Elevate employee wellbeing with the right reward strategy
PwC’s Irish Workforce Hopes & Fears 2023 Survey shows that inflationary challenges coupled with the accommodation and cost-of-living crisis continue to have a detrimental impact on the ability of Irish employees to sustain their basic expenses and pay their bills.
Just 36% of Irish workers feel fairly financially rewarded compared with 42% globally. With 22% of people planning to leave their jobs in the next 12 months, organisations cannot ignore the impact of rewards on their workers.
Navigating challenging workloads on top of financial pressures places significant mental and emotional strain on workers’ health and wellbeing. Organisations are becoming increasingly concerned about employee burnout and its impact—not just on their workforce but also on the organisation’s culture, productivity and growth.
Now is the time for employers to take a fresh look at their reward strategy. It should align with evolving workforce needs and deliver total wellbeing, which encompasses physical, emotional, mental, social, career and financial wellbeing. Customisation and engagement are the real differentiators for companies looking to attract, retain and motivate talent today.
In essence, employers should ask themselves three key questions:
- Are our reward offerings dynamic and aligned with the company’s culture and values?
- Is our total reward strategy inclusive, and does it encompass all aspects of employee wellbeing?
- Are we effectively communicating our total rewards with a focus on transparency, personalisation and accessibility?
Irish employers can take three immediate actions:
1. Review compensation and benefit packages
Consider whether your company’s reward offering aligns with your organisational values, is competitive and promotes the total wellbeing of employees.
2. Consider whether your current reward strategy strengthens financial wellbeing
Review your overall rewards strategy against key elements of total wellbeing. Consider upskilling employees on financial management and crafting financial plans to promote sound financial wellbeing.
3. Explore how you can personalise benefits for employees’ life and career stages
Engage with employees to understand their views and preferences. Use this information to tailor your company’s reward packages to your diverse workforce.
We are here to help you
A financially distressed and burnt-out workforce is more distracted, less engaged and more likely to switch jobs. Companies must focus on the holistic needs of their employees when designing reward strategies. We can help you highlight, tailor or transform your total reward offering with a focus on the total wellbeing of your organisation. Contact us today.
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