It wasn’t long ago that many workers placed more weight on salary than benefits, but that’s now shifting as employees grapple with the impact of the pandemic. Americans are seeking a more secure future for their families, and many are turning to their employers for workplace benefits that will provide financial security and peace of mind.
Here are three things you need to know about the future of workplace benefits—so you can stand out as an employer of choice.
1. Benefits will play a more critical role in job selection.
A recent study found that 68% of employees expect workplace benefits to play a more critical role in their job selection.1 Labor shortages and a competitive hiring market mean employers should prioritize putting together a benefits package that will help them stand out to job seekers. With voluntary benefits, enhancing your benefits package doesn’t even need to impact your bottom line. That’s because employers can choose to pay all, some, or none of their employees’ affordable premiums.
Read up on why voluntary benefits are a win-win for employers and employees.
2. Benefits education will be crucial moving forward.
According to the same study, 60% of employees agree that the pandemic has made them think more carefully about the types of workplace benefits offered by their employer.1 Many employees find insurance products, health savings accounts (HSAs) and other benefits to be confusing—to the point that they may not even understand what their benefits are for and how to use them. It isn’t a benefit if employees don’t understand it, which is why it’s crucial for employers to provide employees with benefits education.
Check out how Washington National can support your employees, including with benefits education.
3. Benefits will impact a company’s ability to retain talent.
The American workforce is experiencing a “Great Resignation” in which many working Americans are voluntarily changing jobs. The quit rate for professional and business services occupations is 4.1% as of June 2021, up from about 3% in February 2020.1 With employer turnover on the rise and cultural attitudes toward employment being impacted by the pandemic, workplace benefits will have a large influence on a company’s ability to retain talent over the next five years and beyond.
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The labor market is rapidly evolving, but Washington National can help your company remain competitive with attractive voluntary benefits, benefits education services and more. Learn more about us here.
1Business Wire, Majority of Americans say their workplace benefits will play a more critical role in future job selection, according to a new Voya survey, https://www.businesswire.com/news/home/20210930005629/en/Majority-of-Americans-say-their-workplace-benefits-will-play-a-more-critical-role-in-future-job-selection-according-to-new-Voya-survey, September 2021.