UK employers want to realign their benefits programmes to factor in the surge in homeworking, and also to reflect a greater awareness of mental health that arose during the pandemic, a study by Willis Towers Watson revealed today.
The rise in remote working was an important driver of change, with two-thirds (64%) citing it as a key factor.
In its 2021 Benefit Trends survey Willis Towers Watson, a leading global advisory, broking, and solutions company, found that organisations’ weakest areas over the past year were cited evenly between financial wellbeing (42%), social wellbeing (40%) and emotional wellbeing (39%). To change that, 86% are prioritising an improvement in their emotional wellbeing support for staff over the next two years, with two-thirds (67%) planning to enhance their levels of social wellbeing, and a similar proportion (63%) intending to focus on financial wellbeing.
Lucie McGrath, UK Health and Benefits Director, Willis Towers Watson, said: “The pandemic and its lockdowns really raised awareness of how mental health issues can harm the workforce, and the important role employers have to support their people. As we move to a hybrid model of home and office working, employers are keen to use that broader understanding to reshape their benefits packages. Online healthcare, wellbeing apps, and mental health strategies are growing areas of interest for many HR leaders keen to revamp the benefits package.
“We are also seeing a wider shift to recognising and meeting individual needs and circumstances, and that trend is being partly driven by the welcome rise of inclusion and diversity (I&D). Three quarters of firms said an increased focus on I&D is creating a need to change their approach to employee benefits, such as healthcare, pensions, and insurance. Technology can be the enabler to a much more personalised and bespoke employee experience that goes beyond traditional core benefits like pension and life assurance.”
However, despite organisations’ commitment to improving their employee wellbeing provision in light of the changing work environment, many could still find it challenging to change course effectively. Only one-in-seven (15%) of UK organisations use surveys, focus groups and other tools to try to understand their employees’ wants and needs. Three in five (60%) currently have no clear benefits strategy, yet 78% want to create a customised benefits programme over the next two years (currently only 10% have achieved this).
McGrath added: “The pandemic has caused many employers to look at benefits and the role they play with a fresh perspective. Many organisations face a big gap between where they are and where they want to be, and it is essential that they listen closely to their staff to work out the best ways of personalising and strengthening the employee experience.”
About the Survey
The 2021 Global Benefits Trends Survey is based on responses from 3,642 employers globally, including 192 UK employers representing a total of 665,000 employees. The UK survey closed for responses in October 2021.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.