How WFH Subsidies Can Help Small Businesses Retain Talent in a Post-Pandemic Workplace
With the recent shift to remote workplaces, the flexibility of working from home is no longer a competitive benefit offering - it’s almost a standard for every workplace. To differentiate yourself from other businesses and attract (and retain) top talent, you’ll need to offer employees something more than just a base-level benefit, which is what remote working has become.
Already, several employers are prioritizing flexible schedules and rotating work shifts to accommodate those employees (about 1/3rd of the workforce) who have grown accustomed to working remotely. The Bureau of Labor Statistics reported that flexible work schedules were available to 13% of the American workforce. In short, lots of businesses offer remote work as a standard benefit, so what sets your company apart?
That’s where work-from-home (WFH) subsidies step in.
Instead of offering typical benefits packages (that employees may be expecting at this point), employers can set aside funds (kind of like petty cash) just for workers’ home office/remote work reimbursements. These funds could cover the standard expenses that come with working remotely, including:
Hardware including laptops, monitors, cables, and headsets
Software, from licenses to service subscriptions
Phone and internet bills related to work on a personal devices
Home office furniture including desks and chairs
Helping out with these expenses will show employees how much they’re valued. It will also improve their chances of optimal productivity even outside the workplace. Bigger companies have already embraced the concept of subsidizing home office expenses. Deloitte, for instance, announced a $500 work-from-home technology subsidy to help people easily transition into hybrid work.
Apart from reimbursements, employers can also provide company laptops, headsets, etc., for employees to take and use at home for work. Subsidies in this form not only increase your company’s reputation as a good place to work, they also fall on the cheaper side of benefits costs based on how much money you allocate towards reimbursements and how often you pay them out.
Does it make sense for your company to offer subsidies?
Answering this question depends on a number of things.
Does your company rely on remote workers?
Do you employ many or few remote workers currently?
Is working from home a choice or a requirement?
Do you prefer having workers in the office full-time?
The whole point of subsidies is to offset costs that remote workers may face when transitioning into the hybrid workplace. By shouldering some of their expenses, employers are investing in the success and productivity of their employees.
There are a bunch of other benefits that small business owners can offer their employees. Small business benefits can range from health benefits to voluntary benefits which assist workers in bearing their health care costs and other long-term medical expenses.
NYSH helps small employers offer health insurance and other benefits through partnerships with key insurance companies in the New York region. To learn more, click here or talk to a friendly professional.