The rapid pace at which the world, and particularly the world of work, is changing has resulted in significant shifts in the employee experience. Despite these changes, the focus on providing a great employee experience remains critical for organizations in all industries. It’s essential for attracting and retaining high quality talent, boosting productivity, and building an inclusive culture.
Benefex’s latest research report, The Expectation Exponential, reveals that employers view wellbeing support as the most important pillar in providing a great employee experience. This was also the case in last year’s survey, although HR and benefits professionals have become even more staunch in this view, with 84% pointing to wellbeing as vital to employee experience, compared with 77% in 2023. Additionally, strong company values and culture, and diversity, and inclusion across the workforce are regarded as essential components of an exceptional employee experience.
Now, more than ever, employees are looking to their employer for protection and support to an extent which would have been simply unimaginable five years ago.
Last year when we reported our research findings, we revealed the monumental challenge that employers were facing in responding to the rapidly evolving needs of their employees. This year’s research shows that this challenge hasn’t gone away—in fact, it has intensified. Expectations for employee experience continue to rise and employers know they can’t afford to stand still.
79% of employers believe that workplace technology is very important in providing a great employee experience, while 78% point to employee benefits as being very important (compared to only 65% in 2023). Significantly, the research shows that HR and Reward professionals are recognising a growing need to focus on wellbeing provision, employee benefits, and company values and culture to improve employee experience.
Given the ongoing cost-of-living crisis affecting people across the world, it’s unsurprising that the biggest area where employee expectations have increased over the last 12 months is salary. People are looking to maximize their income to cope with rising costs and financial challenges. Beyond salary, employee expectations have risen in relation to workplace benefits, recognition and wellbeing.
These four criteria are seen as the most important for people when making job-related decisions. In fact, more than half of employees report that these factors are very important in evaluating a current or prospective employer.
1. Salary
As you’d expect, salary is the decisive factor for employees when weighing up whether to stay with an employer or move elsewhere. Indeed, 78% of employees state that salary is very important to them when selecting an employer.
2. Benefits and perks
Beyond salary, 59% of employees consider benefits and perks as the next most important factor when choosing a new employer. They want to feel cared for by their employer, and the benefits and perks offered are a good indication of how the company will take care of them and their families.
3. Recognition for good work
Recognition is crucial, with 59% of employees stating it’s very important that they are recognised for their efforts and achievement at work. A further 48% believe recognition should be linked to a reward, and 45% of employees think it’s important they can be recognised for living the values of the company.
4. Wellbeing support
An organizations’ commitment to wellbeing is another pillar that is important to 55% of employees. With benefits directly impacting employee wellbeing, employers are enhancing their wellbeing programs, which increases the number of employees who feel their employers truly care about their wellbeing.
Clearly, employee expectations are rising faster than ever, particularly regarding salary, benefits and perks, recognition and wellbeing support. So how can you stay ahead of—or even keep up with–the exponential increase in employee expectations? Download Benefex’s latest research report, The Expectation Exponential, to find out.
Businessolver partners with service providers, carriers, and technology vendors to help our clients deliver a holistic benefits experience for their employees. We partner with Benefex, a global benefits provider, to support global benefits administration. Learn more about our partnerships here: https://www.businessolver.com/solutions/partnerships-integrations/
