Meeting the new demands of a new workforce in 2022
COVID-19’s knock-on effects — the labour shortage and declining employee engagement — will require organizations to make wellbeing a guiding principle for their teams.
Originally posted on hubinternational.com
Disconnected from their employers and seeking greater support both at work and home, employees will want more from their benefits packages in 2022. If you haven’t considered wellbeing, personalization, and Diversity, Equity and Inclusion (DEI) as part of your benefits, this will be your year to do so.
After 18 months of isolation and working from home, many employees don’t feel loyal or connected to their employers:
- 95% of the workforce is thinking about quitting
- 80% feels disengaged
- 60% of employees consider themselves a “free agent”1
Employment numbers reflect this. Employers reported 815,000 job vacancies in June 2021, a 5% vacancy rate.2 What’s more, 64% of businesses say the labour shortage is inhibiting business growth.3
Are you seeing the same trends within your organization? Focusing on what’s best for your people, including taking care of their mental and physical health, their financial wellbeing, and their career path, can help you protect your most important assets.
Here are a few trends we expect to see in 2022:
Wellbeing will help redefine benefits plans
Since the pandemic began, the workday is longer — an average of 49 minutes longer, to be exact. In part, that extra time results from organizations being short-staffed and employees doing extra work just to keep the ship afloat.
Organizations should look at their benefits through the lens of employee wellbeing. This broader view includes physical and mental health, financial wellness, career support and other components which, if left unattended, threaten workers’ performance and engagement.
Personalized benefits driven by analytics will become the norm
More than half of organizations have invested in HR technology specifically to enhance analytics capabilities, and that capability can pay off through personalized benefits.
Personalizing benefits isn’t simply about more options, it’s having relevant options for specific employee segments, and improving how employees’ access and experience their benefits.
Because workers have more opportunities than ever to switch jobs — and because some individuals are prioritizing lifestyle over salary — personalized benefits will be key to differentiate organizations in 2022.
Financial wellbeing will become a cornerstone of benefits plans
Financial stress carries over to the workplace as employees spend more time working on financial issues. As part of their effort to alleviate employee financial stress, employers will focus on financial wellbeing to improve the workplace.
Organizations that want to increase engagement should figure out what their employees need most when it comes to financial wellbeing. For some employees, that may mean offering education on financial literacy, such as teaching basic budgeting, or programs to support savings efforts beyond retirement savings, including paying down debt or saving for a large purchase.
DEI becomes fully integrated into the benefits package
Promoting diversity, equity and inclusion (DEI) not only helps an organization become more well-rounded, but can help drive positive business outcomes, especially when it’s a priority for the organization.
While many employers say they support DEI, few have a plan to achieve DEI goals. Introducing single, one-off benefits that draw attention to the issues like paternity leave benefits or coverage for gender reassignment surgery are not enough. A piecemeal approach is unlikely to result in diversity, equity and inclusion long-term. Within the realm of employee benefits, DEI requires an in-depth evaluation of how benefits are encouraging or hampering the organization’s goals.
Check out HUB International’s 2022 Outlook for more things you can expect to see in 2022 when it comes to employee benefits.
The pandemic has changed the workforce landscape, but you can use your employee benefits to help you attract and retain talent.
Given health and wellbeing is a top priority, having expert guidance and decision support in this area is critical to protect and nurture your organization’s most important asset — your teams.
About HUB International
HUB International is a global insurance brokerage providing casualty, life and health, employee benefits, and investments and risk management products and services through over 475 locations across North America. HUB in partnership with the Ontario Non-Profit Housing Association provides ONPHA members with access to affordable benefits plans designed specifically for the needs of members and their employees.
1 Gloat, From the Great Resignation to the Great Transformation: How to Thrive During Turbulent Times, accessed October 21, 2021 (registration required).
2 Statistics Canada, “Job vacancies and job vacancy rate, unadjusted for seasonality,” August 8, 2021.
3 CTV, “These Canadian industries are currently facing the biggest labour shortages,” October 5, 2021.
