The Times (and Employee Expectations) They Are A-Changin'

Since 2012, the UK has seen a steady increase in turnover rates, leading to a very strong labour market. According to Xpert HR's latest recruitment survey, the cost-perhire is up by as much as 40%, while one in three employers say labour turnover has increased at their organisation over the past 12 months. And with Brexit implications still unknown, some industries are being hit particularly hard with retention issues, such as hospitality, retail or food service. Because of this, the talent market's expectations and needs are different than what we're used to, and employers need to be aware of the changes to make sure they're developing their overall Employee Value Proposition (EVP) to match what the market needs.

With a changing market, the pressure is on to find new impactful ways to attract and engage employees and create organisations where their employees thrive. Another challenge that many HR leaders are facing is balancing the ability to come up with innovative ways to attract and retain top talent while reducing operating costs. When it comes to evolving or introducing new employee benefits, an organisation might budget for a project that will allow them to launch a new programme, but often don't factor in the cost of the ongoing roll-out or communication of the initiative. This impacts awareness about the benefit, along with its adoption and ROI.

A report by Willis Towers Watson showed that while 67% of employers think they have a comprehensive benefits offering that their employees value, less than half of their employees actually agree that their current benefits meet their needs.

Key Takeaways

About This Report

Leading organisations are taking a more holistic approach to building a benefits portfolio and finding creative ways to support employee wellbeing.

Modern benefits strategies prioritise and leverage a digital-first experience.

Finally, engage your people and your leaders early.

About the Publisher

Published by Reward Gateway helps make the world a better place to work by delivering the only employee engagement platform with industry-leading employee benefits, reward and recognition, communication tools and surveys all in one place.

Publish Date

November 2021