Over the past several months, a record number of workers across the country quit their jobs. As a result, job openings are at an all-time high. According to the Department of Labor, there are currently 11 million positions available nationwide.
Named “The Great Resignation,” the mass exit of workers has left employers scrambling to fill positions and find qualified candidates. As the movement continues, here’s one way to get the best workers back.Getting Workers Back With Better Benefits
Today's workers are making job choices that align with new priorities, including a better work-life balance, better compensation, and growth opportunities.
Employers are taking note. According to a recent workforce study, a majority of employers surveyed have enhanced their benefits package with top-rated options to meet the needs of their employees. Here are a just a few.
Flexible Work Options. A flexible work option is another one of the most requested benefits. For workers, flexibility means significant time and cost-savings and better work-life balance.
Workplace flexibility is not limited to working remotely. It may also include the opportunity of choosing a schedule that best suits what an employee’s needs. According to the same workforce study, nearly one in five employees surveyed indicate that flexible work options have the most impact on overall work satisfaction. More than half of employees surveyed said they would want to work remotely at least three days a week or more.
In addition, the lack of flexibility can be a deal breaker. Studies show that a majority of job seekers are more likely to accept a job that allowed the flexibility to work remotely.
A flexible work option is also a win for employers. Thanks to technology, employees can be productive in any location. A recent study found that 94% of employers have experienced the same productivity levels or higher since shifting to flexible work arrangement.
Better Employee Health Plan. Healthcare is the most sought-after benefit and for new hires, the most important. For small to mid-sized companies, a master health plan is one way to provide the type of benefits normally available only to large corporations. Accessed through a Professional Employer Organization (PEO), like Propel HR, these high-quality, comprehensive health plans offer more benefits at lower prices.
Mental Health and Wellness Options. As mental health issues and stress continue to rise, employer's costs also increase in higher healthcare costs and absenteeism, and lower productivity. Make sure mental health benefits are included through an Employee Assistance Program (EAP). EAP services can be effective in helping employees, their family members, and dependents cope with personal issues that may affect the health, mental and emotional well-being, and job performance. Also, take a look at including wellness programs and activities.
Paid Time Off. Time off is another major benefit workers want. According to the Society for Human Resource Management (SHRM), employees rank paid time off as the second most important benefit after healthcare. Time off not only increases job satisfaction rates, but also boosts productivity as well. As a result, many companies are moving toward including more paid time off as part of their employee benefits packages.
Financial Wellness Tools and Training. Since the beginning of the pandemic, many workers have experienced an increase in financial stress. According to a recent SHRM survey, offering financial wellness tools and training can help. Some of the most requested options to consider include retirement savings plans, emergency savings funds, safety net insurance, and financial coaching opportunities.
Access to Better Benefits in 2022
Do you have the best benefits package to compete for top talent and retain workers? Employees who feel like their employers are investing in them are more likely to invest back in their company.
About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 25 years. Propel partners with small to midsized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs. Visit our new website at www.propelhr.com.