Are your employee benefits working?

Amba 11th January 2022

An employee benefits scheme is only working, when staff are signing up and engaging with your offering. To do this, a good scheme would engage staff by offering products and technology which echo employees’ social, environmental, and ethical values.

‘The Great Resignation’

Having a poor reward scheme, and unengaged staff could see your business fall victim to ‘The Great Resignation’. This has been affecting the workforce since early 2021. With one in four UK workers planning to job change, it’s on everyone’s radar.

Research found that employees are eager to change roles in search of better benefits. In fact, the number one reason for a change in career cited in the UK was salary and benefits.

‘The Great Resignation’ has even found employees leaving roles at big names like Dyson, to be a part of a bigger plan to help the planet fight climate change.

This is unsurprising when, 92% of millennials will be more likely to trust a company that supports social or environmental issues.

Businesses should focus on updating their benefits offering in 2022. Thus turning ‘The Great Resignation’ into ‘The Great Retention’, by valuing these employee aspirations and giving them an EB platform they actually want.

Employee benefits for 2022

With the future workforce being made up of mostly Gen Z and Millennials (they already make up 50%) employers need to adapt their schemes to meet their needs. These generations are pushing for employers to represent what they stand for. This Mckinsey poll revealed that 89% of employees see it as necessary for their employer to make sustainability a priority.

If employers want to attract and retain top talent, they need to offer an employment package that is relevant to their interests and values. Employee perks like a tree planting scheme, net-zero carbon pension fund, green energy tariffs, electric cars, and on-demand counselling, in addition to traditional employee benefits, are the way forward.

Easy to access

Usability is also key, no one wants to use benefits that are a hassle to access. Employees that are presented simple interface will be much more proactive when it comes to signing up and feeling taken care of by their employer.

It’s important to keep your employee reward scheme all in one place too. One dashboard, with easy access to each part of the employee experience, whether that’s wellbeing, eco-benefits, pensions, or discounts. This makes it easier for employees to see just how much you value them.

ESG employee benefits

Environmental, Social, and Governance (ESG) is an umbrella term being used for many aspects of a business. But what does this mean for employee benefits? A reflection of the employee values mentioned above, implementing ESG benefits could be the key to future-proofing your scheme.

We have put together this infographic detailing each area of ESG, and the benefits that sit within them. Download it here.

Ready to get your employee benefits working?

Did you know our Lumina platform includes all of the above? We’ve created a set of products and innovative employee benefits that echo the environmental, social and ethical values of the modern workforce. All in one place, with easy single-sign-on potentials, and the ability for employers to mix and match modules (such as Lumina Wellbeing, Flex & Planet) to best suit their business.