The bswift Leadership Team takes a closer look at market trends that further underscore the need for this transformative employee experience.
Trend #1: One-stop shop benefits experience
Sanjiv Anand, President and Chief Executive Officer at bswift
Organizations are expanding the scope of their benefits offerings to attract and retain top talent.
By Marta Chmielowicz
Faced with increased competition for talent and a diverse labor pool, organizations are pressured to provide benefits programs that meet the needs of all their workers. While health and retirement benefits are still the norm, SHRM’s 2019 Employee Benefits survey reveals that today’s top employers are moving beyond standard offerings in order to attract and retain a competitive workforce.
An individualized approach to health and well-being benefits can drive engagement in a multigenerational workforce.
By Marta Chmielowicz
Facing rising costs of living and significant transformation in the world of work, today’s employees are more stressed than ever. According to Welltok’s Well-being Wake-Up Report, 64 percent of all employees say they feel stressed at work—including 63 percent of baby boomers and 57 percent of millennials. In fact, 35 percent of all employees and 50 percent of millennials have seriously considered switching jobs due to stress.
Ally Financial is redefining its benefits program to meet the needs of the modern family.
By Kathie Patterson
An organization’s culture and purpose are key driving factors in attracting and retaining talent, and this is particularly the case with top millennial and Generation Z workers. While all employees may want the same things regardless of age, younger generations are more vocal about what they need from their employers and have called on companies to be more thoughtful and willing to evolve with today’s changing society.
Organisations are starting to prioritise the holistic well-being of their employees, adapting their cultures and benefits to support mental health wellness.
By Simon Kent
Awareness of mental health in the workplace has undoubtedly grown over the past few years. Headlines have been made and even Britain’s own royal family has contributed to the discussion. According to Sophie Hennekam, professor of management at Audencia Business School in France, the World Health Organisation has estimated that mental health conditions cost the global economy $1 trillion in lost productivity each year. In Europe, employees with mental disorders report 3.1 absenteeism days per month compared to one day per month among those without mental health issues. However, despite increasing awareness and the high cost of neglecting mental health, “Surprisingly little is known about how individuals with mental health conditions navigate the workplace,” she says.
Strategies that encourage proactive employee participation during open enrollment.
By Rob Grubka
During open enrollment season, employees have to choose from an average of 15 benefits, at least three of which are healthcare insurance. And according to PlanSource, that number is even higher at larger organizations. With competing demands on employees’ time, many workers opt to simply stick with the same benefits year after year or choose only their basic medical, dental, and vision insurances, skipping over valuable supplemental benefits that can have a true impact on their financial wellness.
Employers are taking a hard look at soft benefits, particularly work-from-home opportunities.
By Tierney McAfee
Working from home is becoming more than just a perk for many employees and job candidates; it’s slowly becoming a norm in today’s workplace.
Cigna’s CHRO John Murabito leverages a data-rich people strategy to drive proactive business decisions.
By Debbie Bolla
“What we do in HR starts with the needs of the business.”
Organizations are starting to offer packages that support the complex lives of employees.
By Marta Chmielowicz
Today’s employees do not leave their lives at the door—they bring their whole selves to work. And increasingly, they expect their employers to offer a diverse range of benefits that support them physically, emotionally, socially, and financially. From offering extended paid paternity leave to helping employees financially plan for their children’s college educations, organizations are beginning to embrace new and innovative family-friendly benefits.
A robust absence and disability management program can ensure even nontraditional workers remain healthy and productive.
By Melissa Oliver-Janiak
Maintaining the flexibility that today’s workers demand comes with many challenges for employers. In particular for HR, the competitive economy is putting more pressure on organizations to be prepared when nontraditional employees (remote and temporary workers) experience a disability or absence issue. Developing a robust absence and disability management program is a critical and cost-effective way to help organizations address all employees’ health needs.
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