The labor shortage, or “great resignation,” is a top-of-mind issue for businesses across the country and across all industries. In today’s work environment, many employees will make key decisions about their employment with a company based on benefit offerings.
Benefits are a significant part of an employee’s compensation package, and every employee’s priorities are different when it comes to their benefits. Today’s workforce features five different generations all with vastly different wants and needs. Companies must offer benefits that appeal to and are engaging for everyone.
The fact that there are five generations in the workforce means that every one of your employees is at a distinct stage of life. Younger employees place more emphasis on maintaining a healthy work-life balance, whereas older employees typically do not. You can develop a benefits strategy that will work for your entire workforce by being aware of your employees’ wants and needs.
Education Is Critical
Education and consultation is a key step for employers experiencing issues with their benefits offerings and retention. Currently, over half of all workers will hunt for a new position because of confusion or misunderstandings regarding their benefits. It’s crucial to explain the advantages of your program so that employees are aware of what you’re providing. Knowing that your advantages extend to your employees’ emotional health as well as physical health can make all the difference. Simple exchanges of information can have a profound impact.
Want to Learn More?
RCM&D can help you address retention issues by implementing extensive employee benefits plans and solutions as well as conduct a labor wage analysis. Talk to your trusted RCM&D advisor today to learn more about benefit strategies to combat the great resignation.