Workplace insights around the world

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Aligning with employee needs may produce better talent-related outcomes for employers, and it could be less complex and costly than anticipated.

Further detailed in our articles on well-being, financial wellness and retirement planning around the world (which highlight the latest findings from the Fidelity Global Sentiment Survey 2022), workers and their employers have a lot on their minds.

But in this world of fast paced change, workers have remained consistent in the kinds of support they want from their employer compared to when we asked the same questions last year.

Source: The Fidelity Global Sentiment Survey, 2022.

Suggested actions employers may consider to better meet the needs of their employees

There is a sizeable number of employees who turn to their employers for help; let’s explore how employers might support employee needs further.

1. Start with the fundamentals. Employers may feel pressured to offer an endless stream of benefits, but that approach isn’t supported by previous research and what we learned from our Global Employer Survey. Employees are straightforward in what they want to see their employers offer as part of a benefits and compensation package. It's noteworthy that employees don't see these types of benefit offerings as differentiators but as fundamental expectations for any employer.

Source: The Fidelity Global Sentiment Survey, 2022.

2. Put the money where it has the most impact. With rising inflation, tightening budgets and increasing complexity in the benefits landscape, employers may benefit from a data-driven approach when considering how compensation and benefit priorities impact talent.

Employers may be able to curb employee turnover with specific actions that align with employee values. Depending on where your company is headquartered, different efforts may yield more positive outcomes.

Source: The Fidelity Global Employer Survey, 2022.

3. Position your benefits and compensation strategy to your workforce more holistically with a Total Rewards Strategy. With more than half of workers stating that meeting their immediate needs is causing them some or a lot of stress, many workers might see the appeal of considering a larger salary at another company. However, by leveraging a Total Rewards Strategy to highlight the true value of total compensation, employers may be able to demonstrate that a higher salary may not necessarily mean more take-home money if benefits are more expensive or, in some cases, not provided elsewhere.

4. Think differently about compensation with a company stock plan. As companies continue to compete for top talent, employers may benefit from positioning their company stock plan as a unique differentiator. This could potentially play a key role in attraction and retention strategies from both a compensation and company culture perspective. A company stock plan may help employers to potentially improve and/or restructure compensation packages at a time when inflationary pressures are significantly impacting salaries. From an employee perspective, we’ve found that a company stock plan is viewed as an attractive benefit and a tax-efficient way to invest and save. A company stock plan may also have positive cultural impacts, potentially providing employees with a sense of ownership, which may contribute to higher loyalty and productivity.

Source: The Evolving Role of Company Stock within Employee Benefit Plans, Fidelity Investments.

With record-level rates of inflation and local market factors, maintaining a workplace that attracts, supports, and retains talent may seem like an expensive, complex endeavour, but it doesn’t have to be. By taking into consideration the potential actions highlighted in Financial Wellness around the World, Retirement Planning around the World, and Well-being around the World, as well as the information above, employers may be able to attain meaningful and sustainable talent outcomes for their companies and their workforce.