Top forward-looking research reports from the reward and employee benefits landscape
As we get into the swing of the new year, here are my top forward-looking research reports from the reward and employee benefits landscape to beat away the Monday blues and push-on for a brighter 2021 and beyond.
The UK Benefits and Trends Survey 2021
What better place to start than with a look at the upcoming trends?
Aon’s latest UK Benefits and Trends Survey 2021 unsurprisingly finds that health and wellbeing will be high on the agenda. It found that the majority of businesses (83%) have increased their emphasis on wellbeing, while a further 38% expect to see an increase in their wellbeing budgets. The trend towards greater employee wellbeing was well underway this time last year, however the pandemic accelerated organisations’ plans in this area.
The shift towards greater focus on health and wellbeing not only relates to our current circumstances, but also to employees’ expectations of a positive working experience and their broader understanding of their total reward package. Aon’s survey revealed total reward statements are still popular, while efforts to communicate the Employee Value Proposition (EVP) are also continuing. Only 14% of employers said that they don’t explain their EVP to employees, down from around a third in 2019.
Finally, technology remains high on the agenda, with the push towards a more consumer-like experience for reward and benefits driving the change. The survey found that 31% of organisations either have a flexible benefits app or are planning to utilise one; while the majority agree that technology and apps for wellbeing will positively impact employee engagement.
2021 Global Culture Report
Employee engagement has taken a massive knock over the past 12 months. However, how organisations have responded to the pandemic in relation to their staff has made a massive difference. Figures from O.C. Tanner’s 2021 Global Culture Report revealed that businesses which have increased their transparency since March 2020 have seen an 85% increase in employee engagement and a 152% increase in motivation.
Building a resilient workplace culture that is open and transparent will be key as businesses move to recover from the pandemic. And recognition, coupled with technology, will have a central role in strengthening these cultures. The survey highlighted that in organisations that align technology implementation to their culture there is 644% higher likelihood employees feel successful, while there is a 424% likelihood that employees are engaged.
The need for integrated and effective employee reward and recognition to drive employee engagement will be critical in the months ahead, as our next report shows.
7 trends that will dominate workplace mental health in 2021
Employees’ mental health has been significantly affected during the pandemic, and it should be of great concern to employers. As Dr Subashini M, associate medical director at Aviva UK Health and Protection, noted in her recent article for REBA “there’s no vaccine for the mental health consequences of Covid-19”.
Pulling on survey findings from REBA, Unmind’s 7 Trends That Will Dominate Workplace Mental Health in 2021 report highlights the importance of supporting employees’ mental health in the months ahead and how organisations are planning to do this.
It found that 36% of large employers plan to increase investment in online mental health resources, while others also plan to invest more in EAPs (22%), occupational health services (18%), and private medical insurance (8%). Overall, it found that many organisations are simply looking to broaden their approach, with greater investment in digital solutions to both prevent and support ill-mental health.
Other key trends noted by the report are strengthening the link between diversity, equality and inclusion (DEI) and mental health, continuing to remove the stigma around poor mental health and wellness, and supporting mental wellbeing beyond formal wellbeing or mental health solutions
Supporting employees in the new normal
Our changed reality has thrown everything up in the air and we’re still not exactly sure where everything is going to land. Yet of all the trends highlighted, health and wellbeing is now the impetus behind the majority of employee benefit and reward decisions.
To help employers navigate our new normal REBA, in conjunction with Simplyhealth, has created a new technical guide to help employers support their staff. It considers the health implications of the pandemic, new ways of working and need for preventative health benefits.
It might be blue Monday today but there is much to hope and plan for, as we all work to improve the employee experience for tomorrow.
The author is Dawn Lewis, content editor at REBA.
