Five employee benefits trends and technologies to explore

Employers stand on the edge of a major shift in employee benefits. Put simply, outdated benefits just don't cut it. Workers want flexibility, choice, and suitability. HR teams battle slow systems, weak communication, and rigid options, but there's a huge opportunity for change. The right tech can solve these challenges and take benefits to the next level. Now is the time to evolve or fall behind

In this blog, we explore emerging employee benefits trends, and how employers can use technology to improve their benefits offerings, increase employee engagement, and ultimately remain competitive.

The landscape of modern employee benefits

Employee benefits reflect changing social norms, employee expectations, and technological advancements. These macro developments prompt employers to expand the benefits they offer, with an emphasis on non-traditional options such as mental health services, remote work allowances, and professional development opportunities.

The top-rated benefits sought out by employees, according to our State of Employee Benefits 2024 report, include:

1. Flexible working (either hybrid, remote, or alternative hours)
2. Training and development support
3. Regular salary reviews, with attainable targets

But these preferences aren't the only influencing factors when it comes to employee benefits. HR challenges, including administrative burdens and communication shortfalls, also drive the need for organisations to modernise their benefits offerings. For example, HR teams can save up to 12% of their admin time when they use automation to streamline their benefits processes. 

These technological advances offer new opportunities for HR managers and employees to get onto the same proverbial page in the modern employee benefits landscape playbook.

Why you should keep up with the latest employee benefits trends 

To enhance talent attraction, retention, and the overall employee experience, you need to keep up with the latest benefits trends. A well-tailored benefits package distinguishes an organisation in the talent market and contributes to a positive workplace culture that attracts top-tier people. 

Fail to provide relevant benefits, and you risk losing skilled talent to competitors, and compromised employee motivation and performance. If we weigh up these immediate pros and cons, it's clear that employers have a great opportunity to solve a host of issues with a few strategic moves.

So, how can emerging benefits trends give organisations insight to shape their next move? If we approach this from a trend, tech and platform perspective, we can mould the way we deliver meaningful benefits to employees of all demographics .

Top employee benefits trends and technologies 

1. Personalisation and customisation

The trend: Increased preference for personalisation and customisation, or, more specifically, tailored benefits that suit individual preferences and needs. When you provide more flexibility and choice in your benefits packages, you're helping to build a more engaged and motivated workforce. The key is to acknowledge and address the unique requirements of each individual.

The tech: AI-driven platforms can analyse employee data to offer these personalised benefits. These platforms use advanced algorithms to understand individual preferences, and ensure that benefit packages align with the diverse needs of your workforce. They also reduce room for human error, instead relying on user behaviour to deliver the right benefits to the right people, at the right time.

The platform: Personalised employee benefits platforms, like Ciphr benefits, offer flexibility and customisation capabilities. When we combine AI with powerful benefits platforms, you can meet the needs of more employees, more quickly. And that's a win for everyone!

2. Wellness and mental health programmes 

The trend: Increased focus on the employee experience means more employers will prioritise benefits like mental health, wellness, and wellbeing programmes alongside traditional benefits. If we consider that 1 in 4 employees are affected by low mood, anxiety and other mental conditions every year in England, it makes sense to make wellness programmes accessible.

The tech: Without the right tech, you'll find it challenging to support this shift. Consider how digital tools facilitate easy access to wellness programmes, and how mental health resources are available as and when they're needed. Telehealth platforms and wellness portals provide key resources that employees can use in confidence, which builds on trust - a key element of a great employee experience.

The platform: The right benefits platform will provide access to a host of suitable health and wellbeing benefits. Look out for options like private medical insurance, dental plans, health screenings, online doctors, and health club discounts on your quest to find a great employee benefits platform.

3. Financial wellbeing solutions

The trend: Ongoing economic uncertainties and challenges have led employees to seek out financial wellbeing benefits. Financial literacy can have a huge impact on employee wellness, productivity, and your bottom line. As more employers understand this, they turn to trusted names in the financial wellness space to help employees learn more about, and ultimately take control of, their financial wellbeing. 

The tech: Digital solutions like financial wellness apps, budgeting tools and employer-sponsored financial education programmes help you to empower employees to manage their finances more effectively. These resources provide the tools to help alleviate financial stress, and reduce concerns about financial security.

The platform: The best employee benefits platforms provide financial wellness solutions to ensure that employees and their families are prepared for unforeseen events. Beyond pension and retirement resources, these benefits should be flexible and include offerings like income protection and critical illness cover.

4. Digital benefits administration

The trend: Digital benefits administration involves a shift towards seamless admin processes, and a streamlined management and delivery of employee benefits. This aligns with the broader trend of digital transformation in the workplace, and promotes a more agile and responsive approach to benefits administration.

The tech: Integrated HR platforms, benefits management software, and employee self-service portals are key components. These technologies contribute to increased efficiency in benefits enrolment, communication, and administration, and reduced manual tasks and paperwork. Digital benefits administration not only enhances the employee experience, but also allows HR teams to manage benefits more effectively. 

The platform: To take advantage of digital benefits administration, you need an employee benefits platform that integrates with all your HR tools. So you can to tap into solutions that provide a holistic, data-driven benefits administration experience. 

Optimal employee benefits platforms can support and integrate with:

• Onboarding software
• HR chatbots
• AI-driven recruitment tools
• On-demand training
• Workforce analytics
  

5. Diversity, equity, inclusion and belonging (DEIB) initiatives

The trend: DEIB trends reflect an emphasis on inclusive benefits packages that cater to the diverse needs of a global and remote workforce. Modern organisations recognise the unique requirements of employees from various backgrounds and demographics. This signals an immediate need to create a culture where all employees feel valued and supported through comprehensive and tailored benefits packages.

The tech: Analytics tools that track and assess how inclusive your benefits offerings are can help you in two ways. You'll understand the impact of your benefits on different employee groups, and then be able to make data-backed adjustments to ensure equitable access. 

The platform: Platforms that support diverse employee groups are fundamental when your goal is to create a sense of belonging. They can also help you ensure that benefits resonate with the varied experiences and needs of your diverse workforce. An employee benefits platform that offers inclusive benefits like equal parental leave, flexible working, and floating holidays should be your first choice.

Embrace the future of employee benefits with Ciphr

If you want to attract, retain, and satisfy your workforce, you need to align employee benefits trends with the right technology and platforms. A personalised benefits package not only sets you apart from your competitors, but also contributes to a positive workplace culture with increased productivity.

Take a strategic, technologically informed approach to employee benefits. Understand the diverse needs and expectations of your people, and half the battle is won. This is where an intuitive, innovative employee benefits platform comes into play.

Ciphr benefits is a modern solution for HR teams who want to enhance their employee benefits offering and improve their ways of working. The in-built features and flexibility of our platform make employee benefits management easier than ever.

Why not book a demo of our platform to see it in action? Or, if you're not ready, download our factsheet to learn about the finer details.