Tailoring employee benefits for maximum satisfaction and retention
Crafting effective employee benefits packages requires an acute understanding of the unique needs of the workforce. Employers should involve their employees in the design process to ensure that the benefits offered align with expectations, rather than assuming what employees want.
For example, the employees surveyed highlighted stipends for home office set-up, reimbursement for internet costs and flexible working arrangements as primary ways to improve employee satisfaction and retention.
To offer a positive employee experience, companies should steer clear of a one-size-fits-all approach to benefits and instead explore latent needs that may arise in the future. This involves learning from the past and uncovering the next big benefit that employees may need or request in the future.
Flexible working hours and private healthcare are cited as a top priority across all regions and employee age groups surveyed. While only 12% of employers currently offer earned wage access, this benefit could have a transformative impact in times of economic volatility.
Employers should also consider an omnichannel approach to providing access to employee wellbeing and benefits apps and information. The Alight Worklife platform, for example, can serve as a one-stop shop for all HR and benefits needs.