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12 Aug 2020

Three essential ways that your reward and benefits strategy must adapt in 2021

Free fruit? Yoga? Is your reward and benefits strategy ready for long-term remote working?

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Valid benefits that were once the cornerstone of reward and benefits strategies are now no longer suitable for the new working world. Businesses need to look at new and innovative ways with which to engage with their staff. 

1. Make it easily accessible and available

Embracing new HR technologies that will make life easier is the best way to increase engagement with your reward and benefits strategies. Communication tools like Slack are ideal for keeping teams connected when working remotely.

With lockdown there have been many challenges for the mental wellbeing of your staff, so providing access to apps such as Calm, that are accessible through a smartphone, is a great way to show support and genuinely help staff. 

2. Understand the changing needs of your workforce

So much has changed during the outbreak and that’s certainly true when it comes to the needs of your employees. Now is the perfect time to reach out with a well-designed survey to better understand what employees need support with moving forward.

What’s more, with greater uncertainty over the coming weeks and months, it could be good to have an anonymous forum where employees can ask questions to get a better understanding of what will happen to working practices moving forward. Responding to these questions in an open setting will make it feel genuine, and if you don’t know the answer just yet, then make that clear. It’ll help your employees to understand how you’re handling the situation. 

3. Focus on financial resilience

Some households have seen up to a £515 decline in disposable income since the lockdown, according to CEBR figures. This means that the economic downturn is set to have a significant negative impact on employee finances. Providing your employees with the right tools and resources, and to get them on a path back to financial resilience, should be a central part of any future reward and benefits strategy.

The financial relationship between employee and employer has never been more important than during lockdown, with many having that as their only source of connection with their employer. As such, now is the time to support the financial lives of your employees. 

This article is provided by Wagestream.

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Wagestream’s financial wellbeing platform makes work more rewarding for 3 million people.

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