Reimagining Compensation for “the new normal”

How Coverflex can help companies navigate compensation during the Covid-19 pandemic

When life was simple, straightforward and mostly maskless, compensation was made up of a number of different things. They were called “perks”, and benefits and ping-pong tables at the hangout area of the office. 

The thing is: that wasn’t too long ago. This sudden shift in habits, infrastructure and the way we work is only about 7 months old and everyone is still trying to figure out how to adapt, getting comfortable in their sweatpants and trying to create suitable environments for productivity from within their own homes.

As we see it, compensation goes way beyond a paycheck and the value defined in your salary. It is all of the ways a company takes care of its people in return for the work that they do for the company. But how do we do that when suddenly the company is a bunch of different people locked alone in their houses?

Faced with the increasing likelihood that we will all have to live in lockdown once (or twice or thrice) again, companies have an opportunity and a necessity to adapt their structures to the reality of what working at their companies looks like now, could look like tomorrow, a few months from now, and in the unforeseeable future. 

Taking into account the needs of its people and myriad other important factors, not the least of which the need to cut costs and optimise the existing structure to facilitate more flexibility, companies need to find solutions.

Here are facts:

- People working from home cannot benefit from the work conditions offered within an office, and that includes perks and some benefits (ie. coffee, snacks, lunch, free quality wifi, adequate chairs and tables, to name but a few);

- The impending worldwide economic crisis is making managers cautious about their spending, planning for the future has added financial pressure as forecasts bring less than enthusiastic news;

- In the middle of the unknown, opportunities for promotions, raises and rewarding performance become constricted and scarce, to say the least.

And so here we all are, together, thinking about how we can adapt what we used to do to what we need to do now.

Here are a few ways we can help:

Offering autonomous decision-making within a number of varied options when it comes to fiscal benefits helps people find solutions to their own specific circumstances and most pressing needs. It also makes them feel like you are taking care of them and that is very important in a moment when they can’t feel your

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