What are the benefit needs of a modern workforce?

Workers today are looking for more from a job that just a good salary and benefits. They want to feel fulfilled

The high salaries and enhanced benefits that used to entice workers aren’t attracting, retaining and motivating employees in the same way. They’ve lost their power due to the Covid-19 pandemic giving people the time, space and perspective to evaluate what’s important to them.

Today’s modern workforce wants to feel fulfilled in their work, identifying strongly with a purpose, balance, growth and connecting to others in meaningful ways.

By understanding the importance of these key elements, HR professionals can focus on providing a rewards and benefits package that’s more likely to deliver the holy grail of employee fulfilment.

Unhappy in their work

Nearly one-third of employees are feeling unhappy in their jobs, with a lack of fulfilment increasing the likelihood of them looking for another job by almost 400%. There is also a 340% greater chance that they will leave the organisation in one year or less.

In contrast, highly fulfilled employees plan to stay three years or longer at their organisations when compared with unfulfilled employees.

O.C. Tanner’s 2023 Global Culture report identified that the main levers for influencing employee fulfilment are purpose, balance, growth and meaningful connections:

Purpose – Employees want to feel that their work is meaningful and is contributing to the bigger picture.

Balance – Today’s workers want to be able to accomplish things that matter to them both at work and in their personal lives. They want the time and opportunities to find the perfect balance for them and won’t stay in jobs that are having a detrimental impact on their personal lives.

Growth – Employees want to be able to grow and develop, continually improving their skills and knowledge.

Meaningful connections – Feeling valued and accepted and importantly part of a caring and supportive community are key for today’s workforce.

So, how can rewards and benefits professionals help employees achieve all of these elements? There’s no single way. Each reward and benefit should tick off at least one of the four elements.

Volunteering and recognition

For example, it’s important to find ways to connect employee and business goals to purpose, such as through offering volunteering opportunities. Public and private recognition can also be used to showcase how employees contribute to organisational purpose. And recognition plays an important role in strengthening workplace relationships, helping employees feel appreciated by leaders and peers.

To support employee growth, creating or improving ways for employees to learn new skills is key as well as offering them work on special projects. Providing development opportunities that aren’t necessarily business related should also be considered, such as self-defence classes, foreign language courses and baby first aid sessions.

And to support the need for balance, employees must be given flexibility in where and when they work, if possible. Policies, practices and expectations that support balance and overall employee wellbeing must also be established.

Even more so than employee engagement, fulfilment leads to higher levels of employee satisfaction, great work and retention. To help the modern workforce achieve this should be a key organisational goal, using approaches that support the need for purpose, balance, growth and connections.