Blog, Employee Benefits
Wellbeing support is topping the employee wish list – and benefits can deliver it
04-07-2023
In the last few years, organisations across all industries have placed a huge emphasis on protecting and promoting employee wellbeing. The current cost of living crisis has further intensified the focus on enhancing all aspects of wellbeing – financial, emotional and physical.
Our 2023 Evolution research finds that the vast majority (89%) of HR and Reward professionals feel their organisation has made some progress in improving its employee wellbeing strategy and provision over the last 12 months. However, only 29% report significant progress.
Wellbeing is the #1 outcome of benefits for employees
Whereas previously the value of employee benefits was often overlooked or not understood by employees, the research reveals the importance that people now attach to their benefits package. With rising costs of living affecting people in all countries, employees are increasingly seeing benefits as crucial in improving their financial wellbeing. 65% of employees now believe that benefits are very important in supporting their financial wellbeing, compared with 53% in 2022.
Beyond this, employees are also attaching greater importance to benefits as a way to balance their home and work life, to protect themselves if they get ill, and to support their mental health, and emotional and physical wellbeing.
Employees have firm ideas about how employers can improve overall employee experience. Most of all, they want relevant benefits that align with their needs, greater recognition for their contribution, and a stronger focus on wellbeing. This is consistent amongst employees of all ages and across all industries. 85% of employees say their employee experience is more important to them now than a year ago. And they’re not just considering it within their current organisation; employees are assessing prospective employers through the lens of employee experience.
Employees are putting their wellbeing first
Even despite some high-profile downsizing, globally we are still witnessing a buoyant hiring environment into 2023. This continues to give employees the confidence to walk away from those organisations that don’t meet their high expectations when it comes to benefits, recognition and wellbeing. We have never seen a workforce with the fortitude to walk away from their roles in the record-breaking numbers they have been over the last two years.
Attracting and retaining the best people has never required more skill, strategy and commitment from employers than it will in 2023. Organisations must deliver on these growing expectations by offering benefits that offer real life support, recognising the contributions of their people, and supporting their wellbeing in an auspicious way.
Benefits = wellbeing support
91% believe benefits directly impact their wellbeing. Whereas previously the value of employee benefits was often overlooked or not understood by employees, the research reveals the importance that people now attach to their benefits package. With rising costs of living affecting people in all countries, employees are increasingly seeing benefits as crucial in improving their financial wellbeing. 65% of employees now believe that benefits are very important in supporting their financial wellbeing, compared with 53% in 2022.
Beyond this, employees are also attaching greater importance to benefits as a way to balance their home and work life, to protect themselves if they get ill, and to support their mental health, and emotional and physical wellbeing.
Employees want more support for their financial wellbeing
Globally, financial wellbeing is no longer being supported in the way many employees would have expected by the state. This is, perhaps unfairly, leaving the burden on the shoulders of employers. However, the evidence states – quite clearly – that when an employer provides support for their employees’ finances, the organisation benefits from higher loyalty, engagement and productivity.
More employers are starting to offer benefits that support employees’ financial wellbeing – from helping net pay extend as far as possible with discount platforms, to making long term financial commitments, and protecting employees against key risks. Amongst the top 10 most valued benefits are life insurance, health screenings, critical illness insurance, dental insurance, pension contributions, discounts, private medical, and income protection.
Explore the latest employee research with our Evolution report
To find out more about what employees think about their employee experience, what areas they value most, and what makes employees want to join your organisation – or leave it, take a look at our Evolution report: The Employee Edit. Our report shares findings from thousands of interviews with employees across four continents.
Gethin Nadin
Gethin Nadin is an award-winning psychologist, influential thought leader and two-times bestselling HR author who has been helping some of the world’s largest brands improve their employee experience for more than 20 years. He’s spoken at 300+ events worldwide, sold 10,000 books and featured in eight other books. He was recently placed seventh on the global list of ‘HRs Most Influential Thinkers 2023’ and named ‘UK Mental Health Campaigner of the Year 2023’.
04-07-2023
