As the effects of the COVID-19 pandemic carry into their third year, many companies are taking a step back to assess their business practices to determine what has or has not worked during this challenging time. Arguably, nothing has caused more concern to organizations than Attracting & Retaining the highest quality of employees during this time of volatility. Turnover is high and work quality sometimes suffers as a result. “The Great Resignation”, a term that became prevalent during the pandemic, has unfortunately become a reality.
Successful employers have attracted people into their workplace and, more importantly, compelled them to stay by using their employee benefits program as an asset. Studies have shown that 49% of workers seek new employment opportunities over confusion and dissatisfaction with their existing benefits package.* If half of your work force is not clear on, or satisfied with, the benefits they are provided an opportunity is being missed. Active communication of a robust benefits suite is a very basic but necessary first step to winning the battle for talent.
78% of employees say they are most likely to stay in a position where they believe their benefits package is an asset.* 40% report that they would increase their loyalty to their current employer if benefits were more individually customized to address their goals and needs.* While recruitment efforts may be the main driver in an employer’s move to enhance their benefits, a well-designed benefits program goes recruitment and addresses retention as well by focusing on keeping your current employees happy. The price of replacing an existing employee can be 4 times the amount of that employee’s salary and in the current labor market climate no employer wants to, or should have to, incur those costs.
One way to avoid confusion for employees around benefits is to “over-communicate” the options so there is no ambiguity about what is available. This is also a great way to promote your organizations robust offerings in addition to gathering employee surveys and testimonials. Additionally, in the new work from home environment, employers have been leaning heavily on web and app-based communication methods. Status quo no longer works for employers in the 21st century and your broker should have a strategy to help you to get ahead of the curve.
Forward thinking companies are working hard to promote a better work/life balance by encouraging healthier lifestyles for their employees through the implementation of health focused rewards programs. In addition, these companies also have their fingers on the pulse of emerging trends in benefits programs like telehealth and other virtual care options, burnout prevention, hybrid work weeks, and flexible and generous parental leave options.
Now more than ever mental health solutions for employees have taken on an important position in the holistic approach to employee satisfaction. Providing access to varying streamlined mental health options, including virtual, can make a very big impression on an employee.
At Graham Company, we take a broad look at each of our client’s benefits programs. By doing so we can implement crucial cost containing solutions in both the medical and prescription drug space that then allow for the ability to use those savings to fund the aforementioned benefits that are so important to employees in the current market.
The benefits landscape is constantly evolving and a broker that can help you successfully uncover and navigate the solutions that are available to you can make a huge difference in your plan savings and, in turn, employee satisfaction which will ultimately have a positive effect on your organization’s productivity and bottom line.
Contact our Employee Benefits team today to discuss your options and find your path to success as we move forward into the post pandemic world.