Attracting Employees with these Trending Benefits

In the wake of the Great Reshuffle—the mass movement of workers to jobs that prioritize their needs—macro trends like the tight labor market, attraction, and retention are top of mind for employers. In fact, according to 2022 Attraction and Retention Benchmarking Overview, over 75% of employers consider attraction and retention among the top-five business challenges for their organizations. As a result, many employers are expanding and enhancing their benefits offerings to become better at attracting employees. This article outlines the following benefits that may be advantageous to attracting employees:

 

Telemedicine

Easy access to health care is critical to employees. Throughout the COVID-19 pandemic, many people turned to telemedicine, and it’s not going away anytime soon. Telemedicine is convenient for employees and can help employers; for example, it cuts down on time employees may otherwise spend away from work commuting to physical doctors’ offices. Especially as health concerns surrounding COVID-19 linger, employers must ensure employees can access health care services in ways that are convenient for them. Otherwise, workers are likely to seek out employers who will help them do so.

 

Flexible Work Arrangements

Alternative work models such as remote and hybrid work are also in high demand. Workers grew accustomed to flexible work arrangements during the pandemic, and many want to keep them. Where possible, it’s beneficial to consider allowing remote or hybrid work to those who prefer it. Now that many roles have been successfully performed remotely, employees know that if their employer does not offer this flexibility, others will.

 

Competitive Compensation

The Bureau of Labor Statistics reported in June that inflation is at 9.1% year over year, its highest level since 1981, and the prices of daily essentials have significantly increased. As a result, many employees are looking for more competitive compensation packages to help them afford the increased cost of living. 83% of employers found competitive compensation a top priority for workers during the hiring process. In response, able employers may partially consider increasing salaries to match the inflation rate. Alternatively, employers can offer stipends for essentials such as groceries and gas if salary increases are not in their budgets.

 

Career Development Opportunities

Employees are not just interested in securing a job they have the skill set for; they also want to develop new skills. According to the aforementioned benchmark, 41% of employers consider addressing current and future skills gaps a top-three attraction and retention challenges. If employees feel they are unable to advance their professional development within their current roles, they are likely to seek out new ones. Thus, many employers are now offering different opportunities to their employees to help teach new skills and develop various existing skill sets. Employers may consider providing more career development opportunities to help retain workers who wish to expand their skills and career opportunities.

 

Student Loan Assistance

Student debt is a growing issue among newer workforce members, such as Generation Z, and these employees are looking for help mitigating it. Some employers are introducing repayment assistance; many companies offering the benefit increase contributions and expand eligibility. Because student loan debt is a significant issue for many employees, primarily as inflation drives up the cost of living, employees prioritize employers who help alleviate this added burden.

In the wake of the Great Reshuffle—the mass movement of workers to jobs that prioritize their needs—macro trends like the tight labor market, attraction, and retention are top of mind for employers. In fact, according to 2022 Attraction and Retention Benchmarking Overview, over 75% of employers consider attraction and retention among the top-five business challenges for their organizations. As a result, many employers are expanding and enhancing their benefits offerings to become better at attracting employees. This article outlines the following benefits that may be advantageous to attracting employees:

 

Telemedicine

Easy access to health care is critical to employees. Throughout the COVID-19 pandemic, many people turned to telemedicine, and it’s not going away anytime soon. Telemedicine is convenient for employees and can help employers; for example, it cuts down on time employees may otherwise spend away from work commuting to physical doctors’ offices. Especially as health concerns surrounding COVID-19 linger, employers must ensure employees can access health care services in ways that are convenient for them. Otherwise, workers are likely to seek out employers who will help them do so.

 

Flexible Work Arrangements

Alternative work models such as remote and hybrid work are also in high demand. Workers grew accustomed to flexible work arrangements during the pandemic, and many want to keep them. Where possible, it’s beneficial to consider allowing remote or hybrid work to those who prefer it. Now that many roles have been successfully performed remotely, employees know that if their employer does not offer this flexibility, others will.

 

Competitive Compensation

The Bureau of Labor Statistics reported in June that inflation is at 9.1% year over year, its highest level since 1981, and the prices of daily essentials have significantly increased. As a result, many employees are looking for more competitive compensation packages to help them afford the increased cost of living. 83% of employers found competitive compensation a top priority for workers during the hiring process. In response, able employers may partially consider increasing salaries to match the inflation rate. Alternatively, employers can offer stipends for essentials such as groceries and gas if salary increases are not in their budgets.

 

Career Development Opportunities

Employees are not just interested in securing a job they have the skill set for; they also want to develop new skills. According to the aforementioned benchmark, 41% of employers consider addressing current and future skills gaps a top-three attraction and retention challenges. If employees feel they are unable to advance their professional development within their current roles, they are likely to seek out new ones. Thus, many employers are now offering different opportunities to their employees to help teach new skills and develop various existing skill sets. Employers may consider providing more career development opportunities to help retain workers who wish to expand their skills and career opportunities.

 

Student Loan Assistance

Student debt is a growing issue among newer workforce members, such as Generation Z, and these employees are looking for help mitigating it. Some employers are introducing repayment assistance; many companies offering the benefit increase contributions and expand eligibility. Because student loan debt is a significant issue for many employees, primarily as inflation drives up the cost of living, employees prioritize employers who help alleviate this added burden.