MetLife have recently released the findings of the UK Employee Benefit Trends Study 2017 and it makes very interesting reading.
Employee benefits can help employers build stronger businesses as well as provide real value to the employees that work for them. In the face of uncertainty, the findings of MetLife’s report are an invaluable guide to clearer decision-making around optimising benefits as part of a wider engagement and people strategy.
The focus for this year’s report is wellness — not just the value gained from helping employees take responsibility for their own health, but also the benefits and services employers can offer to help them manage stress, gain a greater sense of financial control and, in turn, bring their whole selves to work. We know that less stressed employees are more productive and creative.
The conclusion of their findings is that more rounded employees will surely develop into stronger businesses.
The key areas of best practice include the following:
- Commit to bringing more certainty to your employees. Fundamentally, those employers who offer stability to their employees will ultimately benefit.
- Give financial wellness prominence in your benefits strategy. Physical and mental wellness programmes can help in boosting productivity.
- Good communication and a continuous commitment. This is essential and issuing a range of different and diverse communication is most effective.
- Meet employee needs on personalisation. Thanks to technology and the range of different methods in which we can communicate, delivering flexible, customisable benefits at work is now looking like a must have, rather than a nice to have.
However, every challenge brings opportunities and enlightened employers should use this moment in time to look closely and with urgency at how they can strengthen their organisations to make them fit for the future.
In an uncertain world, the value of certainty increases: whether that’s the peace of mind that comes with knowing we are protected should the worst happen or the knowledge that we are in control of our finances.
It is time for a new approach to Employee Benefits – one that starts with the workforce and is driven by employee needs.
If you require advice and guidance on how an Employee Benefits package can assist you and your business, please get in touch with us.