People-focused workplaces come to the fore as employers brace for tough times ahead
The final panel of the day. Top line: Host Gemma Godfrey, financial wellbeing expert; Jake Attfield, challenge group lead: UK strategy for finanical wellbeing at the Money and Pensions Service. Bottom line: Paul Williams, head of pensions and financial wellbeing at Travis Perkins; Gary Dewin, people director at The Co-Op Group; and Tracy Newton, Director of Colleague Experience at Yorkshire Building Society.
More than 700 employers registered to attend REBA’s virtual Employee Wellbeing Congress, which got off to an incredible start as it brought together the reward community for the first time in months.
With the impact of coronavirus still rippling through businesses, many were keen to learn how the pandemic has altered employee wellbeing strategy, and what they need to consider now to prepare their organisations for the future.
The need to be human
Of the many case studies and anecdotes to come from yesterday’s event our speakers consistently highlighted how they are listening more to employees and are adapting their policies and benefits accordingly. It is only by understanding the diverse needs of employees that employers can create great workplaces.
Of course, what underpins this understanding is data. Truly understanding employees’ needs and requirements, from their diversity through to their financial wellbeing, is critical to designing an effective wellbeing strategy.
There are many ways to access this information – such as from providers, engagement surveys etc – but ultimately employers need to be honest and transparent, and gain employees’ trust. Once this is in place, organisations can leverage this position to access greater insight and to influence reward strategy going forward.
Beyond one-size-fits-all
Employers have a powerful role to play in reducing inequality and thinking beyond broad-brush benefits options. 2020 has not only been the year of coronavirus, but it has also been a catalyst for recognising our lack of equality and the need to change working practices to become more inclusive.
Employee wellbeing is critical to this change. It highlights the diverse needs of different employees and can open a dialogue to ensure that all employees experience a sense of belonging in the workplace.
In every aspect of wellbeing inclusion has a critical role to play. Jake Attfield, challenge group lead: UK strategy for financial wellbeing at the Money and Pensions Service, highlighted that financial wellbeing is all about inclusion – if people have a solid financial foundation it helps to support every aspect of their life.
Another example comes from the move towards a more blended approach to work – flexibility that often helps to support women. It is important that employers are not overly prescriptive with their policies as this can add unnecessary restrictions.
In all aspects of wellbeing, the Congress made clear that employers need to put diversity and inclusion front of mind.
Preparing for the near future
A key focus for this year’s Congress is resilience. Resilience is an issue that has come to the fore in recent months as we have all learned to appreciate the value of it. Our mental and financial resilience has kept us going, but for those with low resilience it is now critical that these defences are rebuilt and strengthened.
Yesterday’s keynote speaker, Paul Johnson CBE, director at the Institute of Fiscal Studies (IFS), analysed the impact of COVID-19 to date and forecast what is likely to happen in the coming months, especially to the jobs market and to salary levels. The IFS expects that unemployment will almost certainly treble next year compared to where it was before the pandemic, and the groups to be hit the hardest will be low earners, younger workers and women.
The pandemic is highlighting and emphasising inequalities, it has had a dramatic impact on the number of people reporting severe mental health problems and has changed employees’ retirement decisions.
With the added strain of Brexit, Johnson warns: “In the short run this is going to make our economy even more unequal than where we started.”
For employers, supporting employees during this turbulent period could not be more important. Now, more than ever, employees and organisations will need to build their resilience to ensure their jobs and businesses remain in place once the fallout from the pandemic and Brexit has passed.
More to come
Yesterday was the first of REBA’s four-day Employee Wellbeing Congress, which will continue on the 16th, 23rd and 30th September. We’ll be expanding on many of these themes and exploring other crucial aspects of workplace wellbeing across the month.
Take a look at next week’s agenda and register here to see the great range of speakers, case studies and networking opportunities.
The author is Dawn Lewis, content editor at REBA.
