How employers reacted to the Covid-19 impact
In a survey that included 500 companies across 33 countries, Lockton has asked a series of questions regarding the employee benefits strategy, addressing for example potential plans to broaden healthcare provision, to review wellbeing strategies, or to introduce cost-saving initiatives.
The data shows that those firms who are carrying out cost-saving measures as result of Covid-19 have tended to focus on short-term policies such as hiring freezes, contract changes or redundancies. Less than 1% of respondents stated that they planned to make reductions in the benefits offering provided to staff.
The results suggests that employers place greater value on the wellbeing of staff and the importance of their benefits packages than on short-term cost savings. It also shows that the health and wellbeing of employees remains at the forefront of employers’ minds and that the top management is generally aware that Covid-19 has created additional challenges for their staff’s mental and physical wellbeing.
As the pandemic begins to recede it is crucial that firms continue to fine tune their response and gain a deeper understanding of the ongoing challenges facing their teams.
To access the full report, please click here.
As someone who has a spouse donning personal protective equipment (PPE) and working in an NHS ‘hot hub’ every day, testing has been a constant topic of discussion at home for the last ten weeks. Like me, I am sure you have been following the UK government’s attempts for 100,000, now 200,000 tests a day and have been buoyed by recent news indicating antibody tests are arriving and even vaccines might be just around the corner.
The benefit offering of organisations is turning into an essential engagement tool for employees as it’s tailored to suit their particular needs and expectations while, at the same time, reflecting the company’s strategy.
So-called gig economy companies which rely on an independent workforce are facing the downside of this loose relationship during the COVID-19 outbreak as workers struggle due to the lack of protection and employee benefits.
Companies need to prepare for an ageing workforce by adapting work processes and the benefits offering while investing in automation.