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.
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.
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.
▶️ READ MORE: Steps to Support Employee Mental Health
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.
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.