To retain high-performing employees, give them the benefits they want
To remain competitive in attracting top talent, companies continue to level up their benefit offerings and compensation. This strategy is in response to new data that reveals that candidates consider compensation and benefits their top priority when evaluating job opportunities — a change from a year ago when work-life balance and flexibility were a higher priority for job seekers.1
Meanwhile, additional challenges from high inflation, higher benefit costs and rising attrition continue to loom in the background. Many employers plan to enhance their health and benefit offerings to stem the tide of employees leaving for better benefits.2
More employers are expanding benefits to attract top talent
To appeal to the needs of their workers, more employers in 2023 will be offering virtual health care solutions beyond basic telemedicine services. Included in virtual health care services is a focus on mental health and behavioral health care.2 To be sure, improved mental health coverage is essential when 71 percent of employers report mental health affects their company’s financial performance.3
Additionally, employers are adding a broad range of family-friendly benefits, including IVF treatments and parental leave.2 According to one survey, 70 percent of employers are offering or planning to offer paid parental leave in 2023, and 53 percent are providing or planning to provide paid adoption leave.2
Better benefits help reduce operational costs, increasing productivity and profitability
In a business environment of global inflation and a potential recession, generous employee benefits can be a bulwark against rising costs. For instance, companies can reduce operational costs by decreasing turnover and lowering hiring costs. What’s more, when businesses promote employee well-being, leaders can expect increases in productivity and profitability.
To help benefits leaders better understand the levers they have to manage benefits costs, some are looking for improved analytics tools, such as dashboards that display ROI and cost dynamics.4 Better data analytics and technology help managers make better-informed decisions.
Finally, through consistent employee surveys and other data-gathering tactics, companies can more clearly understand which benefits are most important to their workers.4 In 2023, employees wield tremendous power. The businesses that best understand their employees’ benefit needs will be in a better position to retain staff long-term.