An inclusive and compelling benefits offering has arguably never been more important. . . .

Last month, I joined HR magazine 's webinar to discuss how to meet employee expectations in 2024 and how to attract and retain talent whilst maintaining high engagement in a changing workplace.

During our conversation, we explored the diverse challenges employee’s face in today's world. It's crucial to remember that these experiences are not limited to the present. There has been and there will continue to be change and challenge in people’s lives as well as in business. By acknowledging these challenges as opportunities for growth and learning not only for employees but also as employers, we empower ourselves to navigate them successfully.

In the past couple of years, employees' expectations have undergone significant shifts due to a range of external factors, primarily driven by the impacts of Covid-19, but also driven by climate change, political uncertainty and changes in the way we work. What was predicted to change over the course of 20+ years seems to have accelerated within just two or three years. This rapid transformation has created a more reflective society and many people have taken the opportunity to re-evaluate what truly matters to them in life. Alongside these personal reflections we have also been faced with the realities of the economy and specifically the rising cost of living.

Whilst it is positive to acknowledge there is an easing in terms of economic circumstances such as lower inflation, we have not returned anywhere near where we were previously. Cost of Living continues to impact single income households and families, with higher household costs putting pressure on budgets, the high inflation rate and elevated rates of borrowing has notably impacted mortgages as well as access to affordable rent and predictability. That’s why it will be unsurprising for many to have heard that the main concerns of employees is their financial and social wellbeing and it is this area that there is an expectation of the support of employers.

So what can we do? Wages are undoubtedly a critical element, but benefits also play an crucial role for employees. An increased focus has been placed for some time on how to make the benefits we offer as employers as efficient, effective and inclusive as possible. Employers must listen to employees’ needs and expectations continuously as priorities may evolve from one year to another; different life stages will mean that different benefits have different levels of impact and perceived value aligned to life’s shifting priorities. Making personalisation, choice and adaptability central to a benefits offering is key to its success, as is communicating what is on offer with equal vigour to listening to what is desirable. ?

Since financial and social wellbeing is the priority of employees, here are eight themes to explore that can allow people professionals and leaders to meet the expectations of their teams by using different types of benefits:

1. Cashback cards, Vouchers: As increasing wages may not be adequate to compete with inflation. We can support employees’ expenses by providing them cashback cards and vouchers. These discounts along with the ability to earn as you shop can go a long way in stretching household budgets and providing opportunities that may otherwise be missed to enjoy experiences with their loved ones.

2. Financial Wellness Programmes: As part of benefits packages, companies may choose to offer financial wellness programmes which could include financial planning assistance, debt management resources, and access to financial education resources.

3. Personalised Benefits: There are various generations contributing to the workplace. There may well be some common expectations, but as life changes often times so do priorities. Employers may consider moving towards offering more personalised benefits packages tailored to individual employee needs and preferences. This could involve flexible spending accounts, customisable health insurance plans, and a wider range of voluntary benefits to accommodate the diversity of lifestyles and family structures.

Other than financial benefit packages, there are other benefits also playing a crucial role in attracting, retaining and engaging your workforce:

4. Remote Work, Hybrid and Flexible Arrangements: Various methods of flexibility are likely to continue shaping employee expectations. Employers may offer various arrangements, including remote or hybrid work options. Additionally part-time working hours or compressed non-standard working patterns should also be considered.

?5. Wellness and Mental Health Support: Benefits packages may include expanded mental health resources, access to virtual healthcare services or wellness programmes, with flexible scheduling to accommodate personal needs.

?6. Professional Development and Learning Opportunities: it is human nature to seek personal growth, and benefits packages can play a critical role, not just in the opportunities that are available today but enabling those within the workforce to expand their options in the mid and long term. Access to online learning platforms, tuition reimbursement programmes, mentorship and coaching opportunities can be invaluable here to support continuous learning and career growth.

?7. Environmental and Social Responsibility: Companies are increasingly considering environmental and social responsibility in their benefits and rewards offerings. These may include sustainability focused perks, volunteer programmes and benefits that support employees' efforts to reduce their carbon footprint.

?8. Focus on DEI: Employers may offer benefits that support diversity and inclusion, such as expanded parental leave policies, childcare support, and programmes aimed at addressing disparities in healthcare access.

?Whilst a list of eight themes may offer useful reflection for some organisations and be validating for others, there may be some that are earlier in their benefits journey and have to prioritise what to offer and in what order.

?To offer a few words, in part borrowed from the work on change by B.J. Fogg, start by assessing where you are. Take inspiration from the themes that are most relevant to your workforce feedback, and create elements for incremental improvement. After all Rome wasn’t built in a day! ?From there you can evaluate and adapt as new discoveries are made.

?And finally, to ensure that the offering supports fostering the most positive work environment, communicate, communicate and if in doubt, communicate again.