Trends For Employee Benefits In 2020Today, people expect more from the products and services they buy, more from the environments where they live, play and work—and more from those who design and deliver these experiences. Therefore, To build a differentiated workplace experience, organizations can unlock lasting human impact and differentiate themselves by designing the workplace experience around employees and constructing it from the ground up.
Having said this, an experiential workplace enabling a people-focused environment with a focus on employee health and wellness, performance, flexibility among a lot of other things - the new decade will usher in exciting employee experience trends that will shape the future of work. Let’s have a look at some trends in the year 2020 that will pave the way forward for business leaders to meet the fundamental needs of their employees and achieve a bold vision to unlock a differentiated experience, one that both resonates with the existing multi-generational workforce, and attract new talent.
Benefits that promote financial wellness
The purchasing power of employees has significantly decreased due to various reasons such as inflation, health care costs, student loan, flexible spending, among many others. Regardless of the reason, salaries just aren’t keeping up with inflation. As a result, many employees find themselves in distressingly tight financial circumstances.
So, it shouldn’t be surprising that financial wellness may become one of the big themes of employee benefit packages moving into 2020, and for years after. So organizations should look out for the benefits that help employees save money and increase their purchasing power.
For instance, a Sodexo Meal Pass helps employees save taxes up to Rs. 12,000/- per employee every year and additional savings of Rs. 8000 through exclusive deals with a digital meal card which makes it a very popular meal benefit solution across the multi-generational workforce.
Unique Perks that work for all
The HR department should offer those benefits that work for all employees rather than some of them. Family situation, income, experience level, and general health all play a significant role in the benefits that matter most to any given employee. While paid paternity leave may be quite valuable to employees hoping to expand their family, it adds virtually no support to those who aren’t. And, that’s okay until other benefits suit the rest of the employees.
Perks don’t need to be one-size-fits-all to be right for the organisation. Instead, employees love perks that apply to the pieces of their lives. It helps the workforce feel acknowledged that the management and organisation are focusing on their wellness.
Progressive Workplace Design
Innovative workplace design help in building an environment which facilitates flexibility, creativity, and collaboration. Further, as we all know that it is a challenging time for employers and HR professionals to attract talents, as the job market is becoming increasingly competitive day by day. Therefore, it is crucial for every organisation to think out of the box.
A global study conducted by Sodexo on “Reimagining Employee Experience” states that around 77% of employees would preferably use innovative office spaces, including Quiet rooms, Curiosity Rooms, Multi-purpose rooms, and fun rooms. These creative designs will not only bring a modern touch into workplaces but also create a unique and inspiring place for employees to thrive in. Hence it is advisable for the workplaces to evolve as per the needs of the next-gen employee.
Internet Of Things
IoT has been the buzzword of 2019, and the situation will not be any different for 2020. IoT will signify business growth. Organisations that embrace IoT in a big way and are integrating IoT-driven data and insights into all aspects of their operations are observing great success.
IoT is serving as a guide for organisations looking to leverage and manage the evolving workplace. For instance, communicating rewards and benefits for employees has become easier with the help of IoT. It has eased implementation and management of packages and has made the whole process more efficient. Such as Sodexo Employee benefits which provides a user-friendly interface, ease of operation, freedom and flexibility, and seamless integration of unique, new-age employee benefits with traditional benefits, thus creating a novel employee experience.
AI to revolutionise the way organisations conduct business
AI can pave the way back to engagement and streamline operational processes for positive employee experience. AI technology offers a range of opportunities to improve talent acquisition, payroll, self-service transactions, and many others. Moreover, it helps to make the engagement process easier.
What do you think would work better? Having employees read the entire organisation handbook over a two or three-day orientation period, or giving them the freedom to find information when they need it? AI-based employee engagement chatbots can help in these areas. Chatbots can help answer queries, resolve doubts, and ensure a seamless transition. Thus, Chatbots can improve the onboarding experience of employees and can help the leadership to take strategic data-based decisions.
Overall Employee Wellness Initiatives
For a business to thrive, it’s always essential to have employees who are healthy and happy. According to research by the Global Wellness Institute, well being is a $ 3.72 trillion industry. As the pace of life gets faster, maintaining the physical as well as mental health is imperative.
Offering healthcare and fitness services can add to a workplace that supports a work-life blend. For instance, organisations can have onsite clinics in order to save the time of employees as they can easily have access to medical examinations and check-ups or an onsite fitness centre to support today’s health-conscious employees. Providing employees value and a culture that supports them physically and mentally is vital as it improves not only their wellbeing but also their ability to focus.
When it comes to benefits, the aim shouldn’t be to have as many as possible. Instead, the organisations should aim to have the right ones. Organisations should bring these upcoming trends at the core of their business since it is these everyday experiences that ultimately drive employee engagement for a modern workplace.
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