Today, the environment is highly competitive and employers need new and innovative ideas to be in the front line. They recognize the shortage of talent and that their prominent resource is captivated employees. The best way to retain employees is to offer modern benefits to them while minimizing costs.
It is estimated that 64% of the workplace will consist of Gen Y and Gen Z by 2025. These generations have been brought up with technology. They want to be able to access concise, captivating and interesting information immediately which is only provided through the best tech on the market. Thus, it is essential that employers begin to set up such benefits tech now to ensure that they can deliver it to demanding employees in the future. Employers should listen to the needs of their employees and prioritize them. They should recognize changing conditions in the market and adapt their strategy according to it.
Employers who are concerned about the satisfaction of their employees will have a benefits program set up in the future. As employee expectations are rising each year, it puts greater pressure on employers to adapt according to their needs. The benefits strategy program should focus around the needs of employees completely in order for the business to prosper. Research has shown that benefits tech can make a huge impact on employee recruitment and engagement. In addition, it will also ensure employee loyalty as they will be more satisfied with their employers. As a result, they are more likely to be committed to working for the organization and will be more empowered in their profession.
The benefits program plays a vital role in engaging and maintaining the best employees for the workforce. According to the Global Employees Benefits Watch research, only 15% of 2200 employees from companies worldwide did not inquire about benefits during the interview. Benefits not only attract employees but also affect their feelings towards their employers. 80% of employees with access to satisfactory benefits associated greatly with their organization’s moral ethics and vision. Organizations have recognized that benefits are very significant in attracting the right candidates and keeping employees happy. Thus, employers are increasingly improving their benefits program.
However, many employees are not satisfied with the benefits they are provided. According to a U.S. Survey, only 39% of employees feel satisfied with their benefits. Employees want benefits that will influence the quality of their life. Therefore, another important factor in earning employee loyalty is offering them personalized benefits. Employers should try to understand their staff first and foremost, and then offer benefits that fit their wants. Employee benefits include consumer discounts, taking the best staff outside of the office for events, and access to physiotherapists. These communicate to the employee that the organization is concerned about their well being. Employees will want different benefits at different stages of their career and employers should try to accommodate that in their benefits program. This will improve employees’ focus and productivity. It will also boost their performance and morale.
Employers should take into account different benefits for different ages of employees. Elderly workers will prefer benefits such as pensions than technology. On the other hand, the younger generation Y and Z will much rather be happy with technology. Employees should be able to appreciate the benefits they are given otherwise, it will not be useful.
However, while granting benefits to employees is essential, ensuring easy access to benefits is equally important since employee loyalty might be lost. Over 50% of employees feel that they are unable to access their benefits in their desired way. Only 21% of employees have easy access to benefits. Employers need to deliver benefits to their employees to ensure that they are able to fully utilize them. Research evidence shows that employees prefer a work experience that is similar to their personal experience of gathering information, which is the ability to get information through a number of ways. So, in order to keep employees motivated and engaged, employers should offer a variety of communication options including technology based communication.
One way to success is by incorporating technology- based communication. Much of the generation today including gen Y and gen Z depend on technology for most of their personal and public affairs. For instance, employees who like to use a laptop for research and collecting data are 62% and those who prefer a mobile phone are 40%. This proves that technology is highly prevalent in our daily life and employers should deliver tech enabled benefits strategy to ensure employee loyalty.
Furthermore, it is also essential to deliver these benefits through a number of methods. Instead of emails and internet access, employers can have a face to face interaction with their employees to discuss their benefits. 46% of employees who had a personal discussion with their employers reported feeling happy about it. Satisfaction levels of emails were at 44% and mobiles were at 42%. People tend to prefer personal conversations when talking regarding private and complicated information.
Easy access to benefits will guarantee employee loyalty. 81% of employees with easy access reported loyalty to their employer where as 79% reported feeling proud with their organization. Employees who have easy access to benefits and generally happier and stay with the organization for longer. Thus, it is important that employers recognize the need to offer benefits options to their employees. They should ensure that employees are given the information regarding the benefits they are offered which further strengthens employee loyalty. They might also recommend the work experience to a friend and decide to stay for the foreseeable future.
Lastly, 48% of employees are not even aware of the benefits offered by their organization so employers should always ensure that their employees understand their options clearly. Only then they will be satisfied with the benefits. If employees want to have an engaging and committed workforce, they should focus on meeting the needs of employees with their benefits and also, granting them easy access to it.