It’s becoming more and more difficult to attract and then retain high-quality people: the war for talent is showing no signs of being won and, if anything, is being made bloodier by continuing skills shortages.
Employees’ willingness to leave an organisation if they aren’t satisfied with how they’re treated or the kind of career opportunities they’re offered is another obstacle to retention, and to attraction if you don’t have a great employer brand that gives people a positive (and real!) impression of what it’s like to work for you.
One way to get the right kind of people interested in working for your organisation and then want to stay is to offer them a range of benefits that adds real value to their salary package. For example, you may not be able to provide regular, across-the-board pay rises but a cycle leasing scheme, childcare vouchers, a decent contributory pension and a good holiday allowance could help people who have the skills and experience you need bridge the gap.
This will be increasingly important over the next decade, as employers move from a human workforce to a hybrid one – a workforce where people work hand in hand with the latest technological advances such as Artificial Intelligence, Robotic Process Automation and Machine Learning in an environment that has been optimised for technology.
FACING NEW CHALLENGES
Human employees in this new workplace will face all kinds of new challenges – from moving to higher-level roles that require new skills to being worried about enjoying less human interaction – and they are already very clear that it is employers’ responsibility to make sure they are properly prepared and supported along the journey to a hybrid workforce.
In fact, 51% of the employees we talked to say they will leave their organisation if it doesn’t manage the transition effectively.
So it will become increasingly important for employers to provide benefits that meet employees’ needs and wants – replicating the experiences they look for and enjoy as consumers – and that help to create the loyalty, engagement and wellbeing that will enable them to meet those challenges and thrive.
THE SHIFT TO HYBRID
We’ve conducted ground-breaking research into this transformed world of work, and the questions it raises for organisations around benefits and rewards. Human to Hybrid: The next workforce frontier delves into the implications for people of the advancements in technology, particularly the widespread adoption of Artificial Intelligence and Robotic Process Automation, into the workplace.
These advancements will dramatically alter the way that organisations resource work, and the shape, structure and function of human workforces. Technology and robots will take on more of the repetitive and mundane work, and human employees’ skills, vision and rational and creative thinking will make the vital difference.
People will be required to learn new skills, be open to constant change, and adopt new roles and mindsets. And employers can make the step up to this new way of working easier, especially for those staff members who are worried or daunted by it, by offering benefits that are tailored to their wants and needs.
BENEFITS’ STRATEGIC IMPORTANCE
Employee benefits and rewards are becoming increasingly important strategic levers for achieving long-term growth and success. Organisations can use them as a key differentiator in an ever more dynamic, competitive jobs market by adopting a considered digital strategy that aligns with and supports their wider transition to a hybrid workforce and puts the employee at the heart of everything they do.
Our research went back to basics to find out why organisation choose to offer benefits in the first place. There are a variety of reasons but chief among them are to increase retention and build loyalty (67%), to promote health and wellness (60%), and to attract better candidates in the war for talent (56%).
Benefits professionals identify loyalty as a key driver for offering benefits and that was also cited as critical by the business leaders that we talked to.
Human to Hybrid argues that a digital approach to benefits is the one that will generate the most engagement and loyalty among the human members of tomorrow’s hybrid workforce. Employees are increasingly demanding personalised benefits that they can access whenever and however they want, and using technology to deliver individualised options – as well as properly measuring the return on investment in employee benefits and rewards – offers the best chance of meeting those demands.
This, in turn, offers the best chance of attracting, retaining and engaging the best people for future success.
What is Human to Hybrid?
For the purposes of this research, we defined Human to Hybrid as ‘‘the new dynamic where humans will work in a fully digitised and technologically-optimised environment, and increasingly work alongside robots and AI, over the next ten years”.