The job market is still dealing with the aftereffects of the COVID-19 pandemic. Workers are taking stock of their circumstances and considering which employment perks matter the most. Specifically, employees are increasingly more concerned about their physical and mental health, financial security and work-life balance than before the pandemic. Many employers have responded by enhancing benefits offerings to support employees.
Employees may now be looking for new opportunities. Due to the high number of job openings, many employees are feeling more confident in switching jobs for better pay or improved working conditions. Some employers are attempting to combat this employee-friendly job market by raising wages and offering competitive benefits to attract talent.
Employers should recognize that beginning their open enrollment efforts early in 2023 presents a massive opportunity. Early preparation can help show employees they are valued and convince top performers who may be seeking job changes to stay in their current positions. This article outlines how employers can prepare early for open enrollment, including surveying employees to determine which benefits they want, revamping benefits offerings to meet workforce needs, strategizing employee messaging and effectively communicating benefits offerings.
Employee benefits offerings can serve as powerful retention tools. However, that’s only true if employees see value in these offerings. That’s why employers need to tailor their benefits options to include perks employees care about.
In the wake of the COVID-19 pandemic, employees sought perks that weren’t previously offered by many employers. These include benefits or arrangements that initially began out of necessity, such as remote or hybrid work arrangements and extended leave. Now, many employees expect at least some of these benefits to become permanent.
According to various surveys and reports, the following are some of the top benefits employees are currently seeking:
Employers should keep in mind that benefits offerings are one of the top reasons employees join companies and stay at their jobs, according to insurance data. That’s why it’s critical for employers to seriously consider speaking with employees about which perks provide the most value for their unique circumstances. Adding or tweaking a few benefits options could be the difference between retaining or losing top performers. Simco has benefit specialists able to help!
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