Are you wondering how much of an impact expanding your benefits can really have on your employees? Experts say "the biggest employer takeaway from this past year is that traditional retention tactics like promotions and compensation won't necessarily keep their employees from leaving their jobs — but investing more in their lives could. According to a 2022 MetLife study, 73% of employees say that a wider benefit offering would keep them at their present employer for longer." -Paola Peralta
Throughout 2022, the workforce underwent substantial transformations, impacting both work arrangements and employee benefit expectations. Employers learned a crucial lesson: while traditional retention strategies like promotions and compensation remain important, investing in employees' well-being can be more impactful in retaining talent. A MetLife study in 2022 revealed that 73% of employees believe that a broader range of benefits would encourage them to stay with their current employer for a longer duration.
Employers are shifting their focus to create an employee-centric experience based on the preferences and needs expressed by their workforce. PwC's Kim Jones highlighted that employees desire meaningful relationships, workday flexibility, a sense of purpose, belonging, and balanced workloads. To align with this, 40% of employers adjusted their benefit plans in 2022, as indicated by the Integrated Benefits Institute's survey. These adjustments included adding remote work options (42%), incorporating Employee Assistance Programs (EAPs) or behavioral health options (27%), and introducing caregiver leave (20%).
The pandemic's lingering effects have heightened the importance of employee well-being. Tracy Allie, senior HR manager for Allstate's Good Life benefits program, emphasized that the challenges of the past years persist, warranting ongoing investment in employee care. In response, companies like Amazon, Walmart, and Cleo revamped their benefits in 2022 to cater to the evolving needs of their workforce, ensuring benefits reflect the changing landscape.
In this context, digital tools that aid employees in managing their health, such as telehealth, emerge as valuable options to enhance benefits. Telehealth not only offers convenient virtual medical consultations but also aligns with the workforce's growing demand for flexible solutions. Integrating digital tools like telehealth into benefit offerings reflects a forward-thinking approach, allowing employees to access care and support in a manner that suits their evolving preferences. As the employee-employer dynamic evolves, companies that prioritize employee well-being through innovative benefits will be better positioned to attract and retain talent in a rapidly changing landscape.
Check out the full article from Benefit News.