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'Not about pay anymore': wellbeing, flexibility drive retention

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A focus on health and wellbeing, and a job with purpose should be the top priority for employers that want to stand out to the future workforce, experts say.

A panel discussion hosted by MetLife found the COVID pandemic has “refocused the minds” of employees.

“It’s not about pay any more,” MetLife Senior Client Relationship Manager Corporate Distribution Mary Gabriel said.

“Overwhelmingly, employees want their employer to support their wellbeing and offer flexibility so they can cope with life’s challenges.”

Employers now have a great opportunity to “step up and tap into” these trends, she says, and offer new, innovative benefits and solutions to support their employees’ health and wellbeing.

MetLife says its 360Health solution is designed to help prevent and manage serious illnesses and supports prevention, early detection, return to health and ongoing care, as well as providing financial support. Recently, 360Health partnered with virtual health provider Teladoc Health, expanding the program to include mental health assist, expert medical opinions, GP support and nutrition assessments, all delivered virtually.

PwC Head of People & Culture Catherine Walsh, who was on the panel, said the pandemic highlighted that companies that put employee health and wellbeing at the centre of what they do were emerging with a more resilient and productive workforce.

Post-pandemic, a heightened focus on employee mental health and wellbeing was critical to make hybrid working a success and boost engagement, connection and productivity.

“To attract and retain the best people, employers will also need to create incredible opportunities and experiences for their people. This means work that is meaningful and gives employees an opportunity to make a difference,” she said.