Since the Great Resignation isn’t subsiding – it’s time to rethink benefits
As the Great Resignation continues to be a nationwide challenge for small and large companies alike, CEOs and HR leaders are scrambling to stem the tide of employees seeking greener pastures elsewhere.
Also known as the Big Quit, this trend was triggered by the COVID-19 pandemic, which left millions of people reassessing their life priorities, particularly when it comes to work. Many are concluding that living in cities is too expensive and commuting takes away too much of their day.1
Yet even before the pandemic, workers were buckling under the stress of longer work hours and compensation that didn’t keep up with inflation.
What can employers do to convince workers to stay and attract candidates looking for something better? As it turns out, there are a number of tools – including turbocharging benefit offerings. Which can happen without spending millions to bolster medical coverage.
Add these core benefits
What employees want more than anything are non-traditional benefits that provide the flexibility to work from home and better manage their personal lives. Think childcare assistance, student loan repayment, financial advisory services, mental health support, gym discounts, yoga classes, meditation programs and many others.2
Today’s enlightened employees are weighing their salary AND benefit packages when choosing between potential employers. In another study, Workhuman reported 63 percent of those surveyed would leave their company if offered better benefits but less or equal pay.3
Yes, employees do consider medical benefits, but since the pandemic, non-traditional benefits that affect employee mental well-being have equal gravitas. In fact, a survey by the World Economic Forum found one-third of workers were considering changing companies for the sake of their mental health.4
Focus on employee wants and needs
To better compete for talent and retain top employees, companies must focus on worker needs. Plus, employees need to understand what benefits are available and how the programs work.
One finding from the 2021 LIMRA-EY Workplace Benefits Report was expanded benefits are key to meeting post-COVID-19 needs and winning the war on talent.5 A SHRM survey of HR managers said 24 percent considered flexible work hours to be the most important work benefit, while 20 percent consider childcare benefits their top priority.6
Securian Financial believes a successful plan starts with employee communication and engagement. And paired with its innovative technology, Securian can help organizations deliver competitive benefits that attract and retain top talent.
