WFH sparks rethink of employee benefits

Workplace benefits that were once popular, such a ping pong tables, free beer and bring your pet to work day no longer have the same effect on employees who simply want greater flexibly and the ability to work from home.

And it seems that employers are recognising this new demand with businesses looking to realign their benefits programmes to factor in the surge of home working.

Willis Towers Watson’s 2021 Benefit Trends survey has echoed this, as respondents revealed that the rise in remote working was an important driver for change, with two-thirds citing it as a key factor.

Over the past year, the weakest point for organisations were financial wellbeing (42%), social wellbeing (40%) and emotional wellbeing (39%).

Focussing on that, 86% are prioritising an improvement on their emotional wellbeing support for employees over the next two years with 67% planning to boost their levels of social wellbeing and 63% looking to drive a focus on financial wellbeing.

Commenting on this shift in focus, Lucie McGrath, UK health and benefits director at Willis Towers Watson, noted that the pandemic helped to raise more awareness on how mental health issues can impact the workforce.

She explained: “As we move to a hybrid model of home and office working, employers are keen to use that broader understanding to reshape their benefits packages. Online healthcare, wellbeing apps and mental health strategies are growing areas of interest for many HR leaders keen to revamp the benefits package.”

Despite this commitment from businesses to improve employee wellbeing, many are still finding it challenging to implement it effectively.

In fact, 60% currently have no clear benefits strategy and just one in seven use surveys, focus groups and other tools to gauge their employees’ wants and needs.

Reflecting on this, McGrath said: “The pandemic has caused many employers to look at benefits and the role they play with a fresh perspective. Many organisations face a big gap between where they are and where they want to be, and it is essential that they listen closely to their staff to work out the best ways of personalising and strengthening the employee experience.”

Diversity drive

The survey also pointed out that inclusion and diversity (I&D) is a core focus moving forward for UK organisations.

Three quarters of the firms surveyed shared that an increased focus on I&D is sparking a need to adapt their approach to employee benefits, such as healthcare, pensions and insurance.

“Technology can be the enabler to a much more personalised and bespoke employee experience that goes beyond traditional core benefits like pension and life assurance,” McGrath concluded.

To find out how reward and benefits can support I&D, why not secure your space at the Reward & Payroll Summit this December to hear from the expert panel. Find out more here.