New expectations: Retaining talent across today’s workforce
Let’s take a closer look at the role and types of benefits offered to employees as it relates to retaining talent.
With the Great Resignation showing no signs of slowing down, employees are reevaluating their relationship with their jobs, shifting away from transactional relationships with their employers and redefining what they expect in the workplace.
Although remote work is likely to stay in some capacity for years to come, it won’t be the only lasting effect of the pandemic. Employers are now tasked with reimagining benefits in a more holistic way and compensation alone is no longer enough.
Related: 5 predictions for employee benefits in 2022 and beyond
According to a study by the Journal of Occupational and Environmental Medicine (JOEM), employees are experiencing continued erosion of physical and mental health status due to factors such as decreased physical activity, increased food and alcohol consumption, less interaction with co-workers, and stress associated with childcare management.
This means the types of health care benefits employees want—and now expect—from their job are expanding to include more robust primary care access, mental and behavioral health services, and more. That being said, let’s take a closer look at the role of and types of benefits offered to employees as it relates to retaining talent.
Improving company benefits improves company culture
There has been no shortage of news that employers across many industries are experiencing staffing issues, a lack of talent pool availability and retention challenges. In recent months, this has been tied to vaccine-related requirements, lack of childcare options, burnout, early retirement and a desire among some to pivot professions.
While many corporations expected the talent pool to improve with the September 2021 expiration of unemployment benefits, this has proven inaccurate.
According to the Labor Department’s recent Job Openings and Labor Turnover report, there were 11.5 million job openings as of March 2022 and turnover remained high as 6.3 million people left their job.
New Conference Board data shows companies are setting aside a record-high 3.9% of their budgets for raises in 2022 suggesting greater efforts to retain employees in the new year. However, as noted, compensation isn’t enough – retention has become deeply tied to benefits and culture as well.
Research shows businesses that spend time and resources on removing barriers and promoting DEI initiatives are 2.6 times more likely to increase employee engagement and improve retention. This is in part because they are more likely to create a sense of belonging and connection among employees, among other things.
Implementing quick wins in addition to long-term strategies
By providing the types of services your employees need and want most, you can ensure wellness lies at the center of your company culture.
We shop online, watch movies online and now see physicians online. The pandemic pushed us toward a tech-centric future, intensifying a decades-long march toward digitization.
While throughout 2021, the mix of digital and in-person care returned to a 70/30 split, with most care resuming in-person, behavioral health and wellness coaching continue to have high virtual visits. According to a November 2021 report by GoodRx and the American Telemedicine Association, more than 60% of respondents planned on using a hybrid model of care that combines telehealth with in-person visits going forward.
Mental health has been a focus for many, as has addressing social determinants and making sure people have access to care that serves their needs, no matter their race, ethnicity, sexual orientation, identity, or background.
ASPE found that the highest rates of telehealth visits were among those with Medicaid (29.3%) and Medicare (27.4%), Black individuals (26.8%), and those earning less than $25,000 (26.7%), an indication that accessible telehealth options provide more opportunities for care to those in need.
Companies can take immediate steps to achieve “quick wins” in regards to the perception of benefits to support recruitment and retention, however, it will also be important to map out changes in the coming years to improve satisfaction.
A great example of a quick win we saw was a company implementing training to provide guidance on how to have conversations about mental wellbeing and stress or burnout at work. The goal was to increase fluency around those conversations. To further support this initiative, it’s simple to add virtual behavioral health services to a plan.
Long-term, there is also the element of many companies continuing to remain remote, or at least taking a hybrid approach. It will be crucial to evolve to meet employees where they are, at times convenient to them, and at their comfort levels through both physical and digital health care options.
It’s important to note that no employee will have the same needs; therefore it’s critical to build a culture that incorporates a diverse range of needs and wants. By creating a personalized approach to preventative care—from fitness to nutrition and stress management—companies can better position themselves for success.
The future of company culture
By pushing comprehensive well-being to the forefront of company culture, companies can more easily demonstrate how they value their employees as people, not only labor, and that leadership is there to empower workers to live healthier, fulfilling lives.
Benefits are not one size fits all and so a company’s offerings should be as varied and unique as the workforce it is comprised of. Take time to listen, survey and learn what really matters to the people that shape your company culture. If your current employees are interested in an offering, future talent will likely be as well.
Elizabeth Reimer, PHR, SWP, is chief human resources officer of Premise Health.
Read more: