Onus is on employers to meet the market
Employers are focusing on safety, wellbeing, virtual benefits and communication more than ever but must use these as a lever to attract and retain talent in this competitive talent market4.
Wellbeing should also no longer be considered an optional benefit or reward, it should be front and centre as a business imperative for leading, high-performing organisations.
The opportunity exists to redesign a benefits program to reconsider high cost, legacy benefits with enhanced wellbeing, flexibility and working from home arrangements.
The most common health and wellness benefit offered by organisations are employee assistance programs (EAPs) being fully paid by 93 per cent of surveyed organisations. EAPs have emerged as a top priority for organisations during the COVID-19 pandemic to help protect and support employees. Other common health and wellness benefits included vaccinations (fully paid by 85 per cent of organisations), standing desks (fully paid by 77 per cent of organisations), and health evaluation/medical checks (fully paid by 35 per cent of organisations)5.
New benefits introduced during the COVID-19 pandemic as indicated in Aon’s recent COVID-19 pulse surveys included flexibility, working from home wellness programs, paid pandemic and parental leave and reimbursements for home office equipment6.
Ultimately, employees are looking for benefits with substance. The questions employers need to ask are whether the benefits on offer are attracting and retaining key talent or are they simply entitlements that employees don’t value? What are the signature benefits on offer, and is the organisation known for this in the market?
If the answers to these questions are no or unknown, then organisations should evaluate if they have a strong case to make to candidates in the competition for talent.
To attract, retain, engage and protect employees through benefits, employers should engage with their workforce to understand what they value and overlay this with the organisation’s desired culture.
Strengthening your employer value proposition through revaluating and boosting your employee wellbeing programs can be a key result of this shift in Australian workplaces, and will be lasting factor in differentiating the organisation’s ability to attract and retain top talent.
1 Seek Employment Market Update April 2021
3 Korn Ferry
4 Aon’s Global Wellbeing Survey 2020
5 Aon Employee Benefits Survey December 2021
6 Aon Employee Benefits Survey December 2021