Australia
The Era of the Employee is here
What is the Era of the Employee?
There is a paradigm shift happening in the employer-employee relationship. This offers opportunities for both employers and employees as traditional workforce models are becoming less relevant. Listening and addressing the needs of employees more closely is part of the shift from shareholder to stakeholder capitalism.
The world of work has changed
The pandemic and corresponding rise in remote work have changed the way we view our lives.
For many years, hierarchical structures were evident in workplaces: large corner offices for leaders, work from home privileges for some, and most employees commuted to offices to work 9-5.
But when people had to work remotely these traditional structures and ideas were tested. People reassessed what they were doing and how relevant their work was to them.
62% of employees are unsatisfied with their employers.1
Employees want more than just a paycheck
They want fulfilling careers and to work for companies that help support their wellbeing, in both their professional and personal lives.
Alight’s CEO Stephan Scholl believes that employees want to know they are valued, and to do this employers need to be able to satisfy both the health and wellbeing needs of their employees.
In this workforce revolution, if you want to attract and retain top talent, returning to “business-as-usual” isn’t an option.
Priorities have changed. Businesses need to innovate if they are to be successful in the Era of the Employee.
One size fits no one
One facet of the Era of the Employee is that society has changed in many parts of the world. People’s personal lives and circumstances have evolved, but many companies’ processes and policies haven’t kept pace.
The one-size-fits-all benefits strategy no longer fits the bill and this is demonstrated in our latest research, Winning with wellbeing.
For decades consumers have been used to personalised services and now they want that in their professional lives too.
The Era of the Employee is not simply about improving benefits. Employees want to work in organistions that are relevant and meaningful to them.
In a tight labour market, job satisfaction, loyalty and trust in employers have reached dangerously low levels.
Of full-time employees don't have or use healthcare because they aren’t worth the cost or are unaffordable.1
Receive healthcare and retirement benefits from their employer, 37% receive neither.1
Trust their employer to develop benefit plans in their best interests.1
Believe their workplace offers equal access to leadership/advancement opportunities regardless of culture or background.1
Winning with wellbeing: Choose a human-centric approach to benefits and enhance talent acquisition and retention
Live to work or work to live?
Many people live to work and are "always on" with very little downtime.
Since the pandemic, people have been trading fatigue for family time and putting more emphasis on wellbeing.
Today, people want to work for companies that take employees' needs seriously and treat them as individuals rather than a number.
It has been called 'The Great Resignation' or 'The Big Quit', but 'The Great Realisation' may be more apt. Many people have reassessed what is and isn't important as well as the role work plays in their lives.
Does your benefits and wellbeing strategy meet the individual needs of your employees, and is it relevant to them?
Disengagement can be expensive
Employers need to work harder than ever to ensure employees are engaged and remain in their company. Our research Winning with wellbeing shows nearly half of employees are planning to change jobs in the next 12 months.
Losing good people is expensive. Keeping your people motivated and engaged is not only good for your people, it’s also good for your bottom line.
One area of dissatisfaction is employee benefits. However, it is not as simple as just improving your benefits. Our research shows that employees from different backgrounds and life stages have different needs and priorities.
Looking at employee benefits through a different lens can help to improve employee engagement.
People driven-technology
Although HR technology brings many opportunities, in some cases it can bring greater complexity.
For example employees don’t want to go through 15 different systems to make 15 different decisions. They want to go to one personalised place where it’s easier to make smarter choices - for their health, wealth and work.
It’s not about fancy perks, ping-pong tables or free lunches. It’s about making sure your people feel secure and valued.
Demonstrating fairness in your organisation as well as providing tools, processes and benefits that fit the person rather than the other way around is key to being successful in the Era of the Employee.
Get in touch to see how we can help you and your business take advantage of the opportunities that the Era of the Employee offers.
1. Winning with wellbeing: Chose a human-centric approach to benefits and enhance talent acquisition and retention
