The Workforce Shift

How employee benefits can keep your business competitive and attractive during the workforce shift

BY CHERI WHEELER

ACCORDING TO GALLUP, 48 percent of American workers are looking for new jobs.

Why Are They Leaving?

Older workers want more pay and younger workers want more work-life balance. The pandemic allowed people to evaluate their priorities, and nearly everyone wants more flexibility. Prudential’s Pulse of the American Worker notes that when workers consider a new job, stability, worklife balance, pay, comprehensive benefits, and advancement opportunities are critical.

Expansion of Non-Health Care Offerings

In addition to traditional benefits like health care and retirement plans, employees are looking for wellness benefits, more child and elder support, additional paid time off to care for family, and help to offset the rising cost of health care.

Nearly eight in ten workers (77 percent) want their employers to focus on providing benefits central to their financial well-being. Additionally, research shows the workforce’s newest generation wants work-life balance and is looking to their employer for mental health support as well as financial health programs.

Previously, financial health benefits were a nice-to-have option. However, it’s quickly become part of must-have employee benefits that include resources for financial coaching, emergency savings, debt management, student loan repayment programs, and other financial tools.

Cut Through the Clutter with Customized Benefits

Individualized benefits can often have the most significant effect on people’s lives. Business leaders need to understand the makeup of their workforce to create a strategic voluntary benefits package. Offerings to consider include:

Supplemental Health Benefits: Accident, critical illness, and hospital indemnity plans are gaining popularity as employees take on greater financial responsibility.

Identity Theft Protection: Identity theft continues to be a concern. This affordable benefit can include friends and family and gives employees an additional sense of security.

Student Loan Repayment: 71 percent of new grads have student loan debt. Set up a tax-free benefit with student loan repayment programs. Even a monthly $50 contribution sets your business apart!

Tuition Assistance: Many employers launched new tuition assistance programs over the last year. This corporate tax benefit shows employers’ commitment to job growth and improves engagement and retention.

Pet Insurance: Pet adoption has increased; this benefit shows you care about your employees.

Mental Health Wellness: To support mental health, employers should consider these six resources:

• Employee Assistance Programs (EAP)

• Telemedicine with a behavioral health component

• Mental health apps

• All-in-one mental health point solutions

• Specialized resources (wellness, medical)

• Partnering with support groups

American workers rely on their employers to provide core benefits like health, dental, and vision insurance, but that is no longer enough in today’s environment. Updating your benefits package is essential in attracting and retaining employees, especially when workers look to change their jobs. And don’t forget, access to benefits doesn’t matter unless you have a robust employee-centric communication plan.

Cheri Wheeler is vice president and senior consultant at Kelly Benefits Strategies.