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Based on over 100 solution searches that we've managed this year, we looked at the buying trends from progressive HR teams
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A few years ago, when artificial intelligence (AI) started to become more prevalent in products and familiar to the public, futurists were quick to make dystopian predictions.
The TED Talks and news headlines were clear: AI will come for white-collar jobs, in the same way that automation replaced blue-collar work. With all of our jobs nearing extinction, it was time to discuss a universal basic income and how to tax robots.
Those sky-is-falling prognosticators may still be right (who am I to predict the future?), but one thing is for sure -- 2018 was not good to their case:
HR teams know the truth about talent scarcity much better than the TED Talk intellectuals. Which is why you can't attend a gathering of three or more HR leaders without hearing their now-famous maxim: "The war for talent is over -- and talent won".
And this guiding principle is not just lip service. Attracting and retaining talent at all costs is what is driving the purchasing decisions at the world's most progressive companies.
In the six months, since OutSail was launched, our team has helped nearly 100 HR teams discover best-fit solutions to their talent challenges. One purchase fills a need. One hundred purchases tell a story. Here's the story that we learned:
A few years ago, offering an employee wellness program was limited to the domain of venture-backed technology companies. Now, however, if you aren't offering a wellness program to your employees, you've fallen behind.
Just this month, we've helped a "behind the times" auto dealership (their words, not mine) and a shoestring budget non-profit launch their first-ever wellness programs.
The questions is no longer "Why have a wellness program?" That's been answered by study after study showing lower absenteeism and healthcare costs, coupled with higher engagement and productivity.
Now the question is "How should our wellness program look?" And the good news is that there is no shortage of options. Want to provide a flexible stipend to your employees? Check out ThrivePass. Want a fitness program that will be a recruitment sell? Partner with ClassPass. Want a program that will accommodate all demographics? Look no further than Vitality.
There is a scene in the HBO show, Billions, where the company's CEO is asking the on-staff therapist how to retain his best employee. The CEO wants to increase the employee's comp, but the therapist wisely advises that what the employee really wants is "forward momentum".
Many companies try to keep their employees happy - they bring in ping pong tables, happy hour snacks and branded T-shirts. But happiness is volatile and hard to maintain during business challenges.
Smart companies try to keep their employees motivated. Motivation comes from having clear, actionable guidance on how today's work impacts the broader company and one's long-term career goals.
One way of increasing motivation is by moving away from once-a-year annual reviews, to a model of continuous dialogue between mangers and direct reports. For companies looking to create a culture of engaged, high-performers, we often recommend Lattice, Reflektive and 15Five as leaders in the space.
You've likely already read dozens of think pieces about how millennials are changing the workforce, so I won't beleaguer the point. Instead, I'll just share a few creative ways that companies are offering unique benefits without breaking the bank:
Employee wellness programs have been shown to improve overall well-being, reduce absenteeism, lower healthcare costs, and increase productivity and engagement among employees. As a result, businesses are recognizing the value of investing in such programs to support their workforce and maintain a competitive edge.
Continuous feedback models allow for more frequent communication between managers and employees, enabling timely course corrections, goal alignment, and skill development. This approach fosters a culture of transparency, growth, and accountability within the organization, ultimately leading to improved employee performance and satisfaction.
Student loan assistance programs can be seen as a strategic investment in talent acquisition and retention. By helping employees manage their student debt, companies demonstrate their commitment to supporting their workforce's financial well-being. Additionally, offering unique benefits like these can differentiate a company as an attractive employer in a competitive job market.
While WFH days may not be suitable for every industry or role, many companies have found success in implementing flexible work arrangements, including remote work options. With advancements in technology and changing employee preferences, offering WFH days can improve employee morale, productivity, and work-life balance, contributing to overall job satisfaction.
HR teams should take a strategic approach to design and implement wellness programs and innovative benefits offerings. This includes conducting employee surveys to understand their preferences and needs, partnering with reputable vendors or service providers, and regularly evaluating the effectiveness of these programs through metrics such as participation rates, employee feedback, and impact on key performance indicators. Additionally, effective communication and promotion of these offerings are crucial to maximizing employee engagement and utilization.
Employee wellness programs have been shown to improve overall well-being, reduce absenteeism, lower healthcare costs, and increase productivity and engagement among employees. As a result, businesses are recognizing the value of investing in such programs to support their workforce and maintain a competitive edge.
Continuous feedback models allow for more frequent communication between managers and employees, enabling timely course corrections, goal alignment, and skill development. This approach fosters a culture of transparency, growth, and accountability within the organization, ultimately leading to improved employee performance and satisfaction.
Student loan assistance programs can be seen as a strategic investment in talent acquisition and retention. By helping employees manage their student debt, companies demonstrate their commitment to supporting their workforce's financial well-being. Additionally, offering unique benefits like these can differentiate a company as an attractive employer in a competitive job market.
While WFH days may not be suitable for every industry or role, many companies have found success in implementing flexible work arrangements, including remote work options. With advancements in technology and changing employee preferences, offering WFH days can improve employee morale, productivity, and work-life balance, contributing to overall job satisfaction.
HR teams should take a strategic approach to design and implement wellness programs and innovative benefits offerings. This includes conducting employee surveys to understand their preferences and needs, partnering with reputable vendors or service providers, and regularly evaluating the effectiveness of these programs through metrics such as participation rates, employee feedback, and impact on key performance indicators. Additionally, effective communication and promotion of these offerings are crucial to maximizing employee engagement and utilization.
