In this final post we discuss how to retain employees during the great resignation. This article is the last part of a 5 part series entitled A Guide to Building Better Benefits, which is intended to help companies differentiate themselves as top employers in a competitive job market. This series was created to help promote CloudAdvisors’ newly launched Bar Score, where you can evaluate how effective, and competitive your current benefit plan is in seconds.
The Great Resignation Business Impact
The year 2021 marked the beginning of The Great Resignation, with turnover higher than average as we hit 2022. From this event, companies learned to take charge of their retention strategies to keep their employees satisfied and happy. In the last four parts in this series, we discussed everything from essential basic benefits needed to keep your organization competitive, and finished with building positive workplace cultures. In this last instalment, we delve deeper into the importance of targeted audiences, and how to find the best benefits to fit your organization’s needs. Since each company’s workforce and culture differs from one another, The Great Resignation means different things for different sectors. So what does this mean for your organization?
What is The Great Resignation?
The Great Resignation is the ongoing phenomenon of many individuals leaving their jobs for other positions. This event is tied directly to changing lifestyles as the pandemic has begun to die down. Currently, resignation rates are highest among mid-career employees. This is largely assumed to be due to increased pressures and workloads among middle management. Because of this, employers are re-evaluating where they stand with their employees and as importantly, how to retain them. This has been especially true in the technology and healthcare industries, who have shown the highest resignation rates.
While not as prevalent in other countries, The Great Resignation in Canada means employers must be resilient. In The Bank of Canada’s 2022 survey, 19.3% of workers said they expected to quit their current job in the next year. Employers can also expect to see an increase in individuals changing jobs.
Why is it important for companies to take action?
The pandemic has shifted the ways in which we live and work. As companies adapt to this change, the needs of employees will change as well. Addressing ways to retain your employees early can help you create a more engaged workplace. Employers who refrain from necessary changes and improvements will quickly see the consequences as talent leaves for better opportunities. An organization that fails to be proactive will struggle to keep employees around.
The Importance of Knowing Your Audience
To prevent increased job resignation at your organization, it is important to understand your audience. Your industry can also play a key role in the retention strategies you choose to employ for competitive hiring. Similarly to any competitive value differentiation, organizations must differentiate their work life as well.
For example, when it comes to benefits, the technology industry frequently boasts 6 weeks or more PTO. Comparatively, improved basic health benefits may be more important in the healthcare industry. Knowing your audience and what the employees in your space are looking for is critical. After understanding this, you can better target specific benefits to suit their lifestyles.
So how do you find out what it is that’s important to them? Today, technology is rampant and tools such as CloudAdvisors can help you leverage artificial intelligence-based tools to make more data-driven and informed decisions.
Don’t just look for great benefits to offer, look for what your employees truly need to compete in the space where it matters.
Benefits as a Retention Strategy
Employee benefits provide a way to differentiate from competitors as a retention strategy. When it comes to employee benefits, pre-pandemic plans just don’t cut it as we navigate The Great Resignation. Benefits need to be tailored and focused to support employees. Additionally, while the make-up of benefits will differ between organizations, mental health support continues to be an in demand trend.
The following two strategies can better help you understand your audience’s needs to better personalize your benefits.
Identify Your Benefit Plan's Health with the BAR Score
CloudAdvisors’ newest tool, the BAR Score, uses an AI ranking system to evaluate your benefit plan. The ranking system compares thousands of data variables from the marketplace. It updates daily and recalculates scores so you can identify areas of opportunity to see what your employees need. The BAR score helps employers diversify their benefit offerings and provide different benefits for their employees. The BAR Score report shows you how you compare to your industry, and a score ranked on a curve. You can check your Bar Score when you sign up for CloudAdvisors here.
The Great Resignation and Benchmarking
With CloudAdvisors Benchmarking, you can compare and analyze your current plan to develop the most effective benefits package for your company based on your individual needs. This customized benefits benchmarking report directly shows you your results in similar industries. With instant data available, your company can further attract top tier talent and stay competitive as you develop a more dynamic employee benefits plan.
A Guide to Building Better Benefits
In addition to using technological tools to understand your audience, the areas we discussed throughout this series should also be of utmost focus to better help retain your employees during the Great Resignation.
- Top 10 Basic Benefits Every HR Professional Should Know: In part 1, we discuss the top 10 basic benefits needed to stay competitive in the job market. Start with the basics before you build out a more comprehensive offering!
- 5 Employee Benefits to Set Apart Your Recruiting: Next, we focus on employee benefits that job seekers look for in recruitment. These are the best benefits to keep your employees satisfied and happy.
- 5 Steps to Build a Competitive Employee Benefits Package: Can you add new benefits without first taking the necessary steps to build a strong benefits package? Part 3 discusses how to develop and design an effective package that fits in with your organization’s goals.
- Building a Positive Workplace Culture: In part 4, we talk about workplace culture. Positive workplace culture influences a company’s success. If you’re curious about what a positive workplace culture looks like, and how to build one, read this article!
Conclusion
In today’s market, work isn’t just about going into the office and plugging in time. It’s about listening to the evolving needs of your employees and creating an environment that supports, encourages, and uplifts them and their voices. Current and prospective employees care about your company’s vision, values, and mission. Our series, A Guide to Building Better Benefits, was designed to help companies differentiate themselves as top employers in a competitive job market. It’s time to really learn about what your employees’ needs are and compete in the space where it matters. Get started by creating a free account with CloudAdvisors.
