A benefits-focused approach to combating the Great Resignation
Now more than ever, it is essential that employers reassess their benefits packages if they hope to attract quality candidates.
The Great Resignation continues to be a thriving phenomenon as an influx of Americans are resigning from their jobs with no signs of slowing down. The question that so many employers across the country are looking to answer in 2022 is: what is the cause behind this retreat? In today’s workforce job seekers have more bargaining power than ever. Those who are fueling the Great Resignation are fully aware of this power and are leaving their current jobs to find alternatives that are more closely aligned to their desired career structures. For many, these structures are centered around values such as work-life balance, adequate compensation and positions with efficacious resources. Companies that can provide these benefits to employees are more likely to thrive during this shift.
A report by Reuters revealed that U.S. employment numbers rose far below anticipated for the December period amid vast worker shortages. According to the BLS jobs report, these numbers fell over one million short of prior estimates for the December closing period. And as the year progresses, this number is gradually descending, but the disparity between the number of open jobs and the number applicants further reveals the fact that there is a vast shortage of workers in the current market.
Related: The Great Resignation: There isn’t a labor shortage, there’s a well-being shortage
A variety of factors can be accredited to this phenomenon, including early retirement and decelerated immigration. However, some of the most prevalent contributing factors can be eliminated by merely adjusting employee benefits offerings. Studies show that more than 1.5 million mothers have yet to return to work due to a lack of flexible child care benefits provided by their employers. These mothers – along with so many others who have retreated from the labor market – are adamantly seeking positions that offer enhanced benefits packages that align with their parental needs and value their well-being.
Now more than ever, it is essential that employers reassess their benefits packages if they hope to attract and retain quality candidates.
Getting flexible with benefits packages
As COO at Global Upside Corporation, I have seen various institutions revamp their benefits offerings to persevere through the ongoing labor shortage. In today’s workforce, it is no longer sufficient to solely adjust benefits packages annually. Employee needs are constantly changing, and it is imperative that employers adjust their benefits offerings in conjunction with those needs. Keeping your company benefits aligned with the ever-changing necessities of employees is a surefire way of maintaining a thriving workforce.
An effective tactic that companies can use when determining what updates to implement to their current benefits packages is referring to other countries and companies. When the pandemic was at an all-time high in the U.S., for example, my company took the initiative to create and distribute wellness check-in surveys to all of our employees to hear directly from them on what pandemic-induced needs they had acquired, and developed and adjusted structures to cater to these needs. Across the globe, numerous companies have also adopted new benefits policies that prioritize their employee’s needs. In the U.K., many businesses have begun to trial a four-day workweek structure to measure its impact on employee productivity and well-being.
The shift toward restructured, unique benefits packages is something that can be seen universally across the workforce. From paid diaper services to pet adoption fees – employers everywhere are making a genuine effort to embed the significance of work-life balance and employee well-being into their company culture. In addition to those perks, many are also covering health care costs in full, compensating student loan fees, and deeming mental health or personal wellness days as classifiable “sick days.”
Prioritizing the right benefits for your workforce
Once employers make the commitment to enhance employee benefits, how should the new changes be implemented? The pandemic has brought an array of new challenges to businesses and their employees everywhere. As guidance from public health officials continues to change, so do the daily lives of employees, as well as the workplace policies that govern them. As these factors continue to change, it is imperative that company benefits evolve simultaneously. To know whether these changes are effective in meeting employee needs and when they need to be updated, conduct regular employee surveys that will provide you with deeper insight into what is working and not working, and what adjustments would be most valued.
Another way for companies to ensure the benefits they offer will attract and retain the best candidates is to establish initiatives toward employee wellness and work-life balance. Employees need more than the traditional coverage for sick care in today’s environment. Companies that offer perks like flexible work hours, adequate personal time off and other benefits that assist in maintaining employee well-being are high in demand. Mental health focused benefits like those offered through telemedicine platforms are among some of the best offerings that can contribute to a company’s attractiveness in the job market.
Workers who are fueling the Great Resignation are not quitting their jobs with the intent to resign from the workforce indefinitely. Many are hyper-aware of their increasing needs and recognize the power they hold when demanding benefits that align with their values. Investing in these well-deserved benefits is the best way to ensure that your company and its employees come out on top of the ongoing war for talent.
Gita Bhargava is chief operating officer at Global Upside, a Safeguard Global company.
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