As we enter the ‘new normal’, how companies and employees operate has changed significantly. It’s not merely about doing things differently; rather, a fundamental shift in work cultures that have been entrenched over decades. This requires the adoption of new ways of working, combined with the alignment of Total Rewards to support the change.
Employee benefits, already a key engagement lever if done correctly, have become even more important as health and wellbeing becomes top of mind for both employers and employees – we discuss this more in depth in part two of this series. As work has transformed and now largely sits beyond the bounds of an office environment, employees are struggling with:
- Fear of inadequate insurance cover, such as coverage for a work-related accident or injury while working from home
- Medical benefits and accessibility of healthcare
- Concerns about remote medical access, for both consultations and diagnostics
- Mental wellbeing as they juggle work-life balance, and for some the effects of physical and social isolation
- Support for vaccination costs in countries without government subsidies or limited access
- Financial wellbeing amid uncertain job security
How can employers respond?
The first step is to understand the impact these changes and new ways of working has on your workforce and the diverse needs of employees and their families. Benefit programs will need to be agile to allow employee choice in terms of what they need to address, their unique circumstances and life stage requirements. Employers must ensure that their benefit plans are simple, effective and forward-looking.
Employee listening is crucial
Employee listening is challenging at the best of times, and even harder with a dispersed and remote workforce. But to design an impactful and relevant benefit strategy, it’s crucial to have a line into your workforce, their levels of engagement, their needs and wants—and even more so during this unsettling time.
