The Business Case for Relevance: Meeting the Evolving Needs of Today’s Workforce
Benefits
Todd Stephen
Published November 3, 2022
It’s often suggested that many frameworks of the world and workforce we know now exist solely because of the pandemic.
Whether it’s the widespread ability we gained to work remotely, the lesson we learned about how important it is to just stay home when we’re sick, or simply remembering not to take the little things in life for granted, many commonalities we live with now weren’t so common just two and a half years ago.
“Things would be different if the pandemic never happened,” people like to say.
Or would they?
While some might believe this statement is true at face value, there’s a bit more to it than that. Have you ever considered that they were simply accelerated instead? Are these dispositions really a definite result of what we call a “post-pandemic” world, or are they an acceleration of trends that already existed in our marketplaces, workforces, and communities?
Looking at benefits though a world-evolving lens
Currently, we find ourselves in the midst of an era called The Great Resignation—or maybe you’ve heard it called The Great Reshuffle, or even The Great Rethink. Talent competition is fierce, staff retainment matters, and salaries must keep up with cost of living. More and more employers are growing aware of the necessity to treat their employees well—which is no longer a “perk” and simply a standard.
Most organizations today hold a better understanding of what it means to stay connected to their employees and offer purpose beyond a paycheque—to let them know they are seen, listened to, and 12 valued. In tandem with this movement, the past few years have also brought a large emphasis on promoting overall wellness in the workplace, and expanding within the conventional buckets of physical, financial, and mental health to discover what can be unconventional about them.
As an employer, you can ask yourself, what might that “unconventional” (read: pertinent) support look like for your people?
Perhaps it looks like a pet-friendly office, extended parental leave, student loan repayment assistance, working abroad, TFSA contributions, mental health days, or bike-to- work programs—the options can be endless and slightly unfamiliar. But, that’s the point. These spaces are meant to look different depending on who your workforce is and what matters to them, and sometimes there are gaps between what’s being offered and what makes the most sense for workers. Looking at these gaps through the lens of your current and prospective employees instead of conforming to what “traditional” benefits healthcare spending accounts have looked like for years or even decades, will help lay the foundation for an organization that people want to work for because they feel respected and appreciated.
“The words VALUE and BENEFIT are subjective, multi-dimensional, and look different for every organization. As advisors, we’re here to help figure out what that means for each of our clients and their people.”
– Todd Stephen, Vice President of Employee Benefits & Pension, Selectpath Benefits and Financial Inc.
It’s not about being competitive—it’s about staying relevant
When thinking about how your organization can remain competitive in the workforce, have you ever thought about how it may be useful to frame it as staying relevant instead?
“Competition suggests a comparison, which may not always be applicable—just because your competitor is doing something different than you are, it doesn’t automatically translate that what they’re doing is right or makes sense for you. But relevancy focuses on the end user—the people that make up an organization—and what’s important to them.” – Todd Stephen, VP of Employee Benefits & Pension, Selectpath Benefits & Financial
We understand the realities that exist behind financial constraints and bandwidth—it’s not always feasible for small businesses to offer the flexibility, innovation, and choice that the Big Tech companies, for instance, can. Concepts are scalable, but plan redesign doesn’t need to be complex. A skilled advisor who starts with the basics: looks at pain points; identifies products and services that will alleviate them; and ultimately puts the pieces together that will benefit the organization holistically and sustainably; can help create customized and manageable programs for any size organization.
Part of staying relevant is reflection and thinking divergently. What it doesn’t always mean is investing large of sums of money to reach an end goal. Reflection simply starts with asking who your organization is—your story, your value proposition. What does your non- monetary ROI look like? Who do you strive to be? What do you want to mean to your people?
Our workforce is changing, and so are their needs
According to the Canadian 2021 Census, of the 23,957,760 Canadians in the working-age population, 33.2% were millennials, 29.5% were Gen Xers, 19.7% were baby boomers, and 17.6% were Gen Zers.¹
Millennials and Gen Z are currently the predominant generations in the Canadian workforce, and their presence is expected to grow.
According to Deloitte’s 2022 Global Gen Z and Millennial Survey², nearly two in five Gen Zs and Millennials have turned down a job or assignment based on their personal ethics, and nearly half of Gen Zs and Millennials in senior positions have done the same. Deloitte’s survey also reported that those who are satisfied with their employers’ societal and environmental impact, and their efforts to create a diverse and inclusive culture, are more likely to want to stay with their employer for more than five years. The two top reasons respondents chose to work for their organization—surpassing a high salary or financial benefits—were a good work/life balance and learning and development opportunities.
Do these statistics surprise you? Do they reflect what you’re offering as an organization?
In a post-pandemic world, or simply, our continuously evolving world, the concept of the employer as we have known it in modern society faces an opportunity to expand its responsibilities, where we see the employer branch beyond constituting merely a workplace and instead embodying an avenue of growth, diversity, and wellness support. Whether it was catalyzed by the pandemic or not, it’s the future.
It doesn’t matter when you get there; all that matters is that you do get there.
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