benefits
Making it Last
FOCUSING ON INDIVIDUAL EMPLOYEE NEEDS BOOSTS YOUR RETENTION
Employee loyalty is harder to secure now than ever before
– especially amongst younger generations joining the work-force.
Forty-three per cent of millennials expect to leave
their job in the next two years and only 28 per cent say
they plan to stay more than five. For Gen Z, 61 per cent plan to
leave within two years and only 12 per cent see themselves staying
beyond five. It’s clear that younger employees need a bigger rea-son
to stay with their organizations than just job security. But the
annual Global Employee Benefits Watch research, which surveyed
2,200 employees from multinationals around the world, found
that many organizations aren’t offering the benefits their employ-ees
are looking for. Employers are missing a huge opportunity to
secure employee loyalty by providing personalized benefits that
support the individual needs of their people.
If organizations want their benefits to support employees’ indi-vidual
needs, they need to stop using generational stereotypes to
determine their benefits programs. For example, in the over 65
age bracket, almost 30 per cent of employees want to buy a house
and over a third still want to progress further in their career, goals
which are typically attributed to a younger demographic. The
idea that these employees are solely focused on retirement plan-ning
isn’t true. Misleading stereotypes aren’t just limited to older
employees, for example only 17 per cent of 26-35-year-olds rank
socializing as important. Each individual has specific life goals and
priorities, which don’t always fit neatly within a stereotypical set
of needs.
Relying on generational assumptions leads employers to offer
benefits that miss the mark. But this doesn’t mean that employ-ers
should avoid looking at trends within groups altogether, for
example within regions. North Americans place more importance
on work/life balance, with 75 per cent listing it as a top priority.
Yet, when it comes to travel, only 45 per cent of North American
employees view travelling for more than a month as important,
while 70 per cent of employees in the Asia-Pacific region see this
as a huge bonus.
Dealing with regional nuances and avoiding generational
stereotypes can be challenging. Fortunately, there are more
straightforward issues that the majority of employees across ages
and locations want support with. Almost 60 per cent of employ-ees
surveyed want to improve their mental wellbeing and get
physically fit and healthy with benefits like therapy or gym mem-berships,
but only 23 per cent said they feel fully supported by
their employer in doing this. Additionally, nearly half of employ-ees
surveyed want to buy a house or go on a vacation.
Employee loyalty is a major goal for organizations across the
board. This report revealed that 81 per cent of employees who feel
that their benefits positively impact their lives feel loyal to their
employer. There’s a clear incentive for global employers to tailor
their benefits to support their staff ’s individual needs. When asked
about what factors influence their feelings toward their employer,
employees rank benefits above career opportunities, culture and
colleagues. Employees are more than twice as likely to say they’re
proud to work for their organization and can see themselves work-ing
there for the foreseeable future if they understand the benefits
on offer and can easily access them.
Attracting great talent is far from easy, and employers need to
understand the impact that benefits have on talent attraction and
retention. Offering easily accessible, customized benefits leads to
more loyal employees, higher productivity and a better workplace
experience. So, what are you waiting for? n
Chris Bruce is the co-founder and managing director of Thomsons
Online Benefits.
By Chris Bruce
NORTH AMERICANS PLACE MORE
IMPORTANCE ON WORK/LIFE
BALANCE, WITH 75 PER CENT
LISTING IT AS A TOP PRIORITY.
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HRPROFESSIONALNOW.CA ❚ AUGUST 2018 ❚ 23
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