If you’re struggling to hire or to hold onto your talent, you’re not alone. The Great Resignation is still going strong, and nearly 90% of companies are experiencing higher turnover rates than normal.1 Between July and December 2021, over 20 million people left their jobs.2 They’ve joined the millions who started the exodus in early 2021—and it’s not over yet. According to new survey insights, one in four workers plans to quit in 2022.3
Employees know they have once-in-a-career negotiating power in such a fierce talent market. And it’s driving them to look for better opportunities. What’s topping their wish lists?
Put simply, it’s about pay and benefits: 50% of those quitting are seeking better pay and benefits.4 The last two years have been extraordinarily stressful, and employees are prioritizing well-being and mental health. Research has revealed that 55% of employees consider their benefits more important now than before the pandemic.5
Not all benefits, though, are created equal. And employees are getting savvier about what they have and what they want. To be competitive during the Great Resignation, many companies are going beyond traditional healthcare, dental, vision and retirement benefit offerings. They’re prioritizing expanded, enhanced benefits that support employee well-being and reduce financial strain—and it’s helping them stand out, attract new talent and address emerging employee needs.
If you’re embarking on evaluating and strengthening your benefits, where should you start?
Attracting and retaining talented employees
It helps to understand what employees really want when it comes to benefits. According to MetLife’s annual benefit trends study, it’s key to consider benefits from a whole-person perspective. This includes physical, mental and social health benefits.6 And it’s not only about attracting talented employees amid fierce competition; it’s also about retaining them. MetLife’s research revealed that two-thirds of employees indicate that expanded non-medical benefits are loyalty boosters.7 With the Great Resignation making it so hard to hire the right candidate, it’s essential to hold onto the talent you already have.
Employers and advisers should consider benefits that reduce out-of-pocket healthcare costs for employees, which can contribute to financial strain that can damage productivity and loyalty. They should consider benefit enhancements that deliver support for well-being, including mental health as well as coverage for routine and unexpected care.
Of course, there’s also the cost question when it comes to the benefit budget. To manage health plan costs while pursuing benefit enhancement, employers should consider innovative benefit solutions like ArmadaCare’s BeneBoost. This HSA-compatible supplemental insurance plan provides meaningful coverage for routine and unexpected care and can be layered over any primary insurance plan, at any time all year long. It can be offered to all employees or to select groups to augment recruitment or retention, enabling employers to balance coverage and cost while also strengthening benefits.
Learn more about BeneBoost by ArmadaCare.
ArmadaCare’s supplemental health insurance policies are underwritten by Sirius America Insurance Company and Transamerica Premier Life Insurance Company. Insurance plans and coverages vary by state. Please contact us to confirm state availability.
2Bureau of Labor Statistics, 2022