The benefits landscape is fast evolving. It's critical for employers to modernise their employee benefit programs to meet the needs of a multigenerational workforce. As organisations move to operate in a post-pandemic environment and continue to engage employees in new ways while managing costs, there is an increasing need to develop and execute benefit strategies in a structured way.
The pandemic has intensified and accelerated many of the trends that started long before the crisis, and will continue to shape the benefits landscape as we enter the new normal:
Employers can demonstrate a genuine commitment to wellbeing by prioritising all interconnected aspects, including emotional, social, financial and physical wellbeing.
Today’s workforce places a higher value on the protection benefits offer, such as health care, risk and retirement programs, and telehealth.
The diverse needs and preferences of a multigenerational workforce demand a personalised, consumer-grade solution for more inclusive and purpose-driven benefit design and delivery.
With an intense focus on cost control, budget restrictions and rising medical expenses, leaders are striking a careful balance between cost containment and investment in human capital strategies.
It’s more important than ever to hear, understand and address employees’ views on benefits, and to incorporate flexible work and time-off policies.
The Benefits Navigator
To navigate the many complex decisions around benefit design and delivery, it’s important for employers to have a consistent, evidence-driven path forward. Willis Towers Watson’s Benefits Navigator looks at employee benefits across five key dimensions, for an integrated approach to modernising benefits.
An operating model to make, execute and monitor strategic decisions related to benefit programs.