Retain top talent: how to meet employee needs in today's multigenerational workforce

The good news is that 84% of employees are satisfied with the benefits offered by their employers, according to the Old Mutual Workplace Benefits Primary Research study, powered by LIMRA.

Employers and employees mostly agree on the most important core benefit offerings. When asked to rank their top five most important benefits, employers picked retirement savings plan (92%), medical aid (73%), group funeral cover (68%), group life cover (63%), employee assistance programmes (61%), and financial advice (60%). 

Employees, meanwhile, ranked the following as their top five: medical aid (98%), retirement savings plan (95%), employee assistance programmes (80%), health/medical insurance (77%), and mental health benefits (75%).

But here’s the bad news: Those lists don’t overlap entirely, and one in five surveyed employees said there was an unmet demand from an employee benefits perspective. There is a significant gap between what employees want and what employers offer, or intend to offer in the foreseeable future.

For example, 22% of employees see medical aid cover as an unmet need, while only 7% of employers plan to add it as a benefit within the next five years. Similarly, 20% of employees see group disability cover as an unmet need, while just 5% of employers plan to add that particular benefit. 

Overall, only 24% of employers say they plan to add any additional core benefits to their offering within the next five years.

The reality is that it’s more challenging for employers to respond to and meet the needs of all their employees. “We now have five generations in the workforce — from the Silent Generation who are approaching retirement to Boomers, Gen X, Millennials and Gen Z,” says Remchannel MD Lindiwe Sebesho. “Each generation represents a different life stage, and each has its own set of needs. But what’s clear is that every generation — and every employee — needs their employer to see them as a whole person and enable their financial wellbeing through tailored pay and benefits solutions.”

Sebesho says that while an integrated approach to remuneration and employee benefits is important for employees, it’s also vital for businesses. “From a corporate employer perspective, it’s about making sure your employees are rewarded appropriately, while also managing your costs and ensuring compliance to various employment regulations, which are a big element of your duty to your shareholders,” she says. “Finding that balance is important because any decision you make will affect other elements of your business, including investor confidence.”

Remchannel and Old Mutual Corporate Consultants^* are helping organisations find that balance with Talent Vantage. This strategic service combines cutting-edge remuneration insights from Remchannel with Old Mutual Corporate Consultants’ extensive experience in employee benefits, enabling organisations to transform how they reward talent. 

Each of the benefits offered by employers forms part of a holistic employee value proposition (EVP) that helps companies attract and retain top talent. “At Remchannel, we advise our clients to consider their EVP as a complete offering,” says Sebesho. “Remuneration and employee benefits are not separate things. We certainly don’t see them that way and neither do employees. They’re part of one continuum that employers can structure carefully to even include the flexibility that is key for attracting and keeping the best employees.”

Click here to find out more about Talent Vantage.

This article was sponsored by Old Mutual Corporate.

^{*Old Mutual Corporate Consultants is a division of Fairbairn Consult. Remchannel (Pty) Ltd and Fairbairn Consult (FSP 9328) are members of the Old Mutual Group.}