The business imperative around benefits
Benefits are a big-ticket item. Employers spend a significant amount of money to provide them. They also play a key role in both recruitment and retention. Offering a strong benefits program can be a big part of organizational culture, and it supports workforce strategy.
With a dynamic economy at play, the workforce is constantly changing. Korn Ferry projected labor shortages in the US will result in over $1.7 trillion in unrealized revenue by 2030.
That’s why benefits are vital to organizational success. Most employees place a high value on their benefits, and many won’t consider a job without them. Employees view their benefits package as a proof point for taking a new job or staying where they are. Even part-time and gig workers are looking for opportunities that include access to benefits, and more organizations are finding creative ways to extend benefits to these workers.
With so much riding on the design and delivery of benefits, understanding how to create the best employee experience has never been more important.
Changing employee expectations
These days, smartphones put more computing power in the palm of our hands than NASA had when they landed the first man on the moon. Now, technology is affordable, portable and evolving so quickly that work tools can become outdated before an organization has budget to replace them.
This means that employees’ everyday use of technology outside of work is likely delivering a better, more comprehensive experience than what they have on the job. So, expectations are shifting about technology and employee experience at work. And it’s no wonder. A mobile device offers people a single access point for managing much of their lives, connecting them to communication and entertainment, social networking, shopping, banking and access to just about anything, 24/7.
Some of the expectation shift is generational. Millennials and Gen Z, who grew up with more access than previous generations, look for convenience. They want easy, fast connectivity. In a recent study of consumer expectations, 21.7% of those aged 35 to 44 expected an immediate response to an email. By contrast, only 11.7% of people age 65 or over had the same expectation.
Younger employees also want personalization based on their unique interaction habits and preferences. People are frustrated by non-integrated technology touch points that don’t address who they are.