Online storefronts, digital transfers, e-wallets: the past decade has radically changed people’s lifestyles. While the Philippines hasn’t gone as far as other countries in terms of reliance on technology for daily needs, we’ve seen the benefits of this to help lighten the load, especially in a country as congested as ours.
As our lifestyle evolves to match the speed and convenience of technology, we expect more types of personalized services to provide us with instant gratification. This expectation is no longer limited to aspects of our personal lives, but extends into the workplace as well.
As younger generations enter the workforce, companies scramble to draw fresh and skilled talent to their organization. Businesses, particularly those which are tech-driven, make an effort to understand the needs of these new workers and provide them with attractive benefits beyond the standard competitive salary and health insurance.
Led by Silicon Valley giants like Google and Facebook, companies have begun dismantling the fluorescent-lit cubicles in favor of open, more collaborative spaces filled with bean bags, game rooms, and a well-equipped pantry.
The competition to entice new talent has become even fiercer now, as the digitally native Gen Z trickle into the workforce. Luckily, companies don’t need budgets as big as the Silicon Valley giants to recruit and retain top talent. In the Philippines, many already offer unconventional benefits in the hopes of attracting Millennial and Gen Z professionals, including Grab credits, ClassPass memberships, Netflix subscriptions, and even break-up leaves.
However, colorful open workspaces and snacks may no longer be enough to attract and retain talent. Younger employees understand that technology has changed not only the way they live, but also the way they work. Here are a few ways technology is impacting the workplace of the 2020s:
Flexible Work Hours and Remote Work
According to a study by Mercer, 54 percent of employees appreciate employers that offer more flexible work hours. This in theory would help them thrive and achieve work-life balance.
To go even further, remote work has become more prevalent over the past decade. A trend pioneered by Silicon Valley companies, employees aren’t required to come into the office, save for important meetings or activities that require their physical presence.
Our concept of work has been transformed by technology. More and more companies are saying goodbye to the Bundy clock and saying hello to Slack and Trello. Everything can be done online and on the cloud anyway, so why would it matter where you sync with your team?
Vacay Time
Everyone loves a nice vacation. More young professionals are seeking paid time off work, as budget fares and accommodations have given them greater opportunity to travel without having to save much or plan ahead. These deals have given rise to the trend of “micro-vacations,” wherein employees would take a few days off to fly somewhere nearby, allowing them to fulfill their personal bucket lists.
Here in the Philippines, some companies give as little as five vacation leaves per year. In contrast, countries like France and Germany give employees 20 vacation leaves a year; and that’s the minimum! But things are already changing, as more Philippine-run companies are beginning to see the value of a well-rested and happy team pumped to return to work after a quick trip.
Compensation and Health Benefits
The reality is that most of us stay in our line of work because it offers us job security, a decent salary, and health benefits. These are the most basic things employees can ask from a company, so most try to make their packages as comprehensive as possible. For example, some companies now provide gym memberships, access to wellness classes and other self-care activities on top of the standard health insurance.
In the Philippine setting, financial technology companies are offering platforms for compensation and benefits to address the unique needs of the digital-savvy workforce.
From e-wallets that serve as mobile payment and remittance tools, to portals where employees can instantly drawdown funds, these fintech-powered solutions appeal to a generation used to making technology work for them.
In the age of digital where everything can be had on-demand, from TV shows to car services, why can’t our paychecks also be advanced at the click of a button? This kind of service could not only help improve our personal financial management practices, but also serve as a reliable channel for emergencies.
This is where Advance comes in. This local fintech company allows employees of any company to advance a portion of their salary on-demand, 24/7. With the push of a button, Advance lets employees access their salaries whenever they need. Funds are instantly disbursed into their payroll accounts, making the experience seamless and in line with many of the other on-demand services we all know and love.
Advance offers its platform to companies at no cost or liability, and empowers employees to take control over their finances. A financial benefit like this gives employers the ability to assist everyone in their organization – whether it’s to pay for a bill or handle a personal emergency – without having to use company resources.
At the end of the day, the best way to decide what benefits best suit employees is for companies to gain a deeper understanding of what their teams truly need to be more productive and engaged. Every company is different, so it’s up to HR to leverage the right services and tools to address the specific needs of their organization.
Book a demo with Advance today and learn more about how you can provide your employees with practical and impactful financial benefits.
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