EMPLOYEE EXPECTATIONS

Willis Towers Watson | 2024 Global Benefits Attitudes Survey | This research explores employee attitudes towards benefits, well-being, and workplace policies based on WTW's 2024 Global Benefits Attitudes Survey. It reveals vital insights on changing employee priorities, the impact of remote work, financial concerns, and mental health challenges.

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Introduction

The world of work has changed dramatically in recent years, with the COVID-19 pandemic acting as a catalyst for shifts in employee expectations and workplace dynamics. While staffing pressures have eased, companies face challenges navigating a complex environment marked by inflationary pressures, return-to-office mandates, and increased focus on diversity, equity, and inclusion (DEI). This research aims to help employers better understand their workforce and adapt their benefits strategies accordingly.

Key Insights

• Employee retention has improved: The number of employees intending to stay with their current employer has increased from 56% in 2022 to 63% in 2024, indicating a return to more normal labour market conditions.

• Benefits have become more important: The importance of benefits packages in attracting talent has risen significantly across all regions. In North America, 70% of employees now cite benefits as an essential reason for joining their employer, up from 57% in 2017.

• Remote work preferences have strengthened: Employee desire for remote work has increased sharply. In North America, 42% of employees prefer to work mostly or entirely remotely, compared to 27% in 2022.

• Financial concerns are widespread: Approximately one-third of employees report being worse off financially than a year ago, and a similar proportion state that money concerns negatively impact their well-being.

• Mental health remains a challenge: Despite some improvement, one in three employees globally report suffering from anxiety or depression. However, only 35% of those affected sought treatment.

Recommendations

• Align benefits with employee priorities: Review and adjust benefit offerings to better match employee preferences, particularly in areas like flexible work arrangements, health benefits, and financial well-being support.

• Enhance benefit choice and flexibility: Implement more excellent benefit customisation options. Employees with high levels of choice are nearly twice as likely to say their benefit package meets their needs as those without.

• Develop a comprehensive remote work strategy: Balance business needs with employee preferences for flexibility by reviewing and potentially adjusting remote work policies and exploring alternative flexible arrangements.

• Strengthen financial well-being support: Prioritise programs that help employees grow their savings, maximise benefit value, and build emergency funds. For retirement planning, focus on assisting employees to make decisions throughout their retirement years.

• Promote lifestyle improvements for health: Facilitate social interaction, physical activity, and outdoor time to support physical and emotional well-being. Leverage social connections at work to encourage participation in well-being programs.

Conclusion

Employers must adapt their benefits strategies as the workplace evolves to meet changing employee needs and expectations. Focusing on flexibility, financial support, and holistic well-being can enhance employee satisfaction, productivity, and retention. Implementing these recommendations will help create a more engaged and resilient workforce better equipped to navigate today's dynamic work environment challenges.

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