We are living in a candidate’s market, and this is creating a highly competitive talent landscape.
EY’s 2023 Work Reimagined survey found that a third of global employees are planning to change jobs in the next 12 months, and that the challenging economic conditions are not acting as much of a deterrent.
Organizations are therefore having to rethink their talent attraction and retention strategies – and global benefits play a huge role here.
This is noted by the EY survey: “Many employees are driven by a need for better total rewards packages amid high inflation and cost of living.”
But wellbeing of all types is also top of mind for workers.
The link between benefits and talent shortages is also confirmed by new research from WTW.
The global advisory firm found that 76% of global organizations see the competition for talent as having a big impact on their global benefits strategy – this rises to 77% in the UK and 80% in the US.
The issue is that employers and employees are out of sync.
Despite being worried about costs (51% globally, and 67% in the US), organizations aren’t investing in the benefits and rewards that employees actually want.
45% of respondents in the UK and the US want additional support for their long-term financial wellbeing and retirement benefits – however, currently, organizations are more focused on health benefits (57% UK, 75% US) and mental health (56% UK and 59% US).
Speaking exclusively to UNLEASH, WTW’s health, equity and wellbeing expert Lucie McGrath shares: “We see similarities between both countries where employers are more focused on mental health benefits, whereas employees would like more focus on retirement, flexible work arrangements and getting the most out of the benefits offered.”
Driving employee experience with benefits
The good news is that employers recognize the need to focus more on the needs of employees – 49% in the US and 56% of respondents in the UK shared this view with WTW.
In addition, 42% in the US and 49% in the UK are going to focus more on financial wellbeing as part of their drive to win the war for talent (59% UK, 55% US).
UK health and benefits lead at WTW Stephanie Parton-Corr shared: “It’s important that employers…recognize that an individual’s financial wellbeing does not correlate to salary and can change at any time, due to personal life events or circumstances as well as in reaction to broader general economic factors.
“Thankfully, there is a whole host of financial wellbeing solutions available for employers to offer to their workforces which can be tailored to suit any budget and workforce size.”
Ultimately, WTW’s report recommends that employers get laser-focused on balancing costs and their provisions – and think about wellbeing beyond just mental and physical health.
“Use different listening activities including pulse surveys, town halls and focus groups to understand employee needs” – remember, benefits are a key part of wider employee experience that determines where employee stay or leave.
Wellbeing and UNLEASH World 2023
Wellbeing is front and center at UNLEASH World 2023.
We have two keynotes focused on this super important topic – Kate Usher from Menopause in Business, and then rugby legends Jonny Wilkinson and Serge Betsen.
You can’t afford to miss out on their insights – it’s not too late to grab your ticket!
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