If there is only one thing that COVID-19 has highlighted, it’s that there is nothing more important than our health and wellbeing. As such, employees everywhere demand benefits that help make life’s everyday challenges easier.
Results from our survey of over 19,000 employees and HR leaders reveal that health and wellness benefits are considered second only to working hours and leave as the most important employee benefit across all generations.
In the 2020 Deloitte Global Human Capital Trends survey, 80% of the nearly 9,000 survey respondents identify employee wellbeing as important or very important to their organization’s success.
The Times They Are a-Changin’
Employers realize the importance of offering their employees benefits that support employee health and wellbeing both to meet demands and as a way to attract and retain global talent.
Our 2020 survey of HR professionals, reveals that 35% say the pandemic has meant making changes to their strategic work around employee health. The largest focus is on mental illness prevention and offering an expanded range of health and wellbeing benefits that can be used digitally.
“You need to evaluate your benefits offering every year to really know that what you offer is attractive. We see that benefits increase engagement and, therefore, it’s important to have a strategy”, shares Mari Schäder, HR Manager at Swedish technology, digitalization, and leadership company, Knightec.
Health and Wellbeing as a Tool for Retention
When it comes to retaining talent, the best thing you can do as an employer is to make sure your employees are aware of your investment, so they understand just how much you appreciate and value them. Additionally, making sure employees are aware of the health and wellbeing initiatives available shows that you care for your people’s wellbeing.
If you’re wondering just how important creating awareness is, our research reveals that 8 out of 10 employees underestimate their total compensation package. In other words, a lot of effort and support offered by employers goes unnoticed and unused.
On the other hand, providing employees with a total reward statement allows each individual to see an illustrated overview of their total reward, including health and wellbeing benefits.
Attracting Talent with Health and Wellbeing Benefits
Similarly, when it comes to attracting new talent, presenting candidates with their total reward during recruitment interviews allows employers to set the tone and make the right impression from the very beginning.
While salary makes up a significant part of one’s compensation, there’s more for candidates to consider, especially if there are offers from multiple employers. Present candidates with an illustrated breakdown of their full compensation package with an emphasis on the health and wellbeing components on offer.
By presenting candidates with their total reward during interviews, not only do employers succeed in making sure candidates are aware of their full investment, but together with benefits offered, employers demonstrate that their employees’ health and wellbeing is of importance to the organization, which also goes a long way in strengthening the employer brand.
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