According to recent research1, 46% of employees say that the Covid 19 (Coronavirus) pandemic has made them review the value of the benefits their employer offers when deciding to stay with or join a new employer.
The research also found that 33% of employees want their employer to prioritise health over lifestyle benefits. In addition, approximately one-fifth (21%) want greater access to wellness support.
Furthermore, 15% of employees expect to see an increase in the benefits they are offered following the pandemic, while 10% believe that the pandemic has exposed a lack of suitable benefits offered by their employer. 33% of UK employees who responded said communication of benefits was an issue, with their employer failing to keep them informed of relevant benefits during the pandemic.
These are very strong figures and should not be ignored as looking after your staff has always been important for the best employers.
The importance of Health and Wellbeing benefits that employers offer is now more important to employees than ever before and the Insurance industry has been quick to move with the practicalities that Covid 19 has presented. An example of this would be access to virtual GP’s 24/7 provided by some insurers has been a real benefit to employees during the pandemic.
Protection benefits such as Life insurance which are some of the most affordable benefits, are now likely to be the most valued with a financial pay- out being paid to dependants in the event of death.
Employees are reviewing what employers provide to help support them and this will mean that employees are likely to be more engaged with their benefits. As employees are more engaged with their financial security, for them and their family, now is the time to make sure that the employee benefits that employers provide are what their employees want and value. Communicating these benefits is vital and we are seeing more online access, Apps and videos being used to greater effect.
Employers that support their workforce in the above areas have their finger on the pulse and show a direct understanding of what is important to their staff.
As an employer ask yourself these three simple questions:
- Do you know what current benefits your staff value the most?
- Do you know what benefits your employees would like that you do not provide?
- Do you think your staff know about all the benefits you provide and where to access all the benefits?
If the answer to any of these questions is no, then I would recommend you commence a review of your total Employee Benefits package. Employees want to know that the support an employer is offering them will really help them and their families and a good benefit package will make them feel valued as an employee.
Please contact firstname.lastname@example.org or phone on 01883 332260 to speak to a member of the team about an Employee Benefit Review.
1 From a recent survey commissioned by Maxis GBN global perspectives: Covid-19 and the future of employee benefits which surveyed senior executives and 1,000 employees in 10 countries