April 10, 2023, 0 Comments
Improve Retention by Improving Employee Health Benefits: What’s New in 2023
April is Stress Awareness Month, and “the number one stressor for HR pros is keeping top talent on board in a tough market,” according to a March 2023 survey from isolved. Keeping employees happy by showing them you care will be key to a company’s motivated team and ultimate success. Beyond the typical benefits, what are some of the newer trends? We’ll address that in this article, but first, let’s explore why there is a need to fortify your benefits offerings.
Employees Don’t Feel Cared For
According to MetLife’s “US Employee Benefit Trends” survey released in March, 42% of the 2,840 employees surveyed said they do not feel cared for by their employers. “Our research shows care is not only a differentiated driver of the employee experience – but also a proven workplace metric to measure employer outcomes, “ said Todd Katz, executive VP of group benefits at MetLife. “As the economy and the labor market remains volatile and workplace trends fluctuate, employers can’t afford to overlook employee care.” Caring for your employees is great for business and something employers can’t afford to ignore.
Two employee groups that are setting trends are Gen Z and women. Gen Z applicants are leading the charge on jobs with stability, a position where they can make an impact at a company that is socially responsible, and salary transparency. According to the latest Momentive/CNBC Women at Work Survey, conducted in February of a national sample of 10,278 adults, including over 5,000 women, the top reason women say they’re considering leaving their current role this year is for another job with higher pay (52%), followed by one with less stress (51%) and better work-life balance (48%). Women leaders are leaving their organizations at the highest rate ever, widening the quitting gap between women and men in senior roles, according to recent data from LeanIn.org and McKinsey & Company. To give some context, for every woman stepping into a director-level leadership role, two are choosing to leave, says Alexis Krivkovich, McKinsey senior partner and an author of the joint Lean In and McKinsey “Women in the Workplace” report.
Where Can You Find “Differentiated Drivers” To Your Employees’ Experience
“Businesses always try to find the employees who are truly impacting the organization positively or have the potential to with the right people and programs,” said Amy Mosher, chief people officer at isolved. “When the job market fluctuates between abundance and scarcity almost weekly, developing driven people is a necessity.” So, let’s turn our attention toward focusing on some differentiated drivers.
First, ensure your leaders are setting an example of taking time for their own health and wellness. Employees will notice this and feel more comfortable expressing their needs for support. Also, consider some of the following resources and programs to add to your benefits package:
- A user-friendly digital platform to access benefits and other resources, such as
- Questionnaires: Brief Job Stress Questionnaire
- Naturalhr’s 10 Best Free Mental Health Resources to Share With Your Employees
- Mental Health America’s Self-Help Tools
- Centers for Disease Control (CDC) Workplace Health Promotion tools, resources, and success stories
- Prioritize mental health and emotional well-being benefits.
- Substance Use Disorder (SUD) prevention programs.
- Flexible hours for doctor’s visits and therapy appointments, caregiving responsibilities, and parents attending their children’s functions and events.
- Subsidized or complementary childcare or daycare.
- Adequate support and improved professional coaching for employees to excel in their jobs.
- Adopting pay transparency practices (Laws already exist in Colorado, California, New York, and Washington.)
- Short- and long-term financial wellness programs at work and benefits beyond retirement accounts. These include: building emergency savings, budgeting to pay monthly expenses, resources for critical items like food and housing issues, improving credit, and student debt repayment programs.
Putting Your People First is a Win
Financial well-being in the workplace is inextricably linked to physical and mental well-being. These, in turn, can have a positive, measurable impact on your organization – both for retention and recruiting. Focus on holistic programs rather than a single component when creating programs that support a strong workplace culture for all.
What do your employees want from your organization? Call Arlington Resources to see how we can support you.