Last year saw the highest number of employees leaving their employers. A survey by Prudential found that 46% of working individuals were looking for new jobs. The U.S. Labor Department also confirmed those statistics, showing a record-breaking 4.5 million resignations in November, 2021.
You’d think that employers would be thriving now that unemployment is higher, since there may be more potential job candidates and hires, right? Nope. Astonishingly, the last quarter of 2021 showed 1.5 jobs available for every unemployed person. This is despite (or because of) the 10 million job openings posted by employers in the last 6 months.
In short, people are willing to quit jobs and reject job offers - if those jobs don’t satisfy their needs and wants. This means that employers need to value employees more, and show them they care through more than just their paycheck. The alternative is to risk losing them altogether.
Expanding your benefits offerings to include the perks that employees care about, is a great way to acknowledge the value and worth that your employees bring to your organization.
Here are a few of the most attractive employee benefits in 2022.
1. Offer modest benefits packages to lower-level employees
According to a recent Mercer survey, the majority of workers who quit in 2021 were low-level, low-wage, or frontline employees - most of whom had no real access to good benefits. These employees concluded that their time and effort wasn’t worth the pay.
Smart employers figured this out and are starting to offer better benefits even to entry and low-level employees. Not only do affordable health plans and financial wellness resources appeal to these workers (who have historically had little to no access to such offerings), modest benefits also help companies save on the hard costs of paychecks and wages while helping companies care for their teams on a deeper level.
2. Retirement plans
Retiring can be a scary thought in today’s economy. According to the Employees Benefits Research Institute, more than 35% of the workforce does not feel secure about their ability to retire with enough savings.
What do you do with that information? Consider offering your staff with 401(k)s or other retirement plan options. By offering retirement plans and matching employee contributions, this is the message you send to your employees:
Your job position has value and financial security
I’m investing in both you and your future.
And your employees will respond positively. Workplace loyalty will no longer be a thing of the past.
3. Flexible work schedules
With the pandemic changing the way we work, flexible work arrangements is a reality for most organizations and a great tool to recruit talent. Experts predict that about 27% of the American workforce will be fully remote. 91% of workers, according to a Gallup poll, want to keep their remote working perk even after the pandemic ends. Another survey found that while 62% want to return to the office, 84% desire the ability to work from anywhere at any time in order to maintain a healthy work-life balance. 25% of employees think flexible working hours are the most important and necessary benefit.
So if you want to remain a competitive employer, there needs to be some degree of flexibility in your workplace, either through flexible hours, remote work options, or hybrid work arrangements.
4. Personal well-being resources
2020 taught us all an important lesson (among others) - personal well-being is a necessary foundation for all aspects of life. From financial insecurity, health issues, and mental illnesses, more employees are struggling with personal issues than before.
Expanding voluntary benefits is a good strategy to help your staff deal with these kinds of issues. Making sure their personal and home lives are sorted (or getting there) ensures productivity and enthusiasm in their professional lives. Consider offering mental health counseling or telehealth services, financial planning programs and assistance, or student loan repayment plans.
NY Small Health has a team of friendly experts to help you navigate the thick, murky waters of commercial health insurance and group plans, to help you get the most bang for your buck and score great benefits for your staff.
For more information on health benefits and insurance options for your business, especially if your company is located in New York, click here.