A record-breaking 47.4 million U.S. employees voluntarily left their jobs in 2021, impacting businesses of all sizes and industries across the country.
Data collected in a study conducted by PwC found that 66 percent of employees surveyed are looking for a new job, with 88 percent of executives polled saying they are experiencing increased levels of employee turnover.
Benefits are the Second Leading Driver Pushing Your Employees to Seek New Employment
According to the same PwC study, those employees looking for new roles cited better benefits as the second leading driver for seeking a new position, ahead of desires for increased flexibility or career advancements. Fifty-seven percent of employees say they are at least somewhat likely to accept a position with slightly lower pay in exchange for a more robust benefits package.
The volume of voluntary quits this year has made it clear that employers who do not meet the evolving demands of employees can expect to see high levels of turnover, making it critical that employers take the time to inform both future and existing employees about the value of their benefits offering.
The impact of benefits on an organization’s ability to attract and retain talent has been highlighted in Empyrean’s 2022 Benefit Trends Report, as it becomes more and more clear that benefit leaders need to apply an increased focus in this area.
HR Teams Must Work Together to Attract and Retain Talent
To combat attrition, HR teams will need to increasingly work together to ensure they understand what their employees’ benefits needs truly are.
“Gone are the days when benefits and HR teams could work in a silo,” says Angel Seufert, Executive Vice President of Human Resources at Empyrean. “HR and benefits leaders need to work together to listen and understand exactly what your unique employee populations are looking for, whether that be through exit surveys, engagement and stay surveys, or through a benefit utilization analysis.”
Seufert also says that talent acquisition teams, HR, and benefits leaders must work together to create cohesive and thoughtful communication campaigns that positively demonstrate the value of your benefits program throughout the candidate and employee lifecycle.
“Without a big picture understanding, neither candidates nor employees will be able to truly understand the value of your benefits offering. This understanding is especially critical as employees continue to make employment decisions based on the benefits program they believe they are getting,” Seufert adds.
As the war for talent continues through The Great Resignation and The Great Hire, HR teams will need to work together to create a positive journey throughout the employee lifecycle, starting with candidate experience and communications.
“While the great resignation and great hire show no signs of slowing down soon, employers need to hone in on which benefits will both retain current talent as well as attract new desirable talent,” says Empyrean Strategic Account Advisor, Scott Mesteller.
Even when the job market eventually shifts to favor employers, it can be expected that top talent will continue to prioritize employment with organizations that demonstrate they value employees through commitments to positive employee experiences and total wellbeing. One of the most tangible ways for employers to express their commitment, values, and dedication to positive workplace cultures will continue to be through employee benefits.
For more information about how benefits will continue to play a role in talent attraction and retention, download our full 2022 Benefit Trends Report.