As we enter year three of living amidst a global pandemic, work for most is, at minimum, an office/home hybrid now, if not a complete work from home experience. While it’s true that many are enjoying the increased flexibility of their work from home lifestyle, it is also true that working from home (or as some people say, living at work) means employees are bringing their whole selves to work like never before. On one hand, this is great (like when we get a peek at our colleagues’ adorable new puppy), but it can also be challenging (like when our focus drifts to a grouchy teenager unexpectedly home from school due to a positive COVID test).
Given this reality – alongside the great talent war facing all recruiters – HR leaders are increasingly doubling down on their commitment to core values that prioritize employee wellbeing – mental, physical, and financial. It has become critical to show employees that their employer sees them as more than their productivity or paycheck.
Collectively, we have seen workplace commitment to mental health soar as the impact of COVID-19 ripples through our communities and, before that, a focus on physical health benefits. However, it is clear that employee financial wellbeing is now inextricably linked to both attracting top talent and retaining valued members of existing teams.
According to Morgan Stanley’s inaugural State of the Workplace Benefits Study, 90% of employees say their company should prioritize re-evaluating its financial benefits package in 2022. Meanwhile, 95% of HR executives say their company’s re-evaluation of their financial benefit package for 2022 is a priority.
One theme remains constant: no matter what the work environment – 100% work from home with an occasional company offsite, an efficient hybrid solution, or an essential worker without the option to stay home – employees (and top talent) want to know businesses care. Showing that you care is more than offering perks to convince them your office is more fun than your competitors, it now revolves around how you are building a community that supports each other when they need it most.
In fact, 76% of respondents to a recent Betterment financial wellness study said “Even when/if I return to the office full-time, I’ll still prioritize financial wellness benefits above in-office perks like snacks and ping-pong tables”
Last week, the Canary team traveled to Las Vegas for HR Transform, a conference that brought together people leaders from across industries to talk about the future of work. One thing is very clear in listening to panels and talking to HR leaders: a spotlight is on employee financial wellness like never before. While the benefits of our new work-from-home norms cannot be understated, the forced retreat into our homes and away from our communities has affected our well-being from every angle. To compete for talent amidst the Great Resignation, it’s on companies to refocus their attention on the support their people desperately need, especially as job seekers are leading with their values and making decisions based on who most closely aligns with them.
Learn more about how, together, we can build a community of caring in your workplace where colleagues can give and receive emergency support efficiently, quickly, and with dignity.
