Changing workforce expectations and demographics mean most employers need to consider how those dynamics impact their ability to staff at all levels and keep those employees engaged.
Employee benefit and total reward programs are an essential asset within an employer’s recruitment and retention strategy. However, because there are operating costs to keep in mind, it is important to use your resources to provide those benefits which employees care most about.
Considerations to Make
Beyond traditional benefit programs, there are many other considerations your organization should include in your strategy such as:
- Flexible Work Arrangements: Determine where remote work can help productivity while making clear the specific expectations and benefits of in-person collaboration. If some roles must be in office, try making it more equitable by offering those staff flex hours, 10-hour workdays (four days on, three days off), or additional personal time off.
- Physical, Mental, and Financial Wellbeing: Paychex conducted a survey that showed 62% of respondents strongly agree or agree employee wellbeing support and benefits are a top priority when considering a new job. This survey also revealed financial health as a top concern, followed by physical and emotional wellbeing.
- Volunteer Time: When an employer provides a certain number of hours to perform volunteer time or a companywide “Volunteer Day,” employees appreciate the investment in their interests outside of work.
- Diversity, Equity & Inclusion (DEI) Initiatives: With heightened awareness of disparities in DEI, employers cannot afford to pay lip service to these initiatives. Employee benefits are a tangible expression of how seriously organizations take DEI.
Know what’s critical to success
Long-term benefits planning and a regular check-and-adjust of your total rewards program is critical. It’s also important to conduct your own research and regularly solicit employee feedback as an additional datapoint in your decision-making process when reviewing your recruitment and retention strategy. While it is impossible to meet every individual’s needs, there are benefit strategies that can provide more choices to all staff (including executives) while still managing costs.
Contact your Risk Strategies representative or firstname.lastname@example.org and get the insights that help you see the way forward. Ask for our whitepaper, Benefits Strategy Planning in Today’s Economic Headwinds, and learn how to rethink your strategy to meet recruitment and retention goals.