Employee Benefits, Global
Benefits are at the heart of any great employee experience
11-10-2024
Employee experience is more important than ever, as people increasingly expect more of their employers. With employees around the world facing huge challenges – particularly when it comes to their financial wellbeing and mental health – people are looking to their employers to support them at a level which was unimaginable even five years ago.
Employers say that the most important pillar in providing a great employee experience is wellbeing support – and they recognise that the most effective way to deliver wellbeing programmes is through benefits. This was also the case in last year’s survey, although HR and Reward professionals have become even more staunch in this view, with 84% pointing to wellbeing as vital to employee experience, compared with 77% last year.
In addition, strong company values and culture, and diversity and inclusion are regarded as essential components of an exceptional employee experience – all of which employers are increasingly looking to benefits to amplify.
The employee view
Perhaps unsurprisingly, given the ongoing cost-of-living crisis which is affecting people across the world, the biggest area where employee expectations have increased over the last 12 months is salary. People are looking to maximise their income to cope with rising costs and financial challenges. Beyond salary, the number one area where employee expectations have risen is workplace benefits – followed closely by recognition and wellbeing.
These changing expectations are reflected when it comes to people looking for a new job. Salary is the most critical factor for people who are deciding their next career move, but benefits and perks, a commitment to wellbeing, and flexible working provision are also important. More than half of employees report that these factors are very important in evaluating a current or prospective employer.
How global employee expectations are evolving
Employee expectations have risen most sharply in India, in relation to salary, benefits and recognition. In Europe, on the other hand, expectations are more subdued across the board. For instance, less than half of European employees expect a higher salary, and less than a third expect better benefits and more recognition at work.
As you might expect, salary is now the number one criteria for employees when evaluating whether to move to a new employer or stay with an existing one – across all regions. However, benefits play a critical role too, with 59% of employees saying benefits are very important when choosing who to work for. Interestingly, employees in India and the U.S. place a high value on benefits and perks, high ethical standards and workplace technology, while employees in Europe place a greater emphasis on flexible working provision and a commitment to wellbeing.
As benefits expectations grow, align your strategy with company values
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11-10-2024
