Supporting a changing workforce

Narrowing your focus on what is most impactful may make sense during periods of cost pressures and simplification. We suggest three benefits strategies to position your organisation for success. 

Jump to:

1. Expand your definition of ‘benefits’ to unlock hidden value
2. Support employees' financial wellness and benefits needs holistically
3. Ensure you take a holistic, equitable, global approach to your benefit strategy

1. Expand your definition of ‘benefits’ to unlock hidden value

It’s important to keep the full spectrum of benefits in mind, from tangible to the more intangible aspects of work that are critical for a positive employee experience.

Two areas to considered closely are related to Workplace Flexibility and Meeting Employees' Psychological Needs.

Thinking differently about flexibility

Offering greater job flexibility—and thinking more broadly about what flexibility can look like—may help with employee retention. Types of flexibility include thinking differently about when, where, and what work gets done.

Reduction in employee turnover rate by number of flexibility offerings

Meeting psychological needs

Many employees are looking for organisations that support them beyond just traditional, tangible benefits (compensation, retirement, etc.) by providing intangible benefits (e.g. positive relationships, autonomy), as highlighted in the Fidelity research, Working 9-to-Thrive (By following the link, you will be taken to fidelityworkplace.com. This website is subject to separate terms and conditions).

“Psychological Needs” also present employers with an opportunity to provide value that does not require specific spend from their benefits budget, which may be under pressure.

2. Support employees' financial wellness and benefits needs holistically

Supporting a broader definition of financial wellness may be helping employers to achieve retention goals—those with broader definitions and more extensive offerings report lower annual turnover on average.

Employers that provide more topics of financial support report lower turnover rates

3. Ensure you take a holistic, equitable, global approach to your benefit strategy

As a global leader, you need to make sure that your strategy is meeting the needs of all workers in all markets, while maintaining a competitive cost structure and overall offering.

It isn’t always about expanding benefit offerings but more of providing the right types of benefits for your employee groups. Global benefits standards may help in the following areas, creating opportunities for high impact changes which don’t always come at a high cost.

^{Source: Fidelity Investments, Global Workplace Consulting}

Standards can be used to signal employer commitment to strategies that are inclusive, sustainable, and compelling to a diverse workforce and to effectively define and differentiate the employee value proposition and position the business as an employer of choice.

Fidelity refers to one or both of Fidelity International and Fidelity Investments. Fidelity International and Fidelity Investments are separate companies that operate in different jurisdictions through their subsidiaries and affiliates. All trademarks are the property of their respective owners.