How to shape my rewards and benefits in a post-pandemic world? 

In a post-pandemic world, companies are learning to address the different needs of their workforce in a changing environment. Mercer’s 2022 Global Talent Trends Study shows that employees are re-thinking their priorities and expecting more flexible options at work. But flexibility in this new era goes beyond giving employees the choice to work from a certain location. It takes into account individuals’ needs and situations, and could mean supporting employees’ preferred work model where possible, like re-designing one’s scope and responsibilities to enable work away from the office for a sustained period.

More progressive employers in the region are also showing that they care for their employees. Companies are recognizing that mental health is an important aspect of their employees’ overall wellbeing. Some employers are also looking at ways to expand that care to physical, social and financial realms too, while others have taken additional steps to relieve inflationary pressure on their employees by offering a one-time payment or cost of living allowance.

What’s clear is that it is no longer sufficient for companies to design policies based solely on competitive and budgetary considerations like before. Being attuned to the macro environment, as well as listening to and understanding employees will also be key to retain and attract talent.

Beyond the typical engagement surveys, companies should ask what their employees are worried about, what they are struggling with, and what would make them stay or leave their jobs. These varied insights will allow companies to come up with unique Employee Value Propositions to differentiate themselves.

For example, we are starting to see the emergence of the “Lifestyle Contract”. Based on our study, employees are looking for jobs that meet their holistic needs, both inside and outside of work. A majority of them say they are tired and at risk of burn-out. They desire better work-life balance with increased flexibility, better financial compensation, and a less stressful workplace. Companies will need to balance both their own and workers’ needs, and put in place sustainable future-of-work models that marry their culture and climate with employees’ ability to blend work into their desired lifestyle.

It is not a one-size-fits-all exercise. But employers that can keep pace with existing and impending challenges, and have their fingers on the pulse of today’s needs, are likely to win the talent war. New needs and requests will surface in the coming years, and companies must be agile to refine their benefits and offerings when necessary.