Employees’ lives have become more complex that many struggle to keep up. The physical, social and emotional, and financial challenges of the past few years have been exacerbated by a period of polycrisis that has encompassed war, environmental disasters, and a level of inflation that has affected access to basic necessities.
In fact, 44% of employees in Asia feel stressed in everyday life, and ranked economic downturns as a top concern after pandemic crisis, with many of the benefits that employees value most related to finances, according to our findings in the latest Health on Demand 2023 report.
Employers are having to reassess how to meet the needs of their employees in Asia to grow their talent and business; re-evaluating the relevance and value of the benefits they provide, the technology to use, and how to address key risks. To better understand the shifting priorities of different groups within the workforce, we sought opinions from over 17,000 individual employees — including more than 5,200 in Asia — across different countries, sectors and levels. Our analysis offers a unique insight into the value employees place on employer-provided benefits and demonstrates the power of a care-first approach.
Using meaningful benefits as an expression of company values is going to be more important as life becomes more complex, and supporting the widest possible range of employee needs makes a difference.
In the Health on Demand 2023 report, although 71% of employees in Asia think that their employers care for their health and well-being, only 64% say the benefits they receive meet their needs.
Our findings revealed three key ways risk managers and HR can work closely together to enable your employees and your business to thrive.
Building benefit strategies that work for everyone using insight into the broad range of needs and preferences of different employee demographics in your workforce.
For example, Gen Z, caregivers and women have different priorities, which change over time. Employers who gain insight to the varying needs and preferences in their workforce are able to focus on providing meaningful benefits for all.
Using benefits as an expression of company values and to mitigate people risk is going to be more important as life becomes more complex, chaotic and digital.
Responding to moments that matter, we are seeing employers taking a stand on societal issues such as diversity, inclusion and equity (DEI) and environmental sustainability, and building trust by helping employees transition to digital health future through their benefit strategies as they reset for relevance.
Advancing employee health is a critical component of the “Social” in the Environmental, Social and Governance (ESG) framework. For employers to be part of the solution, they need to address the physical, financial and emotional needs of their workforce.
Consider health equity issues and health risks in your workforce by focusing on the unwell, lower income and part-time workers within your employee populations, as well as mental health.