In the wake of the Great Reshuffle—the mass movement of workers to jobs that prioritize their needs—and macro trends like the tight labor market, attracting and retaining quality employees are top of mind for employers. In fact, according to Zywave’s 2022 Attraction and Retention Benchmarking Overview, over 75% of employers consider attracting and retaining employees to be among the top-five challenges for their business. As a result, many employers are expanding and enhancing their benefits offerings to become or remain more desirable to employees. This article outlines five employee benefits that may be helpful in attracting and retaining employees.
Easy access to health care is very important to employees. Throughout the COVID-19 pandemic, many people turned to telemedicine, and it’s not going away anytime soon. Telemedicine is not only convenient for employees, but it can also help employers by cutting down on time employees spend away from work commuting to their doctors’ offices. As health concerns surrounding COVID-19 linger, it’s essential that employers ensure that employees can access healthcare services in ways that are convenient. Otherwise, they are likely to seek out employers who will.
Alternative work models such as remote and hybrid work are also in high demand. Workers grew accustomed to the flexible work arrangements they had during the pandemic, and many want to keep them. Where possible, it’s beneficial to consider allowing remote or hybrid work. Now that many roles have been successfully performed remotely, employees know that if their employer will not offer this flexibility, others will.
The cost of essentials has greatly increased over the past year. As a result, many employees are looking for more competitive compensation packages to help them afford the increased cost of living. Zywave reported that 83% of employers found competitive compensation to be a top priority for workers during the hiring process. Employers who can, may want to consider increasing salaries to match the inflation rate. Alternatively, employers can offer stipends for essentials such as groceries and gas if salary increases are not in their budgets.
Employees are not just interested in securing a job they already have the skill set for. They also want to develop new skills. According to Zywave, 41% of employers consider addressing current and future skills gaps a top-three attraction and retention challenge. If employees feel they are unable to advance their professional development within their current roles, they are likely to seek out new ones. Thus, many employers are now offering different opportunities to their employees to help teach new skills and develop existing skill sets. Employers may consider providing more career development opportunities to help retain workers who wish to expand their skills and career opportunities.
Student debt is a growing issue among newer members of the workforce, such as Millennials and Gen Z, and these employees are looking for help paying off their debt. Some employers are introducing repayment assistance programs, and many companies that already offer this benefit are increasing contributions and expanding eligibility. Because student loan debt is such a significant issue for many employees, especially as inflation continues to drive up the cost of living, employees are prioritizing employers who help alleviate this burden.
Various labor market trends are driving employees to demand better benefits packages. There are a few benefits that employers can offer to attract and retain workers, including those that provide perks that became popular during the pandemic or help lessen the effects of inflation, such as competitive compensation and student loan assistance. Employers should consider expanding benefits offerings to improve their overall attraction and retention efforts.
Contact us today for more information on employee benefits and retention efforts at 239-298-8210 or rmc@rmcgp.com.