Gone are the days when employee benefits were limited to medical aid and a pension plan. The success of companies’ people strategies now stands or falls on their ability to offer flexible schedules, remote work options, professional development opportunities, mental health support and an enabling company culture.

In addition, companies are investing in collaboration tools, ergonomic home-office setups, virtual team-building activities and mentorship programmes – all to attract, engage and retain the very best talent.

Many of these changes can be directly traced back to the disruptive effect Covid-19 had on the world of work. But with the height of the pandemic now behind us, where to from here? What are the trends for 2024?

“Our 2023 Employee Benefits Survey shows that companies are conscious of the long-term impact that the pandemic had and continue assisting employees in a variety of areas,” says Lindiwe Sebesho, Managing Director at Remchannel, outlining some of the survey’s findings:

• 74.7% of participants indicated that they allowed additional “top-up” payments to the company pension fund before the end of February, i.e. before tax year-end for employees, to get the maximum tax benefit. This indicates that employers are not only assisting employees from a tax perspective but they are also providing employees with a greater opportunity to save for the long term through their retirement fund
• 86% provided supplementary or alternative medical-care support such as on-site clinics, medical subsidies and on-site hospitals
• 62.8% of participants provide gap-cover options as part of their medical aid offering 
• 93.4% of employers offer educational assistance (versus 60% in the 2019 survey)
• 83% of employers have implemented a hybrid model, and of these 40.7% indicated that the company prescribes the days in the office, while 48.1% indicated that employees could choose their days in the office.

As an ever-evolving field, HR is likely to see an increase in the prevalence of 2023’s trends this year, but 2024 also has some exciting potential developments in store.

The Great Reassessment

In the wake of the Great Resignation, the talent market continues to go through what’s now being called the Great Reassessment. Faced with the option to work anywhere, from anywhere, and with the shift in priorities that came with the pandemic, many people are reassessing how they want to design their lives.

“Employees aren’t just looking for flexibility anymore,” says Tuesday Consulting’s Tsholofelo Nketane. “They want work that fulfils their purpose, has sustainable impact and complements their strengths while achieving their career aspirations. It’s about creating an environment where people can thrive as individuals, not just be cogs in a machine.”

In this extension of the Great Reassessment, companies need to think beyond flexibility to personalisation, with a growing demand for individual-level work design. This could include accommodating preferred work hours, schedules and locations, along with tailoring tasks and roles to optimise employee strengths and aspirations – assisted by AI-powered tools.

Upskilling and reskilling on steroids

With automation and AI transforming job landscapes, continuous learning has become crucial. The World Economic Forum’s Future Jobs Report 2023 emphasises the need for continuous learning, with 60% of jobs forecast to have significant skill shifts by 2030.

Expect to see an increased focus on on-the-job training, micro-credentials and skill-development platforms integrated into daily workflows. Again, personalisation is a key factor – learning journeys will be personalised, with employees empowered to take ownership of their career development.

“Automation is changing the game, but it doesn’t mean jobs are disappearing,” says Nketane. “They are simply changing – so employees need to be equipped with the skills they need to adapt and evolve. Continuous learning is the new normal, and organisations that foster this culture will be the ones that succeed.”

Wellbeing remains centre stage

“Our survey shows that the top three wellness initiatives are general health assessments on health awareness days, full employee assistance programmes for employees and their entire household and HIV awareness, screening and counselling,” says Sebesho, “and 98% of participants indicated that they outsource the benefit to specialist service providers.”

This year is likely to see organisations going beyond traditional wellness programmes, however, with much more comprehensive initiatives addressing mental health, financial wellbeing and work-life integration. Mindfulness practices, stress-management techniques and flexible work arrangements will become the norm.

“Investing in employee wellbeing isn’t just the right thing to do, it’s a strategic business imperative and necessity to achieve business objectives,” says Nketane. “When people are healthy and happy, they’re more productive, engaged and less likely to leave. It’s a win-win for both employees and the organisation.”

In addition to these trends, there may also be some others waiting in the wings, such as the rise of gig work platforms, the increasing importance of ethical AI in HR practices (especially with more automation employed) and the growing emphasis on environmental sustainability in talent acquisition and employee engagement.

“By embracing these trends, HR can not only attract and retain top talent but also create a thriving and future-proof workforce,” says Nketane.

“But they’re not a one-size-fits-all. The key is to remain adaptable, prioritise employee wellbeing and leverage technology to personalise and optimise the workplace experience.”