Our CEO, Rob Whalen, was interviewed for Intelligent Enterprise Leaders Alliance Market Study: AI & The Future of Work about the future of the HR and benefits space.
What advice do you have for employers and HR teams looking to rethink their organizations’ total rewards strategy to boost engagement and reduce turnover?
Rob Whalen: Organizations should start by talking with their employees. They might start with an employee feedback survey to fully understand the voice of the employees and their needs and to get feedback on where your current rewards do not meet their needs. Then, based on survey data, HR teams can reassess their benefits packages and adjust to ensure that the benefits being offered are benefits the workforce wants.
Flexible benefits packages are a great cost-effective benefit solution that boosts engagement and reduces turnover. These packages can include traditional benefits like healthcare benefits, and non-traditional benefits like convertible PTO. Flexible benefits packages can cater to a unique variety of employee needs. When employees feel like they have benefits that address their unique needs, they are more likely to utilize those benefits and stay with the company.
What employee wellness offerings and initiatives are you currently most optimistic about?
Rob Whalen: Several employee wellness offerings and initiatives are gaining traction and showing promise in promoting overall well-being in the workplace through inclusive wellness programs. Recognizing that wellness needs vary among individuals, organizations increasingly tailor wellness offerings to meet diverse employee needs, including initiatives for different age groups, cultural backgrounds, and physical ability levels.
Some of the things that I am optimistic about are:
- Mental Health Programs: As awareness of mental health issues continue to rise, more organizations are implementing comprehensive mental health support systems, including Employee Assistance Programs (EAPs), counseling services, and access to mental health professionals. Additional initiatives such as mental health days and destigmatizing discussions around mental wellness is also becoming more common in the workplace
- Financial Wellness Programs: Financial stress is a significant contributor to overall employee stress. More employers are looking at implementing financial wellness programs that provide financial education, access to financial planning resources, or student loan assistance.
- Wellness Programs: Companies are beginning to offer Life Planning Accounts (LPAs) to support their employees’ work-life balance and wellness initiatives. These accounts can support employees’ fitness, nutrition, and overall wellness goals by offering access to benefits like nutrition counseling, gym memberships, and more.
Download the report and read Rob’s full interview.
Published on Oct 10, 2024 by Rob Whalen
