People at the heart: future employee benefits

Rethinking employee benefits in the-future-of-work landscape with people at the heart
by Pauline Mei Ling Williams, Director, Relationship Management (Asia), Atrium HR Consulting

We are all immersed and evolving in a world which is becoming more and more diverse by the day, and our workplaces are no different. Workforces within organisations globally are more diverse than ever; demographically and culturally – representing different ages and generations, all of which influence thinking, perceptions, priorities, stress factors, and so on.

Traditionally, employee benefits have been built around the protection of the physical wellbeing of employees. However, over the last few years, we have seen the benefits landscape gradually evolving in alignment with the expectations of the workforce. This is particularly true from upcoming new talents, who are not solely focusing on the monetary benefits but also the nonmonetary benefits and what the potential employer can provide/offer.

Over the years, we have seen significant changes in employers and employees’ overall objectives, needs and desires, from reducing costs, to top talent retention and attraction, as well as, reducing absenteeism and ultimately ROI. Successful employers are recognising these needs and are offering diverse benefits and robust wellness support programs. Offerings are now expanding to mental, financial and social health alongside physical health. Organisations which are focused only on employees’ physical health have been missing critical aspects of an employee’s life that impact how they interact and engage in the workplace.

Many employers and organisations are seeing the importance of adopting a much-needed holistic approach to the health and wellbeing of their workforce and these questions spring to mind:

   Where would you position your organisation based on the above?

   How does this factor into what you currently have in place?

   What are your objectives for EB right now, and beyond the pandemic?

   How do you see the EB landscape changing?

   What other critical benefits do you see emerging as a result of this shift?

   Where should the primary focus be to retain and/or attract the top talent?

It may seem like a formidable task ahead, particularly in light of the difficult times we are all facing. However, with the correct planning and crucial insights, most organisations will be able to overcome the changes that loom ahead. It might be daunting to look too far down the road while you are struggling through the current situation. But with the right planning and accurate, significant insights, we can be better prepared to help our organisations effectively overcome the changes that are fast approaching us. Collecting data and conducting surveys and research will essentially help us understand the trends shaping health benefits and how organisations can best take action.

Key tips for EB with people at the heart

1. Identify the disparities in care. Evaluate demographic data to determine who is currently not receiving the care they require. Consider using targeted communication strategies, telehealth opportunities, and even disease-management solutions to enable employees to get back on the right track.
2. Consider changing plans. Monitor claims data to see how trends are affecting staff. Consider if semi-annual plan changes might be needed to account for costs variations throughout the year.
3. Prepare for fluctuations in the demographics. Act now rather than later to start monitoring data to forecast costs and administrative requirements that may evolve from changes in enrolment (and to accurately prepare for the following year’s plan).
4. Encourage mental health awareness and support mental health needs. Communicate regularly with staff to help them feel supported, connected and aware of any resources available to them — for instance, an Employee Assistance Program (EAP) or wellbeing service.
5. Provide HR and talent teams with all the tools and resources they need. Prepare now for potential increase in workloads or enhanced responsibilities. Set up any tools and processes that teams may need to expedite processes with efficiency.
6. Re-evaluate Healthcare plans in terms of coverage. We are rapidly seeing the emergence of enhancements to healthcare policies and programs across the globe. The key differentiators include, but are not limited to choice-based or flexible benefits or voluntary benefits (more often than not, employees are willing to bear part of the costs); workplace wellness programs (adopting a preventive approach to wellbeing); medical and disability benefits (assessing cover limits and level of coverage); annual reviews of employee risk exposures. Taking a more holistic view will ultimately address all the ongoing concerns about absenteeism, talent retention, talent attraction, productivity and engagement.

Right now, is the time for benefit professionals to take preventive actions in protecting the health of employees and at the same time, the financial protection and wellbeing of organisations. By being able to accurately assess the current difficulties but also future trends, benefits professionals would be able to improve plans to support employees while maximising the company’s investments.