The modern, multi-generational workplace requires organisations to rethink their employee benefits to attract and retain talent and boost productivity, writes Thenjiwe Ramorotho, regional general manager: inland at Old Mutual Corporate.
The workplace has become like a family reunion, with five generations working alongside and interacting with each other. And, as the Silent Generation, Baby Boomers, Generation X, Millennials and Gen Z bring their often wildly different expectations and priorities to the office, organisations must rethink their approach to employee benefits to attract and retain top talent and boost productivity.
Integrated employee benefits are emerging as a powerful solution, blending traditional offerings like healthcare and retirement plans with modern must-haves such as mental health support, flexible working arrangements and personalised wellness programmes.
“In the past, it was accepted that people left their emotional concerns at home, and a “command and control” style of leadership was the norm,” says Lindiwe Sebesho, managing director at Remchannel. “The new world of work demands a different approach, and an integrated, holistic employee benefits proposition.”
The 2024 Old Mutual Workplace Benefits Primary Research, powered by LIMRA, supports this. The survey found that two out of three employees feel at least some level of financial, physical and/or emotional stress, while more than three out of four who are overwhelmingly stressed believe that their employer should offer services to help address this.
But while 63 percent of employees surveyed feel their employer is invested in their professional wellbeing, fewer feel their employer is invested in their emotional (58 percent), physical (58 percent) or financial (56 percent) wellbeing. Yet employees’ levels of physical, emotional and financial stress are highly correlated. This underlines the importance of offering employee benefits that speak to the employee as a whole person.
“In our post-Covid world, Old Mutual’s research shows that employees and employers are placing more emphasis on overall wellbeing,” says Humphrey Mkwebu, general manager: employee benefits solutions at Old Mutual Corporate. “The ideal state is achieved when employees are physically thriving, emotionally balanced and financially secure. It is neither enough nor sustainable to have one and not the other elements of wellbeing.”
In line with this concept of interconnected employee needs, Old Mutual Corporate launched a suite of integrated wellbeing solutions for retirement fund members, aiming to address employees’ physical, mental and financial wellbeing. This is in addition to our flagship Financial Wellbeing Programme.
And to add another level of integration, Old Mutual Corporate Consultants and Remchannel have launched Talent Vantage, providing top-tier expertise to help organisations develop comprehensive and optimised strategies for competitive and flexible employee remuneration and benefits.
Ultimately, organisations aim to attract and retain top skills with a view to increasing productivity. But retention alone cannot guarantee productivity. “To get productivity, you need engagement. And to truly engage today’s employees, organisations must provide an integrated employee value proposition that speaks to them as whole people,” Lindiwe concludes.”
