Everyone, including employers, has had a difficult time during the past 18 months.
According to the US Labor Department, 8.4 million Americans remain unemployed, and businesses are struggling to fill available vacancies.
According to CNBC, while there are over 10 million unfilled positions, 31% of small business owners have been unable to fill them for three (or more) months.
And half said it was more difficult to find appropriate candidates now than it was last year. At the same time, unhappy personnel are leaving their current positions in droves. In what has been nicknamed the "Great Resignation," 4 million Americans resigned in July alone, with 65% actively hunting for work.
Much has been said about the origins of this resignation tsunami. Employees' unwillingness to return to the office after a year of remote work might be an issue. But if the Great Resignation taught us anything, it's that when employees have options, they'll take them.
So, how can you attract and keep employees with perks and health benefits? In short, you should give them additional reasons to stay.
7 Employee Attraction and Retention Benefits:
The question of how to increase employee retention is tough to answer, but employers should avoid offering incentives like free iPhones to entice employees.
These types of benefits may appear enticing at first glance, but they are unlikely to provide long-term value to employees and their families, nor will they help you improve workplace retention in the long run.
1. Medical Insurance
A traditional benefit, such as health insurance, might easily be overshadowed by all of the flashy perks available nowadays. However, health insurance is an important benefit, especially as healthcare costs in the United States continue to rise substantially.
According to one poll of U.S. employees with employer-sponsored coverage, more than half said health insurance was an important factor in deciding on a job offer, and 56% said the quality of that insurance had a substantial impact on whether they would continue working. Employer-provided health benefits can thus be utilized to attract and retain employees.
According to one poll of U.S. employees with employer-sponsored coverage, more than half said health insurance was an important factor in deciding on a job offer, and 56% said the quality of that insurance had a substantial impact on whether they would continue working. Employer-provided health benefits can thus be utilized to attract and retain employees.
2. Workplace Flexibility
Flexibility has perhaps grown more important than ever in recent years. When the pandemic forced most office workers to telecommute, many found the independence and flexibility of remote work appealing. Many people now say they would consider quitting if asked to return to work full-time.
With this in mind, consider including flexible work hours into your benefits package. Working parents who are dealing with the strains of work, childcare, and caregiving may find this benefit particularly tempting. It will, however, draw unconventional applicants who would not have applied otherwise.
With this in mind, consider including flexible work hours into your benefits package. Working parents who are dealing with the strains of work, childcare, and caregiving may find this benefit particularly tempting. It will, however, draw unconventional applicants who would not have applied otherwise.
Employees are increasingly choosing remote work options. Even if you are unable to provide full-time remote work, try a hybrid approach.
3. Programs for Well-Being
Over the last decade, there has been an increase in the popularity of wellness benefits. Workers now expect their employers to perceive them as multifaceted individuals who demand a balanced, whole existence. Consider include well-being benefits in your package to assist you meet that goal.
This may include providing free or subsidized gym memberships or offering yoga in the break room every Wednesday. It might even take the shape of stocking the break room with healthy snacks or organizing a team 5K.
This may include providing free or subsidized gym memberships or offering yoga in the break room every Wednesday. It might even take the shape of stocking the break room with healthy snacks or organizing a team 5K.
4. Dental and vision insurance
Unfortunately, many insurance policies exclude dental and vision care. However, caring for your teeth and eyes is essential for maintaining overall health and avoiding chronic health problems in the future.
As a result, be careful to add ancillary advantages such as eyesight and dental. Working parents who want to enroll their children will like the dental and vision benefits, as well as the flexible work hours.
As a result, be careful to add ancillary advantages such as eyesight and dental. Working parents who want to enroll their children will like the dental and vision benefits, as well as the flexible work hours.
5. Pension Benefits
A 401(k), like health insurance, is not the most thrilling benefit you can offer, but it is one of the most important. Retirement benefits, like as 401(k) matching, show your employees that you value both their current well-being and their future security and comfort.
Indeed, 401(k) plans, retirement plans, and pensions are so popular that 31% of employees would prefer additional retirement benefits over a pay raise. According to one study, three-quarters of new employees at a business that provides a 401(k) view the retirement plan as a reason to stay.
Indeed, 401(k) plans, retirement plans, and pensions are so popular that 31% of employees would prefer additional retirement benefits over a pay raise. According to one study, three-quarters of new employees at a business that provides a 401(k) view the retirement plan as a reason to stay.
6. Education and Career Development Possibilities
Employees are no longer comfortable with doing the same job for the rest of their life. Younger employees, in particular, desire opportunities for advancement.
At the very least, you should give comprehensive training and continual education to assist your employees progress professionally. However, if you have the means, educational opportunities such as tuition assistance might be a highly appealing perk for people who want to attend school while working.
At the very least, you should give comprehensive training and continual education to assist your employees progress professionally. However, if you have the means, educational opportunities such as tuition assistance might be a highly appealing perk for people who want to attend school while working.
7. Employee Savings Accounts
Unfortunately, studies show that very few workers with HDHPs can fully utilize their HSA. Some folks can't afford to contribute to an HSA. Others may provide some cash, but not enough to cover a large medical expenditure. Finally, many employees are unable to take advantage of the tax benefits of HSAs because they do not allow the funds to accumulate.
How can employees feel comfortable enrolling in HDHPs if they don't have enough cash to cover an unexpected medical expense? Paytient provides a safety net for them.
How can employees feel comfortable enrolling in HDHPs if they don't have enough cash to cover an unexpected medical expense? Paytient provides a safety net for them.
Our employer-sponsored payment platform works in combination with your current health plan to help employees pay for treatment without using payday loans or getting into debt. Employees with HDHPs can utilize Paytient to pay off their out-of-pocket healthcare expenses interest-free over time.
Employers have been compelled to reconstitute their workforces following a wave of layoffs and resignations over the previous 18 months. Offering proper incentives is an excellent employee retention strategy, so check your packages today to ensure you're successfully attracting and maintaining employees.
Employers have been compelled to reconstitute their workforces following a wave of layoffs and resignations over the previous 18 months. Offering proper incentives is an excellent employee retention strategy, so check your packages today to ensure you're successfully attracting and maintaining employees.
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