How are rewards changing, and how can an employee benefits platform help?
Unsettling and troubling world events continue to test employees’ resilience levels to the limit. This, in turn, keeps the pressure on employers to understand their workforce’s changing needs, in order for companies to move forward productively.
Today’s staff are increasingly seeking meaning from their jobs. So, it’s more important than ever that companies respect their employees’ values and assist them in their quest for fulfilment.
Here we’ll take a look at the key challenges facing reward managers today. We’ll see how an employee benefits platform can support them as they adapt to necessary changes that reflect the wants and needs of staff today.
It’s easy to talk in general terms about a change in what people want from their employer. But while a change in expectation may be consistent across the workforce, the specifics will differ from person to person. Taking time to understand the changes in each organisation is fundamental to making progress.
In March 2020, 46% of UK workers reported feeling ‘more prone to extreme levels of stress’ compared with the previous year. And in 2021, 71% of UK workers wanted flexible home/office working options to stay in place after the COVID-19 crisis had passed.
So, it’s hardly surprising that among today’s biggest challenges facing reward managers are both ensuring employee resilience and promoting a culture of flexibility. These challenges are:
Ensuring employee resilience
A positive step forward in any company is developing a culture where everyone feels safe to talk about how they are doing – both personally and professionally. Many employers now offer mental health days for times when staff simply need some time out. A reward package could also be tailored to incorporate continuing professional development, for example, by supporting employees who wish to gain qualifications that could be an advantage both for themselves and the company they work for.
A culture of flexibility
Forward-thinking companies listen to employee preferences regarding their working setup. When staff know they have options, they can feel less stressed and more in control. This means that they’re less likely to experience burnout. Being able to work from home, where appropriate, could be a big factor in staff satisfaction and retention.
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