There is a trend of employers playing a greater role in their employees’ financial, physical health and mental well-being, which is in addition to the employer’s existing benefit offerings – and for good reason. For an organisation that understands their employee needs, this will increase loyalty by 4% and employee performance by 12%, which is associated with a 3.2% profit improvement, according to Gartner.
Long gone are the days of HR having the lion’s share of responsibility for employee performance management, engagement, recognition and retention. People recognition, health and well-being is becoming increasingly line manager, branch, business unit specific. Some organisations have software in place all the way down to EPOS systems and benefit from instantaneous feedback. If a leadership team has a topic it would like employee input on, it will have a response at executive level within 24hrs.
Interestingly, different generations value different benefits, with millennials prioritising family benefits, event-driven medical benefits and more frequent rewards and promotions that recognise their contribution.
Following the pandemic, we’ll see trends including more employees remote working, more contingent workers (relative to FTEs), organisation re-design shift to efficiency and resilience, growing support of employers in their employees financial, physical health and mental well-being – an acquaintance of mine just had a c.£1,000 table delivered to their home from their employer, it moves up and down and prevents back ache.
After the last global financial crisis, M&A accelerated and post-pandemic this is likely and we are seeing this happen again. The rise in complexity of organisational size and structure creates challenges for leaders and operating the newly consolidated business model.
Those organisations that have embraced digital platforms to provide instant visibility with their workforce will be well placed from business unit to leadership level, with values linked directly to what people do day to day and be recognised for doing so. Improving employee satisfaction, retention, reducing cost of hire and training new employees, ultimately improves profitability.
At Polestar we are working closely with software solution providers who can help you and your organisation excel in the employee, benefits, reward & recognition, health and well-being. The market is hot for companies looking for equity investment or to sell – valuations are excellent. For further information please get in touch.
68% of organisations introduced at least one new wellness benefit by late March 2020 to aid employees during the COVID-19 pandemic, according to Gartner, Inc. As employees struggle to live within today’s new normal, leading to an increased amount of stress and anxiety, HR leaders must support employees holistically