Creating a personalised and flexible benefits strategy that supports employees wellbeing needs
Employer investment in wellbeing is significant and employee awareness of the support they receive is growing but it takes sustained efforts and effective communication to build relevance, appreciation and value.
Employee wellbeing has remained a focal point in employers’ eyes against a backdrop of concerning external factors such as inflation and geopolitical unrest.
Support for mental and physical wellbeing remains a priority and there are strong business reasons for this. Employees in poor health have higher absence, presenteeism and burnout, and low levels of work engagement.
Commitment to wellbeing
Our High Performing Employee Experience research found that the highest performing companies differentiate themselves from the rest by demonstrating a commitment to employee wellbeing.
Leaders of the highest performing companies know that having a healthy and supported workforce is key to financial success – and better wellbeing is associated with higher levels of retention, engagement, and employee performance.
Many employers are also using wellbeing as a differentiator for their talent strategy and to supplement key business initiatives such as their approach to diversity, inclusion, and equity.
The choice of benefits available reflects this with many employers offering a diverse range of programmes increasingly recognising the individual, such as menopause support, fertility treatment, preventative healthcare and support for illnesses including cancer.
We’re also seeing a greater focus on programmes that encourage staying active and healthy, which not only look after employees, but extend to family members, through partner health assessments or carer support.
Still more to be done
Our latest Global Benefit Attitudes Survey found that there’s a disparity between what employers are focusing on and what employees want.
Employees continue to need and want employer support in all areas of wellbeing. They are often looking for more support with their financial wellbeing, particularly around long-term finances and future savings, benefit decisions and short-term finances.
Employees say that financial wellbeing support is their top area of concern (59%), despite being the one of lowest priorities for employers (24%).
While many employers are doing what they can to address the varying needs of their employee base, cost is a key determiner when it comes to what employers can offer in their benefits programs.
Workforce costs
Factors such as workforce transformation, cost pressures, operational efficiency, challenges around access to healthcare and around the attraction and retention of key groups are all factors that affect workforce costs.
Many benefits are added to programmes over time in response to prevailing trends which can result in benefit programmes becoming haphazard, whilst driving high costs.
Employers can regain focus and determine the right benefits for their workforce by using data and analytics to help justify changes or provide the business case for new investment.
Employee listening through surveys and focus groups can strengthen the connection with employees by capturing the insight needed to better understand what is highly valued and what matters most.
How to close the gap
So, how can employers close the gap between their areas of focus and meeting employee needs?
Cost of living pressures on household incomes remain challenging. This means employees are often looking for more support. In the context of pension saving the consequences of short-term decisions from reducing pension savings can cause irreparable damage to standards of living in retirement.
Technology plays a part
Building knowledge, understanding and confidence is critical to help employees make better, more informed financial choices.
Additionally, using technology in an effective way allows employees to understand the breadth of what benefits are available, while demonstrating their value and more importantly, providing context around how benefits can support the individual.
For example, creating a digital hub where employees can find everything from flexible work arrangements and financial support programs to health coaching and managerial training gives employees centralised access to relevant, personalised information effortlessly.
Crucial role of managers
The role of the manager remains critical as the organisation’s day to day representative and means of directing and navigating employees to the resources available.
Employers can provide communication, manager training and programs that help identify the needs of employees and direct them towards the right information and resources to support them.
Wellbeing is a valued element of the employee value proposition, driving behaviours that create experiences and shape company culture – and that needs to start from the top.
It’s not just about what you offer, it’s also about how you deliver your employee’s benefit experience.
Connected culture
The communication and delivery of wellbeing initiatives is just as important as the content of the programmes.
Organisations hold data about their people and using this positively by personalising the benefits offering and promoting the range of resources and services available can be a true differentiator.
Creating a connected inclusive and informed culture that links back to company and employee values is key to building a stronger employee wellbeing experience and performance.
In partnership with WTW
WTW is a leading global advisory, broking and solutions company.
