Changing HR Landscape with Evolving Compensation & Benefits Programs

Tackling the Challenges Faced in Satisfying Business Requirements with Emerging Developments in Compensation & Benefits

Numerous factors are reshaping the landscape of total rewards, extending beyond traditional health plans. Key emerging trends within benefits are diversity, equity, and inclusion (DE&I), women's health, financial wellness, mental well-being, and flexible arrangements. Integrating these into company culture fosters an environment where employees can thrive. Meeting them where they are and providing them with the resources needed for themselves and their families influences how they show up to perform. Supporting employees when they need it the most helps alleviate worry about finances, retirement planning, and caring for family members, and focus can be made on their own health and well-being, boosting confidence, presence, and productivity.

Developing a comprehensive strategy around these aspects not only promotes a healthier workforce but also drives superior business outcomes. When we support our employees in staying healthy, happy, and engaged, they’re empowered to consistently deliver exceptional service. At Colliers, we prioritize the attraction and retention of top talent; it’s also important to care for their well-being and ensure their continued success in the workplace.

Experiences from One of the Projects You Were Recently Involved In

For those familiar with total reward projects, it’s no secret that some span a considerable length of time, with certain initiatives never truly having a definitive endpoint - like ongoing evaluations of benefit plans and programs. Recently, we conducted a comprehensive benchmarking exercise to assess the market competitiveness of our benefits and are now refining strategies to move forward. We’re examining programs in place, assessing utilization rates, soliciting feedback, and identifying areas in which we can make progress to enhance employee satisfaction.

Projects like these often branch into various other initiatives, and we've been prioritizing our communication channels, refreshing platforms and materials like our Intranet and benefit guides, and incorporating wellness initiatives.

Challenges in Your Business That Current Services Are Unable to Solve

As we continue to improve our employee experience, we sometimes encounter various challenges from evolving employee needs, market dynamics and competitiveness, as well as recruitment and retention. It’s important to implement a robust benefit strategy grounded in data-driven insights, ensuring it aligns with both employee needs and overarching business objectives. Striking the balance between cost considerations and value requires examining what will have the most meaningful impact within budget restraints.

In addition to prioritizing benefit offerings and having them tailored to your workforce, it’s crucial not to overlook the aspect of effectively communicating these programs. Leveraging communication channels like our Intranet and social media creatively enhances awareness, resulting in greater employee engagement and understanding.

Advice to Professionals in Your Similar Role in Other Companies

Absolutely! Here are my five recommendations for benefit professionals:

Stay Updated: Staying updated on the latest industry developments is crucial, so make it a priority to stay informed. This benefits both you and your company; your organization gains value, and you'll experience personal growth as you enhance your capabilities. Seize opportunities to broaden your knowledge and expertise; if your company has tuition reimbursement programs, take advantage.

Embrace a mindset of change and innovation: the needs of your workforce will change over time; stay flexible, get creative, and be prepared to adjust to evolving needs. Evaluate your plan offerings regularly, identify areas for improvement and use the information to make adjustments. Be aware that not every solution is going to be straightforward, and not every change will bring immediate results.

Elevate DE&I: Traditional benefit programs fail to resonate with a significant portion of employees today. Look at understanding the diverse needs of your workforce and customize benefit offerings accordingly.

Focus on Employee Well-being: Prioritize employee well-being and mental health. Offer support programs, resources, and flexible work arrangements to help employees thrive both personally and professionally, which can help reduce healthcare costs.

Be Strategic: Don't overlook the importance of long-term planning. Align your benefits strategy with the organization’s goals, anticipate future needs, and leverage data-driven insights to craft solutions that enhance both the benefit offerings and your organization as a whole.