Webinar - Changing Landscape Of Employee Benefits
COVID-19 has forced organizations to re-evaluate their workplace wellness policies keeping employees' health & safety at the forefront.
In this webinar, moderated by Thrilok Abhishek, AVP - ekincare, our speakers Deepti Gupta, EVP HR-Info Edge India Ltd, and Renu Bohra, CHRO - DB Schenker focussed on understanding the transformation that is going on in Employee benefits and how to make employee benefits a strategic advantage to the company.
Employee wellbeing during COVID-19 pandemic
Personal and professional worlds are colliding in ways that have never been seen before, leading employees and employers to navigate new challenges in uncharted waters. As employees continue to struggle with balancing work and personal obligations at home, they are dealing with emotional, physical, and financial consequences from the pandemic. Some of these struggles will remain even after social distancing measures are lifted and the economy stabilizes, and they could have a lasting impact on employee’s overall wellness.
While many companies are rightfully focused on the bottom line and maintaining business operations throughout the pandemic, it is equally important that they take steps to ensure their employees are supported throughout this tumultuous time.
Managing healthcare needs of a diverse workforce
Not all employees are the same, which is why one-size-fits-all programs fail. A successful well-being program should be personalized to best meet employees’ current and future needs. In order to do so, it is important to leverage social determinants of health data such as household composition, purchasing habits, education, and income level, and more, to identify individual employee needs.
Employers should also evaluate new types of resources to accommodate the “new normal”. Telehealth and EAP are on the rise as well as stress management and resilience programs. For example, if an employee has diabetes, he/she needs to know the COVID-19 risks associated with his/her condition and hence might need extra support to ensure they are able to keep up with their healthy eating and exercise regimen during the quarantine. Also giving such employees access to a remote diabetes program helps them feel valued and stay on track.
This information allows employers to personalize the health and wellness plans they offer to employees and provide them with the right tools to make their healthcare journeys easier as they navigate this new way of life.
Inclusiveness and equality in employee benefits
As more companies embrace policies that promote diversity and inclusion, it will become more apparent that these policies produce great returns for employees and employers alike. Companies stand to gain a lot by prioritizing diversity and inclusion. When employees feel valued and empowered, they spread positivity, work harder, and stay at the company longer. Solid diversity and inclusion policies may just be the strongest competitive advantages a company can have as a properly utilized employee who feels respected and valued is one who will go the extra mile to ensure the highest quality of their work.
Measuring the outcomes and utilization of employee benefits
It’s important for any business to measure the outcomes of the employee benefits packages that it has in place. A vital aspect of measuring outcomes of employee benefits is the level of employee engagement in a company. Employee engagement has always been quite a tricky thing to pin down and measure. Nonetheless, there are certain indicators of employee engagement that can be measured and provide invaluable insight into the outcomes of your employee benefits programs. One example would be employee key performance indicators (KPIs).
While business success doesn’t always have to be measured in terms of ROI, it would be more efficient and insightful if companies instead identified business goals and explore how benefits can help influenced these desired outcomes.