The war for talent remains a very real headwind for employers, and whilst a recession may well result in an increase in unemployment, the UK could still face candidate shortages and skills gaps
Whilst it may be tempting to reduce or adjust the employee benefits packages you currently have in place, our warning to employers is to avoid taking “knee-jerk” spending decisions that may be a mistake down the line.
As we witnessed during the worst of the Covid-19 crisis, employee benefit insurances and protections are often at their most valuable, important, and useful when times are tough, and when employers have limited financial options available to support their workers. A good employee benefits offering should provide important protections, useful support features, and of course offer a viable route towards full health and a speedy return to work.
Our Wellbeing, Health and Protection team are working with clients already to ensure that they are equipped to weather the coming economic storm and build resilience into their business so that they can be in a position to bounce-back quickly once things eventually improve.
Now, more than ever, employers will need to retain their best employees, whilst also attracting what new talent is available. Employers will also need to do everything they can to keep their workforce fit, healthy, and productive.
Organisations of all sizes should revisit their employee benefits package to ensure that their offering is robust, cover or support is universally available, and that any value-added tools are identified, well-communicated, and used by employees in the difficult months ahead.
Contact our Wellbeing, health and protection team to find out how you can support your people – and your business – through these challenging times.