According to a recent report by the Work Institute, over 47 million US workers quit their job in 2021. That was 34% more than 2020 and 13% more than 2019. And turnover rates show no sign of slowing down throughout the rest of 2022.
Employee turnover and vacant positions are costly to organizations of all shapes and sizes. Work Institute reports that the cost of turnover for the average US employee is approximately $15,000. These costs can quickly add up due to separation and benefit pay, job vacancy communication and advertising, new employee training, lost institutional knowledge, and many more factors. For many employers right now, minimizing turnover and its associated costs is a top priority.
The reality is that in 2022, there are still more available jobs than unemployed workers. Understanding this reality, what can you, as an employer, do to retain top talent and recruit highly-qualified employees to your organization?
The answer may lie somewhere beyond actual work responsibilities and compensation – it needs to be something that sets your organization apart from the rest. Companies across the country are increasing compensation and bonuses, offering flexible work schedules, and promoting work-life balance. However, there is one area where companies really have an opportunity to make themselves stand out amongst the crowd – employee benefits.
To both prospective and current employees, employee benefits provide an inside look at what the company truly values and how they approach employee well-being.
Trending benefits that lean into this wellness-centric approach include:
- Customized support for those caring for a loved one who is aging or has a serious illness, developmental disorder, or disability, such as Dari by Homethrive
- Easy-to-access, comprehensive mental health support
- Flexible and personalized employee rewards and perks
- Fertility, pregnancy and adoption support
- Convenient and reliable childcare options, both center-based and home-based
Benefits provide an enormous opportunity for employers to invest in their most valuable asset – their employees. To survive and thrive in a labor market as competitive as this one, employers must reevaluate their priorities to ensure that employee well-being, which extends to the employees’ family and beyond, is at the center of employee retention strategy.
Is your company ready to thrive? Take action now!
To learn more about trends in employee benefits and Homethrive’s caregiving support platform, Dari, click here: https://info.homethrive.com/caregiving-benefit