Matt Russell
CEO, Zest
Employees want to work in diverse and inclusive environments where wellbeing is a priority. As such, they are demanding benefits packages that are relevant to their needs.
The power balance between employers and employees is increasingly changing. For example, in job interviews, candidates are often asked: ‘What can you offer our organisation?’ Now, candidates are asking interviewers: ‘What can your organisation offer me?’
Employee benefits vital for retention
What potential employees want is a workplace where diversity, inclusivity and employee wellbeing are a priority, says Matt Russell, CEO of employee benefits technology company, Zest. If those aren’t on offer, they’ll go elsewhere.
Today’s employees are more switched-on about wellbeing and are not keen to work in environments where their voices are ignored. Savvy companies realise this and know that it’s imperative to create healthy, interesting workplaces where employees feel included and can be themselves. This involves looking after their physical, mental and financial wellbeing with the right employee benefits packages.
Employees now expect these packages to be offered as standard; Zest points to research ahead of last year’s World Mental Health Day, where 83% of businesses said their employees are demanding more wellbeing benefits. “If a business has a good wellbeing strategy, its workforce will be healthier and more productive,” says Russell.
83% of businesses said their employees
are demanding more wellbeing benefits.
Employees want relevant, personalisable benefits
However, benefits packages are changing, too. Not long ago, companies would offer employees a general benefits package — but ‘general’ doesn’t cut it. “Employees were saying: ‘The benefits I’m being offered by my company are not relevant to me’,” reveals Russell. “These days, they want benefits that are customised to them.” Apart from anything else, it’s an effective way to drive workplace inclusivity.
Companies need a platform that holds a vast range of benefits in one place. Employees can then access and cherry-pick the ones suited to their needs. “It gives employees the flexibility and choice they are looking for and enables them to personalise their employee experience,” adds Russell.
If you’re a business that is starting in this space from scratch and want to know which employee benefits to include, Russell advises: talk to your employees first. “Find out what their needs are and what they want to achieve,” he says. “Then work with a supplier that has a marketplace of pre-procured, pre-approved benefits in a wide variety of areas that you can pre-select. Above all, remember that personalisation is key.”