Employers Are Seeking to Improve Their Benefits Programs
Employers across all industries are rethinking their employee benefits strategies, how the benefits they offer align with the wants of today’s workforce, and how their benefits packages compare to their competitors’. But what’s driving the change and what benefits are being prioritized?
A 2022 report conducted by Care.com, The Future of Benefits, surveyed senior leaders in the technology, manufacturing and construction, finance, insurance, consulting, and healthcare industries to find out how their employee benefits strategies are evolving. Let’s take a look at some key takeaways.
Talent Challenges Demonstrate a Need for Change
Over the past year, 78% of employers reported facing challenges with recruiting and retaining talent. It isn’t just a salary or flexibility problem, however. According to the report, a desire for better benefits—specifically childcare and senior care—was the third leading reason for attrition.
These very benefits have been among employers’ top priorities since the beginning of the pandemic, but the survey data suggests demand continues to be greater than supply. Specifically, 59% of employers reported hearing requests for childcare benefits from their employees, 3% more than are currently offering them.
Just how big an impact do these benefits have on the workforce? According to employers, a significant one. 86% of respondents said senior care benefits positively impact their ability to attract and retain talent. 90% said the same about childcare benefits, leading childcare benefits to rank just as important as retirement plans and slightly outrank paid time off and health insurance.
Mental health benefits, too, remain a top priority this year, and 54% of employers said they have heard requests for these benefits. But while employers appear to be meeting this demand, Care.com warns that the actual demand could be much greater, as employees may not feel comfortable speaking with their employer about the need.
Is Your Employee Benefits Agency Ready for Open Enrollment Season?
Just as they did at the height of the pandemic, employee benefits are continuing to shift. This year, 57% of employers say they will put a greater focus on childcare benefits, 51% on senior care benefits, and 59% on mental health benefits.
With employers preparing to revise and improve their employee benefits programs, this open enrollment season is sure to be as active as ever for employee benefits agencies. If your agency anticipates peak season workload challenges, ReSource Pro is prepared to help. Learn how we can give your staff more time to focus on clients and pursue revenue growth opportunities by visiting our Employee Benefits page.