06 Jul 2021

Changing priorities: how the global pandemic has altered employees’ perspective on health benefits

The last year has undoubtedly led everyone – regardless of location or role – to question their priorities. As a result, expectations have changed, both for employers and employees.

Companies that previously lured candidates with plush offices, pool tables and weekly socials are going to have to re-evaluate what people really want.

But what do they want? In short, there is no easy answer. Therefore, flexibility is going to be a key driver of employee benefits across the globe as we gradually enter the post-Covid era.

There are, however, some key themes which are emerging around wellbeing – something which has taken centre stage during the pandemic – and there are a number of relevant perks which make sense to offer as a starting point.

Remote or hybrid working is a must

Many businesses have thrived this past year with most or even all of their employees being home-based. Employees have proved that they can be trusted to work just as hard remotely as they can in an office. Employers across the globe have largely stepped up to the mark to facilitate homeworking and improved their processes and ways of working to accommodate the changes.

Clearly, there will always be advantages to face-to-face collaboration; however, it is likely that the old model of 9–5, five days per week in the office, is gone. Numerous polls have been undertaken internationally and the feeling is unanimous: employers will need to offer a more flexible working policy if they are to attract and retain good people.

Flexibility is a huge benefit for employees and it is of no cost to the employer. Companies who don’t continue this flexible approach will no doubt put themselves at a distinct disadvantage when it comes to talent management.

Mental health support

According to the Office for National Statistics, during the second lockdown in early 2021, one in five adults in the UK experienced symptoms of depression, more than double than in the same period in 2019.

Research by Canada Life in March this year, also revealed that nearly 90% of people working from home would like to have better access to mental health support from their employer.

Mental health support at work is easy to implement, but it’s important to have a meaningful internal communication programme behind it and to ensure that appropriate line manager training is given: otherwise, it risks being seen as little more than a ‘tick box’ exercise.

Financial wellness

Covid-19 may have caused a lot of financial stress, but for many employees, it actually helped them put a greater focus on their finances and spending.

Before the pandemic, one in five adults over the age of 18 did not have a financial plan in place, according to the 2021 Planning & Progress Study, an annual research project commissioned by Northwestern Mutual. Now, around one third of Americans say their financial discipline has improved during the pandemic, of which 95% claim that they intend to stick to this improved approach.

With personal finances in the spotlight more than ever before, it is likely that employee benefits such as financial advice, which may have historically had low take-up, will be in far greater demand.

Family-friendly policies

One silver lining of the pandemic is that workers have been able to spend more time with their families.

In addition to flexibility enabling a greater work/life balance, we are going to see more of a shift towards family-friendly perks. These may include additional support with childcare, enhanced parental leave packages and fertility benefits, which can help support employees and their partners who may be experiencing infertility issues, something which is not broadly covered by mainstream health insurance policies. These benefits are more commonplace in the USA but are now gaining traction in the UK and across Europe.

We have seen no shortage of announcements from major UK employers over the past few months who have begun to take note of the demand for family-related perks. PwC is now offering paid leave for anyone undergoing IVF treatment, a string of law firms and household names such as Centrica and NatWest are now offering fertility benefits, and the Co-Op has announced that their bereavement leave policy covers pregnancy loss and failed embryo transfers.

Flexibility is key

Not every employee will have an immediate need for every one of these perks. Some people have no plans to start or build a family. Some are in full control of their finances. Others have never, thankfully, been affected by mental ill-health. However, all of these things could affect any one of us at some point and having the right support in place will help protect your people well into the future. No-one could have predicted the Covid outbreak and all that came with it – we just don’t know what the future holds and benefit packages should reflect this.

We expect to see a greater trend towards not just flexible working but flexible benefits, too, so individuals can select the types of insurance or wellbeing perks which suit their current circumstances, wherever they are based in the world.

This article is provided by Fertifa.