The most successful brands invest in both employee experience and customer experience to stand out in the crowd and gain a competitive edge.
It’s no accident that businesses that provide a great customer experience usually provide a great employee experience too. They invest in the people that create the vision, brand, experiences, products and services customers love. And as employers increasingly compete to attract, engage and retain the best talent, the employee benefit packages on offer can go a long way in achieving this. Happy, healthy, motivated workers that are treated well will want to do a great job and stay.
Benefit plans are constantly evolving as businesses adapt to shifts in the way we work and the demands and expectations of agile employees. So as 2019 unfolds, it’s a good time to look at 4 employee benefit trends to help you assess the packages you offer.
#1 Employee benefits are getting personal
The pressure is on for employers to keep pace with changing workplace demographics and the different wants and needs of multi-generational teams. A one-size fits all approach does not work and the most innovative businesses are adopting a personalised, tailored approach to appeal across the generations. Research though shows that most companies are still behind the curve on this. For example, Aon’s recent Benefits and Trends Survey found that 90% of employers believe they will need to change the employee benefits they offer to meet the needs of future generations. Perhaps most strikingly, 60% of employers currently do not offer benefits that meet the needs of all generations. Employees are looking for flexible, relevant benefit packages that work for them at the right moment in their lives. Businesses need to be flexible to adapt to this.
#2 The work-life balancing act
We all need a healthy work-life balance and companies that actively encourage this are becoming attractive places to work. A competitive salary is no longer enough. The overall package is more important than ever as people look to rebalance their working lives. Research tells us this is a long-term trend. For example, the Hays Salary and Recruiting Trends 2019 guide found that after salary, 30% of employees rated work-life balance, including flexible working opportunities as the most important factor when considering a new job. The survey also found that just 17% of employees felt their work-life balance was very good. There is an opportunity here to offer an innovative, bespoke benefits package that helps your team get the right balance for them. If you’re looking at introducing flexible working options in your workplace – there is some super-helpful information here.
#3 Digital convenience
Businesses are turning to digital benefit platforms and tools to simplify and reduce the administrative burden of managing schemes, better communicate, keep teams up to date and recognise and reward when team members do great things. In today’s anytime, anywhere digital culture, employees want real-time information and easy access to the benefits and perks that best fit their lifestyle, health and wellness needs.
#4 Predictive analytics
Companies will ramp up capabilities to use data analytics to help them evaluate benefit schemes. This actionable, measureable insight will help businesses improve employee outcomes, better personalise what they offer and identify cost savings. But, most companies are still playing catch up on this. As John Greenwood reported to Corporate Adviser: ‘More than half of reward and employee benefits professionals see predictive analytics as a game-changer, but 90 percent are still using spreadsheets to manage data, research from the Reward & Employee Benefits Association shows.’ Digital benefit platforms and tools will help firms get better at collecting and integrating the data they need.
What are the priorities and challenges ahead for your business?
These are just four of the key trends influencing the way companies approach employee benefit plans. What are the priorities and challenges ahead for your business? If you’re looking to introduce employee benefits, or update your plan, let’s talk to see how we can help.