The success of a company relies heavily on the talent of their workforce and how effectively they can acquire and retain that talent. In the current market, employers are facing a new set of challenges as employees are re-evaluating their professional values and what they expect from their employer and workplace. Much of the current workforce is prioritizing their personal health and overall wellbeing, which makes an employee benefit offering an attractive feature in any employee retention strategy.
The Impact of COVID-19 on the Current Environment
The COVID-19 pandemic had a massive impact on all aspects of American life and that is especially true for the business world. Employees are emerging from the worst of the pandemic rattled by disruptions to workplace operations, gaps in employment, and concerns for their personal health. After months of uncertainty, employers looking to attract and retain top talent must take a holistic approach to benefits – as employees are just as concerned with their mental and financial health and wellness as they are their physical care.
Flexibility and stability are the markers of this shift in the environment. Many employers are looking to their employee benefit offerings as a means of providing the support that their employees are seeking. A benefit solution can strike an ideal middle ground that emphasizes the needs of the employee, while still providing adaptability to the employer that is still in recovery from the disruptions of the pandemic.
Employee Retention Through Benefits
Overwhelmingly, employees name a competitive benefits package as one of the most desirable features of a workplace. This was true before the pandemic and it’s absolutely true in the current environment. Competitive employee benefits are a means of attracting top-tier talent and retaining valued workers – with the added advantage of benefitting the employer.
Providing the value of a benefit offering has been connected to higher productivity and reduced absenteeism. Any employer knows the value of a healthy and satisfied workforce. The demand for employee healthcare is high and the need for employee satisfaction can’t be undermined.
Benefit Solutions Geared Toward Retaining Talent
Companies have the luxury of building their benefits in a way that works for their business interest. This is possible while still providing value to their employees. Popular benefit solutions over the past few years have included hour banking, telemedicine offerings, retirement, and a host of healthcare options from minimum essential and major medical coverage to coverage that extends to dependents. These solutions address top employee concerns like gaps in employment and diminished hours, as well as an approaches to health that are suited just as much to the long-term future of an employee as they are the current environment.
Employee retention in the current environment comes down to caring, plain and simple. For 40+ years, Boon has been crafting innovative employee benefits designed to meet the unique needs of each client and the care needs of their valued workers.
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