One-size-fits-all benefits packages no longer fit for purpose, says Zurich

Organisations should consider placing wellbeing, technology, inclusivity and social good at the heart of their benefits packages, according to Zurich Integrated Benefits. In a new report, The Future of Employee Benefits: 2030, produced in collaboration with The Future Laboratory, Zurich says the one-size-fits-all benefits package is no longer fit for purpose. The report notes that many employees are no longer office-based employees, and they have never been more discerning about their benefits packages. They don’t just want pensions and holidays, but are also seeking enhanced care for their social, financial, mental and physical wellbeing, and demanding more flexibility and greater purpose, says Zurich. As a result, “employers should consider adopting a human-first approach to benefits that facilitates choice, promotes transparency and aligns with the values of their employees”, states the report, which explores what the benefits landscape might look like in 2030 with a series of hypothetical scenarios across five key areas: wellbeing, personalisation, empowerment, impact and technology. “Concepts like ‘9-to-5’ and ‘one size fits all’ have become increasingly obsolete in the new world of work,” said Wendy Liu, CEO Zurich Integrated Benefits and International Life. “In the future, in order to remain competitive, employers need to embrace a holistic, personalised, purpose and technology-driven approach to benefits. 2030 is closer than we think, so now is the time to act and know we can meet tomorrow prepared.” The report notes the changing landscape of employee benefits, with employees increasingly demanding benefits that are meaningful and tailored to fit their goals, not their roles. Currently, just 21% of employees feel that their benefits align closely with what is important to them, the report finds. It adds: “Almost two-thirds (62%) of employees would exchange their work-related data for more customisable compensation, rewards and benefits, so employers should start providing and pre-empting the end-to-end flexibility that employees want. Adjustable working hours, work-from-anywhere schemes and pick-and-choose health benefits are all examples of ways that employers can promote greater personalisation. The report also highlights the importance of integrating health and wellness into packages, as workers who feel their organisation prioritises their wellbeing are 69% less likely to seek a new role. “Employers can cultivate a benefits system with wellness at its core, with innovations like early warning systems to detect burnout, customisable life insurance and online mindfulness sessions,” says the report. Organisations will increasingly need to act as forces for good in society to ensure they embody the values of their people, says Zurich, noting that 87% of Gen Z professionals in Europe would quit their job if the values of their employer weren’t aligned with their own. Organisations also need to be aware that a diverse, multigenerational workforce will have differing needs and expectations. Indeed, the report concludes that the greatest challenge for employers will be striking a balance between offering robust benefits packages and meeting the needs of a multigenerational workforce.

One-size-fits-all benefits packages no longer fit for purpose, says Zurich

Wellbeing and inclusivity at heart of future benefits packages

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