Navigating Employee Benefits ➕

Happy first-day-of-the-week! 🌞

It's Mariam Mushtaq here with your fresh edition of HR Brain Pickings, hot off the press! 😊

In this week's spotlight: Employee Benefits. We're unpacking what’s in store for 2024's, what employees want and how to solve the challenge of benefits adoption. 🧩

According to HBR: one of the top trends reshaping the workplace in 2024 is organizations offering creative benefits in order to tackle the costs associated with returning to the office. 💡

Perks with A Purpose 🎯

When we are talking about employee benefits, we're looking at a double-barreled mission here: drawing in and retaining employees in a fiercely competitive arena, all while boosting job satisfaction and productivity across the board. 🚀

Add to that, the workforce is changing fast, with new expectations about work-life balance, mental wellness, and the flexibility to work from anywhere. 💡

And let's face it, the return to the office isn't exactly met with cheers from anyone—both employees and employers. 😕 Yet, a good benefits’ strategy can help ease the transition for all involved.  

These changes in the post-covid era has nudged HR folks into a more creative and inclusive mindset when mapping out employee benefits. 🤗

What's Hot in 2024 🔥

Attention, HR folks! Exploring insights from various sources, we're spotlighting the benefits that are on the rise. While some may seem like old news, let's dive into the data to uncover what still matters to employees today and keeps them satisfied at work.

1. Flexible Work Options

Since the onset of COVID-19, the debate between office and remote work has intensified. Frank Giampietro, Chief Well-being Officer for the Americas at EY, forecasts that hybrid work will emerge as the victor. 💪 

As companies adapt, expect to see increased investments in commuter, child, and elder care benefits, along with empowering employees to decide when they work from the office. 👨‍🏫 

2. Financial Wellness 💰

2023 saw many employees facing financial challenges: more people living paycheck to paycheck, sky-high credit card debt, and dwindling savings, both general and for retirement, thanks to persistent inflation.

This trend is waving a big red flag 🚩: strengthening financial wellness is critical in the benefits mix moving forward.

According to Forbes, companies are offering perks such as Emergency Savings Funds (ESAs), Student loan assistance, Financial and legal counselling, etc.

3. Employee Mental Health 🧠

The focus on mental health within the workplace is sharper than ever, especially as we navigate the complexities of employee burnout and stress. 😦 

Expect to see companies enhance their mental health support initiatives with innovative perks, like mental health days, access to therapists, wellness apps, etc. 📱

With 90% of employers planning a return to the office this year, yet a significant preference for remote work among employees, 🏠 the need for flexible, mental health-conscious work policies is quite clear.

4. Upskilling Opportunities 🌱

We're seeing a trend that cuts across all age groups: a big thumbs up for learning that embraces tech.

Forbes’ data indicates that there's a strong call for company-wide training sessions 🤝, stipends for continued learning, performance reviews and manager training 👨‍🏫.

Leading the pack is the access to learning management systems, indicating a preference for digital learning settings.

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Tips for HRs | Communicating Employee Benefits Effectively

Even though benefits are super important for keeping employees happy and sticking around, here's a head-scratcher and a source of frustration for a lot of us HR pros: as many as 80% of companies state that their benefits info goes unread. 🤯 

According to another survey, 69% report challenges in accessing healthcare data, and 62% point to problems keeping up with updates and best practices from their HR team. 🤔 

Whether you're rolling out new benefits or streamlining current offerings, effective communication is key to employee uptake. ☝️ 

Here are a couple of pointers on ‘Smart Moves’ you can make to ensure your message hits home and ‘Missteps’ to avoid so your benefits communication is clear, engaging, and impactful. ⬇️ 

Crafting an outstanding benefits package is just part of the battle. Even the best offerings can go underutilized if employees are unaware or don't understand them. 👀 

With a few simple do’s and don'ts, you can ensure that employee benefits are fully leveraged, bringing value to both employees and the organization. 💼 

EngageWith Feature Highlight 💡

Struggling to gather feedback from your team? If managing feedback feels like a cluttered desktop folder, it's time for a change.

Introducing Suggestion Box—a tool within EngageWith that streamlines your feedback process.

Key Features:

• 🔗 Seamless integration with EngageWith and Slack

• 🕵️‍♂️ Configurable directly within your Slack workspace

• 📢 Enable/disable anonymous feedback options

• 🗣️ Close the feedback loop with engaging discussions

Make your life a little easier with Engagewith - explore other features.💡

Free Template: Employee Benefits Survey

Before diving into any major changes in your employee benefits package, it's crucial for HRs to tap into the insights and perspectives of your employees. 🔎 

This template can help you gather valuable feedback about how your employees perceive and interact with your current benefits offerings. It's a good starting point for paving the way for a benefits package that truly hits the mark. 🔥 

Upcoming Masterclass by TSOW 🧑‍🏫 

Click here to register for this event → REGISTER

Stay updated with more exclusive events such as community-led calls, roundtable discussions, coffee catch ups, and in-person meetups.

Today’s Reads

• RTO seems inevitable for a lot of us, and as HR professionals, enhancing employee experience remains our mission. Read '7 Office Pain Points Employees Dislike & Solutions to Fix Them'.

• Skills-based hiring seems to be the talk of the town when it comes to recruitment today. Here’s what HR experts have to say about it.

• Keep up with the latest on HR tech → read EBN’s list of the best Human Resources Management Software (HRMS) for 2024.

Missed the last newsletter? Catch up here.