By: Yoshni Govender, Head of Human Capital at Momentum Corporate
In a dynamic and competitive environment like South Africa, agility is not just a desirable trait for employees but also a necessary quality for employers when adapting benefit programmes to meet evolving needs.
According to Yoshni Govender, Head of Human Capital at Momentum Corporate, employee benefits are a strategic investment in human capital. “A comprehensive and flexible employee benefit programme can help employees cope with the challenges and opportunities they face in their personal and professional lives.”
Changing the benefits game
Rethinking employee benefits, Govender says, is pivotal for attracting and retaining top talent in today’s market. Employees seek more than just a paycheck; they are looking for employers who prioritise their holistic wellbeing and support their growth and aspirations. Customising benefits demonstrates an employer’s commitment to understanding and meeting employees’ individual needs and preferences.
Artificial intelligence (AI) emerges as a crucial tool in this customisation process. AI can analyse vast amounts of data on employee behaviour, preferences and feedback to tailor benefits in a personalised and engaging manner. Interactive platforms powered by AI, such as chatbots, mobile apps or online portals, provide employees with guidance, reminders, alerts, and nudges to optimise their benefit usage and achieve their goals effectively.
Govender believes benefits are a good first step, but engagement is the ultimate prize. “Engaged employees are not only more productive, motivated and loyal, but also more innovative, creative and collaborative. They are more likely to share their ideas, contribute to problem-solving, and seek feedback. They are also more satisfied with their work, which reduces turnover and absenteeism rates.”
Providing tailored benefits and financial literacy programmes is one way to foster employee engagement and wellbeing. Govender says these benefits address the specific needs and preferences of different segments of the workforce, such as millennials, women, parents or even remote workers.
“Financial literacy programmes can complement benefits by educating employees on how to budget, save, invest and protect their income – ultimately helping them achieve their financial goals and nurture a culture of financial inclusion and empowerment within the organisation.”
The bare minimum is never enough
The minimum range of benefits should not only include basics like paid leave, maternity support, retirement fund, group risk cover and medical aid, but also additional benefits that enhance quality of life and performance. “The key is to offer employee benefits that are meaningful, relevant, and aligned with the organisation’s vision, values and goals,” says Govender.
A comprehensive benefits package that includes both essential financial protections and softer benefits like mental health support is ideal. Govender says this demonstrates an employer’s commitment to the wellbeing of their workforce.
How should employers rethink their benefits offering?
Rethinking employee benefits is a strategic imperative that requires a thoughtful approach. “We begin by assessing the current landscape of employee needs and preferences,” advises Govender. “This involves rigorous benchmarking against industry standards and engaging with our workforce to understand their evolving expectations.” He says segmentation plays a crucial role in catering to the diverse demographics and life stages within an organisation. “Consulting with HR experts, benefits consultants, and most importantly, employees, ensures that any changes we propose are well- informed and resonate with the majority of the workforce.”
Financial considerations are also paramount. The costs of enhancements are always weighted against the anticipated returns in employee satisfaction, retention and productivity. Govender says clear and transparent communication is key throughout this process, ensuring employees understand the rationale behind the changes and how they stand to benefit.
Ultimately, Govender believes by working together, employers, service providers, and financial advisers empower employees to maximise the value of their benefits. “This not only enhances employee satisfaction but also strengthens the employer-employee relationship, fostering mutual support and engagement within the organisation.”
