Swarnaleka Vyas, Director of Corporate Life and Pensions at Zurich International Life Middle East, argues that employee well-being on all levels, emotional, financial, and physical, is now an intrinsic part of the employer-employee relationship.
“Employee benefit plans must develop to suit employees’ changing requirements and meet them where they are.” “The organisations that recognise this and show concern for their employees’ well-being are in the best position to attract and retain talent,” she said.
She said that when employees are loyal to their employer, the company benefits in terms of employee morale, productivity, reduced turnover rates, superior services, happier customers, and, eventually, a higher bottom line. “Our data reveals that financial health and wellbeing are becoming more essential for UAE firms, with nearly six out of ten employers planning to provide financial wellness support to their employees by 2022,” says the report. The epidemic has accelerated this tendency.”
She went on to say that today’s talent values their purpose, service to society, and life-long learning just as much as their compensation. Employees also mentioned finding a balance between their personal and professional lives, as well as having access to job advancement possibilities. Employers must be “allies,” demonstrating empathy and a long-term commitment. Financial benefits such as life insurance and pension plans are becoming increasingly important as more expatriates choose to stay in the UAE for the long term.
“Education on these perks and how they help employees as individuals and their families can increase general financial literacy and trust,” according to Vyas. “When it comes to managing their financial well-being, their employers must champion the numerous tools, products, and benefits available, which have traditionally had a limited role in providing financial education and benefits guidance. Employees’ financial futures can also be boosted if they have access to information about personal investments and retirement planning, among other things. Employees would be relieved of these concerns, which would directly contribute to increased job satisfaction.”
She also mentioned how income protection might help if an employee is unable to work due to illness or injury. It assures that he or she will be financially supported if they are unable to work for an extended period. Other financial programmes included in benefits packages include investment funds and gratuity plans.
“These benefits show how seriously an organisation views their employees,” she explained. “To provide the best results for employees, financial wellness education must be a continuous activity and a part of the broader organisational culture.” Employers should explain their employee benefits package at several touchpoints, such as at hiring, onboarding, and at frequent intervals throughout employment, to ensure talent attraction and retention and to position themselves as employers of choice.”
To take advantage of the labour market’s fundamental transformations, the UAE has already implemented adjustments to work permits and work patterns, opening the path for more streamlined employer-employee relationships. The UAE’s achievement in managing the pandemic’s effects and organising Expo 2020 Dubai against all odds, according to Vyas, is proof that economies grow when they invest in people.
Employee benefits will continue to be a major deciding factor for talent when it comes to choosing their next company or determining how long they will stay in a position. She went on to say that skilled labour will continue to be necessary even as new technologies and automation become more commonly used.
“According to the World Economic Forum’s Future of Jobs Report, 40% of workers will require up to six months of reskilling by 2024, while 94% of business executives expect their employees to learn new skills,” she added. “Because internal reskilling and upskilling is a trend that’s here to stay, it’s critical to retain your personnel close.” Humans will continue to be the driving force behind the future of business. It’s past time for employers to take notice and assist their people in building a better future.”
