There’s a talent shortage — do your benefits stand out?
Employees, having weathered a difficult and transformative year of work, are changing the way they think about their careers. One of the main ways this is manifesting is in mass job changes, adding up to a “Great Resignation” and talent shortage.
This is obviously a risk to you as an employer. You don’t want your best performers and subject matter experts to depart en masse. There is also an opportunity that comes with a challenging talent market where candidates hold the power, however. If your work environment stands out, your business can become a destination of choice.
The scale of the Great Resignation
Companies are losing talent at an alarming rate. For reasons ranging from burnout and fatigue to the hope for a better, more fulfilling routine, workers at all levels are changing careers.
What does this pattern look like? One-third of employees are considering leaving their jobs, motivated by the search for roles that better suit their interests, values and the career paths they envision for themselves.[1] In April 2021 alone, 4 million U.S. employees left their jobs.[2]
Rather than simply moving from one role to another, employees are stepping back to evaluate their next moves. This has led to statistics such as 10.9 million job vacancies at the end of July — a record number.[3] Businesses are looking to hire, but candidates are taking their time in picking a way forward.
This hesitancy raises the question: What can you do to become a top employer, both retaining your current team and attracting the best job seekers?
Efforts to create more fulfilling workplaces during the talent shortage
Reaching out to today’s job candidates means offering more than a high salary and a well-furnished office. Considering their preference for fulfilling and rewarding work, job seekers will likely respond best to well-rounded offerings such as a good company culture, a high amount of flexibility and an impressive benefits package.
Increasingly, becoming an employer of choice comes down to your corporate brand. Branding isn’t just for customers — you can also present your organizational values and mission statement as an enticement for applicants.[4]
Aligning their personal interests with your corporate goals isn’t the only criterion top performers will use to pick a company. They’ll also want to make sure the work environment matches their vision. Do you allow flexible schedules? What’s your remote work policy? Do you have programs to keep employees healthy and engaged?
Then, there are benefits. Workers may not feel adequately cared for unless your insurance plan options and other perks are up to their standards.
The race to offer the best health plan
When employees check your health insurance offerings and related services, will they be impressed? This question has become more complicated in recent years as top employers have stepped up their efforts. Keeping up with this trend means providing an impressive lineup of products.
Companies are expanding access to options such as mental health care services, alongside related tools such as selection resources and second-opinion portals.[5] Candidates deciding between similar job offers or employees choosing whether to leave a current role may focus on the capabilities of a health plan.
To distinguish your business, you can take a few approaches, including:
- Covering treatments that are not included in standard health insurance, such as LASIK procedures
- Giving employees large aggregated coverage amounts, helping them deal with many types of procedures they or their family members may face
- Enabling physician matching to help ensure workers take full advantage of the offerings, rather than being stuck on the doctor search
ArmadaCare products, such as Ultimate Health, deliver a high level of coverage — allowing you to stand out in the war for talent. Click here
[1]CNBC, 2021
[2] NPR, 2021