Looking to avoid the Great Resignation? The key could be in your benefits package

In a pandemic-influenced world, workers are looking for employers that support their unique needs.

Benefits are an important part of the employee experience, and employers need to be thoughtful about their benefits strategy in times of considerable change. (Image: Shutterstock)

The COVID-19 pandemic has caused a lot of people to rethink their relationship with their employer–and with work in general.

According to a report from careers site Monster.com, 95% of U.S. workers say they’re thinking about changing jobs. Of these, 92% are so serious, they’re willing to switch industries to find the perfect position.

It’s called the “Great Resignation” and it’s an intimidating prospect for employers. Already reeling from the sharpest economic contraction in recent history, organizations must now fight to keep talent from straying.

Related: Getting leaders to think differently about talent

But though the factors driving the trend are myriad–ranging from a desire to remain remote to the wish for better work/life balance–a new survey from HealthEquity shows there is one common throughline: the need for greater flexibility in employee benefits.

Workers want you to be responsive to change

Conducted between May and June, the HealthEquity survey asked more than 1,000 full-time U.S. workers about their attitudes around pandemic-era work.

Key among the findings was the value workers placed on employer responsiveness to change. According to the survey, just 65% of respondents said they were satisfied with their employers’ support during the pandemic. These results were highly correlated with whether the employer expanded or adjusted workplace benefits to reflect new realities. Seventy-two percent of workers whose employers expanded at least one benefit during the pandemic said they were satisfied with support from their employer as compared to just 44% of those who received no expanded benefits.

Employees also rewarded their employers for increased work schedule flexibility, greater childcare support, expanded mental health benefits and new home office stipends. They penalized their employers for a lack of options around returning to onsite work as well as for failing to provide sufficient information on how to use their benefits.

The findings all reflect an important reality: benefits are an important part of the employee experience and employers need to be thoughtful about their benefits strategy in times of considerable change.

Know the value of your individual benefits

While all benefits provide some value, employees don’t value them equally. According to the HealthEquity survey, employees have some firm ideas about which benefits matter most in the era of COVID.

By far the most valued employee benefit is a flexible work schedule. A full 71% of respondents ranked it among their top three most important benefit areas. An important component of flexible work is the ability to work remotely. Forty-three percent of respondents said they shifted to remote work at least part-time during the pandemic, and of these, eight in 10 hope to maintain an element of remote work after the pandemic. Saving time and money on commuting were listed as top reasons for this preference.

Other important benefits in the pandemic workplace include:

Comparatively, benefits tied to a physical workplace were deemed less important. Just 18 % of respondents ranked commuter benefits in their top three and only seven percent prioritized onsite childcare.

To head off workers who might consider leaving, make sure you invest in the right benefits. It’s particularly important that you remain sensitive to employee attitudes if you implement any changes in scheduling or return-to-office plans.

Let workforce demographics guide you

Beyond responding to broad trends, you could consider tailoring your employee benefits package to your specific workforce. The HealthEquity survey showed that while employees agree on a lot, preferences on the ideal work environment differ by gender, life stage, family status and other factors.

This is most evident in attitudes around remote work. Remote work was highly favored among women, who were more likely to say they wanted to work remotely full-time and to rank a flexible work schedule as among the most important employee benefits. Young people also value remote work, with those age 18 to 34 more likely to say they appreciate the flexible work schedule it provides.

Differences also appeared in how employees prioritized traditional benefits, like retirement or healthcare. According to the survey, employees with children at home valued retirement plans and home office stipends less than other employees. However, this same group valued an HSA, a dependent care reimbursement account (DCRA) and onsite childcare benefits comparatively more.

Perhaps unsurprisingly, HSA participants were more likely than non-HSA participants to value the HSA (52% of HSA users ranked it in their top three most important benefits versus just 18% of non-HSA users). What is meaningful, though, is the role HSAs have played during the pandemic. A full 46% of users increased the amount they contributed to their HSA and more than three-quarters said having the HSA helped give them peace of mind during the past year. This was particularly true among families with children at home.

These are key preferences to keep in mind while making decisions about adjusting your employee benefits package. Depending on your workforce demographics, you may want to emphasize or expand remote work options, childcare support or flexible work schedules. And given its soothing effects during the pandemic, your HSA program may be worthy of increased promotion to all employees.

Don’t just weather the Great Resignation–capitalize on it

Employee benefits are a crucial part of the working experience. As the Great Resignation triggers a reevaluation of your offerings, listen to what the data and–more importantly–what your workforce is telling you.

Make changes that expand the most valued benefits while trimming those that are less relevant in a pandemic-influenced world. Communicate those changes sensitively and effectively, and make sure your employees know how to use the benefits you’re offering. With the right approach, you’ll not only survive the Great Resignation, you’ll capitalize on it by attracting new talent looking for benefits that provide the flexibility they value.

Dr. Stephen Neeleman is the founder and vice chairman of HealthEquity. Steve founded HealthEquity in 2002, with the vision to repair the fractured relationship between patients and their physicians and to help more people obtain quality health insurance by re-introducing consumerism to health care.

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