Shifting benefits to match employee priorities

March 24, 2021

The MyEva team brings you insightful content on workplace financial wellbeing

Shifting benefits to match employee priorities
With a tumultuous year behind us, and still a few more difficult months to go, we can't help but find solace in a better future and part of that involves making plans.

Humans have a natural bias towards a positive future, with constant striving to do and be better, and resolutions are a key part of that.

A survey by BrandWatch has found that there has been a shift in the types of resolutions that people are now making. There is more of a feeling of community and enrichment with the top three resolutions being to see more of friends and family, to learn something new, followed by the intention to read more.

This is no surprise really, since we've been deprived over the past year of the opportunity to spend time with our friends and family, we have had to find new ways to occupy our time and in the process have rediscovered reading or come across a new hobby which has in turn spawned the intention to learn more.

Comparatively, over the past few years, the resolution that used to come top consistently was to go vegan and stop smoking. Surprisingly for 2021, dietary resolutions have dropped down the charts.  

This change in priorities reflects a bigger picture about how people have come to favour experiences and memories over materialism.  

With this must come the inevitable shift in benefits that employers provide for their employees.  

From an HR point of view, experts are emphasising how employers must move to a people-centric approach with mental health becoming even more important, and the appreciation that employees need holistic support in many areas such as flexible working and financial guidance.  

Deloitte has coined the word 'social enterprise' referring to a new social contract between an individual and their organisation. They go on to name the 3 'P's of purpose; embedding wellbeing and meaning into every aspect of work, potential; maximising people's creativity and capability, and perspective; in viewing uncertainty as offering possibilities rather than decisive action for an unknown future.

This way of thinking will no doubt become more prevalent over the next few years as HR teams shape their employee wellbeing offerings to suit a changing workplace and a changing world.

The pandemic has made many people appreciate flexible working as well as the need for a work-life balance.  

The tide is already starting to turn amongst SMEs with nearly 50% surveyed introducing additional employee benefits in 2020 such as flexible working and working from home policies.

There was also a large surge in demand for life insurance and critical illness cover, most likely driven by the global pandemic and the need to reprioritise protection and what matters.

Consider the top resolution of seeing family and friends more. Some employees approaching retirement might consider taking an early retirement, or going part-time so that they have more time to spend with family. In this situation, having an effective financial guidance or advice benefit would help the employee forecast their pension savings and find out whether their future plans are feasible.

The findings from Brand Watch mirror those we have found at Wealth Wizards. In a recent mental wellbeing catch-up, we covered off the lows and the highs of the past few months, looking at how our behaviours and interests have changed. The majority of employees said that they were reading a lot more books, not only fiction, but motivation, wellbeing and self-improvement too. As a result, we're introducing a company book club for the team to have a regular informal chat and recommend their favourite books, alongside more wellbeing groups to talk about how people are ‘coping’ or even powering up for the future.

Employee health and wellbeing will continue to be front and centre for employers when shaping their employee benefits offering. It's a meaningful step in investing in the welfare of your teams as well as attracting new talent as a sought-after employer.

Learn more about MyEva

MyEva is a digital financial wellbeing expert designed to support employees with their financial wellbeing by helping to improve their financial situation with independent personalised guidance and advice.

To learn more about how Employers can support the financial wellbeing of their workforce, explore www.myeva.com, email linda.anderson@wealthwizards.com or complete the form below.

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