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6 Trends Shaping The Future of Employee Benefits
6 Trends Shaping The Future of Employee Benefits
6 Trends Shaping The Future of Employee Benefits
the Future of
Employee Benefits
33 Conclusion
strategies, programmes and delivery of them through technology has become even
more important.
Companies need to ask themselves three core questions as they determine the future of
their own employee benefits:
2. Do our benefits reflect and support the changing needs of our workforce?
Debra Corey 3. Do the benefits we have on offer fit within this new world of work?
Best-Selling Author and Advisor to Reward Gateway In this eBook I will explore six trends that are shaping the world of UK benefits, sharing
trends, tips and examples to help you get your benefits in shape for now and for the future.
The world of work is changing at an
unprecedented pace, being reshaped
by changing workplace demographics,
increased globalisation, technological 3. Keeping Diversity and
1. Letting Strategy Lead Your 2. Having to Do
advancements and even societal, political Employee Benefits Design More with Less Inclusion High on Your
Benefits Agenda
and economic factors. Individually or
together, they have a huge impact on how
we source, retain and engage our talent.
4. Putting a Focus on 5. Harnessing the Power 6. Leveraging Digital
Against this ever-changing backdrop, the Employee Wellbeing of Communication Technology
need to evolve our employee benefit
3 | Introduction
1. Letting Strategy
Lead Your Employee
Benefits Design
We all wish we could have a magic wand and give our employees absolutely everything An employee discounts programme does this better than
they ask for, don’t we? But the reality is that especially during uncertain times, your many others as it gives your employees something that
business is likely putting pressure on HR to cut costs, while your employees are looking each and every one of them want - a way to save money!
to the business to lend support where they need it most – their wallets. It also shows that you care about them, putting in place a
benefit that will support them and
9.5 million Brits have mental health issues due to money worries, with more than 18 make their pay cheque go further.
million UK adults worrying about money on a daily basis, and a third saying their Discounts programmes are typically
concerns affect their sleep. used more often than many
So how can you satisfy both parties and boost your employees’ incomes, while also greater ROI for your business.
There’s been an increasingly popular trend over the years to provide benefits to can be set up, fully implemented
employees that can take away some of these financial concerns, helping to stretch and and made available to every
extend their disposable income and create financial flexibility. employee in less than a week,
so your employees can start
saving straight away.
10 | Having to Do More with Less
One of my ‘go-to’ questions to ask in this situation is – does the benefit programme apply
and appeal to a large percentage of my workforce? Too often we have benefits in place
There are a variety of benefits that can
that only a small percentage of our population is eligible for and/or only a small percentage
do this, from pension salary sacrifices
actually utilise. To me, these sit firmly in the ‘why bother’ category, as they are taking up too
to cycle to work schemes to online
much of our precious benefits budget.
employee discount platforms.
less...time
I firmly believe our most valuable currency
isn’t actually cash – it’s time. Whether you are
saving your employees time, or whether you
are part of a time-poor HR team (or a team
of one!), getting time back creates flexibility
for HR to concentrate on more impactful
strategic initiatives.
One of the biggest reasons that employees don’t understand and/or don’t use benefit It’s common to use a variety of providers and technologies to support your HR initiatives,
programmes is that they don’t have the time (or patience) to search for them. e.g. having one for benefits, another for communications, and another for reward and
recognition. Many companies are bringing these together under one provider and one
And for this reason, many companies have put all of their benefits in one place, on one system, which not only saves them money through reduced fees, but also saves them
benefits platform, saving employees time from this frustrating search, and at the same administration time as administrators can make changes or access approvals all in
time, creating a more engaging experience and environment for them. one go.
Another reason that employees don’t use benefits is that they want to view and use Another time saver that is becoming more important to HR is being able to easily access
their benefits in their own time, rather than waiting for a window or a notification in their insights about your programmes. This provides visibility on key data such as take-up
email/post. And for this reason, many companies are providing their employees with rates, adoption by user groups, and what content is being engaged with, which allows
mobile-optimised platforms or specific benefits apps that busy employees can use on the HR to keep their finger on the pulse of their benefits and save them time by focussing on
go and in their own time. which benefits will deliver the most ROI.
3. Make it intuitive
And finally, employees don’t engage with benefits because of the friction points we put
in front of them to access and engage, wasting their time and energy. To overcome this,
companies are moving to providers that make benefits access easy and intuitive whether
you are 18 or 90 years old.
Debra Corey
Best-Selling Author and Advisor to Reward Gateway Reward Gateway delivers the only employee
debra.corey@debcohrltd.com engagement platform with industry-leading employee
benefits, reward and recognition, communication tools
and surveys all in one place.