Episode 2: Collaboration Trends with remote work
❑ Episode 3: Hiring and Onboarding Trends
❑ Episode 4: Wellness in the workplace
❑ Episode 5: People Analytics
❑ Episode 6: How Perks are Evolving
❑ Episode 7: Workplace Trends Panel ➔ Send recommendations to [email protected]
❑ Future Episodes: TBD
Workplace TrendsPost-COVID: The New Normal Of Work Series
Rachel McClainDirector, Next Jump
Greg KunkelCo-Founder Next Jump
