The Great Reshuffle
The Great Reshuffle, a mass movement of workers to jobs that prioritize their needs, combined with an existing tight labor market, have brought the recruiting and retention of talent to the forefront. According to the recent 2022 Attraction and Retention Benchmarking Overview conducted by Zywave, over 75% of employers consider attraction and retention of talent among the top-five business challenges faced in their organizations.
Expanding and enhancing the employee benefits program is one solution that can help strengthen an organization’s overall effort to attract and retain talent. What is included in the employer’s benefit plan is often a direct reflection of how a company values Its employees. Comprehensive plans lead to higher job satisfaction, increased productivity, and reduced turnover resulting in better service and solutions for your customer base.
As we wrap up the first month of 2023, below are some trending employee benefit programs that you may want to consider integrating into your existing plan to further enhance your recruiting efforts.
Easy access to health care is very important to employees. Throughout the COVID-19 pandemic, many people turned to telemedicine, and that trend has continued. Telemedicine is not only convenient for employees, it can also help employers; for example, it minimizes time employees may otherwise spend away from work commuting to physical doctors’ offices. As health concerns surrounding COVID-19 linger, it’s essential that employers ensure employees can access health care services in ways that are convenient for them. Otherwise, workers are likely to seek out employers who will help them do so.
More Mental Health Programs
Employers should expect to see more mental health programs In 2023. Most employers (90%) said they would be increasing their investment in mental health programs, according to a recent Wellable Labs survey. Of those employers, 72% expect most or all those mental health solutions to be digital. These may include mindfulness or meditation programs, stress management classes, or other online offerings.
Remote access to mental health professionals can be critical for employees who may otherwise not have time to seek help. Such specialists can often be accessed through telemedicine resources, which have been gaining significant popularity recently. Employers should consider how providing access to on-demand health professionals may benefit their employees.
Flexible Work Arrangements
Alternative work models such as remote and hybrid work continue to be in high demand. Workers grew accustomed to the flexible work arrangements during the pandemic, and many want to keep them. Where possible, it’s beneficial to consider allowing remote or hybrid work to those who prefer it.
Now that many roles have been successfully performed remotely, employees know that if their employer will not offer this flexibility, others will. In fact, the competitive landscape has grown as employees based In state can now apply and work remotely for companies located throughout the world.
Career Development Opportunities
Employees are not just interested in securing a job they have the skill set for; they also want to develop new skills. Almost half of employers surveyed consider addressing current and future skill 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 options.
Thus, many employers are now offering different opportunities to their employees to help teach new skills and develop various 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 Loan Assistance
Student debt is a growing issue among newer members of the workforce, such as Generation Z, and these employees are looking for help mitigating it. Employers are introducing repayment assistance; many companies that already offer the benefit are increasing contributions and expanding eligibility. Since 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 added burden.
Safeguarding Your Success
For additional information and guidance regarding the role of a comprehensive benefits plan to support your employee recruitment and retention efforts, contact Barry Hill, Managing Director for Healthcare Practice Solutions to further Safeguard Your Success.