Universal benefits will not reduce it in the post-pandemic workplace
The COVID-19 crisis has radically changed the way we work and altered the relationship between employers and employees. Workers now expect their employers to see them as individual human beings and provide them with benefits that support them on a personal level.
The pandemic has forced employers to embrace flexibility – if they don’t offer remote and wellness work, or if they don’t allow employees to adjust their working hours according to their job responsibilities. home – the two sides would not have survived. But now that employees have experienced a more flexible, people-focused work environment, they may find it difficult to get back to the way things were before. A one-size-fits-all approach will no longer suffice, and this is where personalization comes in.
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For HR teams, it’s the next step in the employee experience. Previously, standardization streamlined workflows for HR departments to eliminate inefficiencies and enable mass applications. For the most part, the working hours were the same for everyone and each employee received the same general benefit offers and all were tied to the physical office.
The benefits and experiences were not based on the employee as an individual, but rather on subsets of the organization. People were segmented into large groups based on assumptions about the needs of different age groups, employees with different levels of work experience, job titles, etc. By offering these options, employers assumed they were covering what employees needed, but that wasn’t always the case. So while standardization has brought the HR industry to where it is today, personalization and personalization is how HR will evolve now and in the future.
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“The profession of human capital is evolving to better serve organizations by better serving the workforce,” says Dr. Solange Charas, human capital expert and adjunct professor at Columbia University and University of California from South. “Organizations that do not actively adopt an employee-centric business model will soon find that their competitive advantage will erode, with a diminished employer brand and suboptimal efficiency.”
One of the easiest ways for HR teams to tailor the employee experience is to offer on-demand pay as part of a financial wellness benefit. Each employee has their own unique and individual circumstances outside of work. For example, an employee may be hit by a large financial expense like home repair, medical care, or an emergency the week or the day before payday.
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“The shift from standardization to fair customization is complex but necessary to create an environment where the workforce can thrive and the organization can achieve its stakeholder-focused goals,” says Dr. Charas.
Employers can further personalize the experience by incorporating a financial education offering. These can be courses, tools and articles that act as guides to help workers make more informed decisions to improve their personal finances. Through a variety of financial education resources, employees have the choice to learn what best helps them achieve financial well-being.
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With a pay-on-demand solution, employees can access their paycheck before payday. It is a win-win solution for all stakeholders. From an employer’s perspective, there are no hidden costs or paperwork, the solution can be easily integrated into existing payroll processes, and they actively show employees that their well-being matters. As a result, the employee is able to bypass the bottleneck of the two-week payroll cycle, avoid high interest loans, and enjoy the peace of mind associated with increased financial flexibility. .
The next phase is an opportunity for employers to “take into account who we are and what we want,” says James Norwood, director of marketing and strategy at isolved. “The time has come for employees to have the same expectations when it comes to access to benefits and compensation. To keep pace, employers need to offer a flexible employee experience that allows for a more guided, real-time journey to benefit from enrollment and payroll accessibility. “
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Personalization in our daily life is nothing new. While e-commerce sites and social media news feeds provide us with personalized recommendations, it is only natural that the same expectations extend into our working lives. Now is the opportunity for employers to move forward and contribute to the general well-being of their employees.