The war for talent means companies are now fighting tooth andnail for the best employees. The past seven years have seenunprecedented growth in the job market, which has brought theUnited States close to full employment. At the same time, themarket for skilled talent has become increasingly tight, making toptalent more expensive and job-hopping more prevalent.

According to Strategic Drift: How HR Plans for Change, a study conducted byThe Economist Intelligence Unit® (EIU) and supported by the ADPResearch Institute® (ADPRI), 76 percent of senior executivespredict that the market for skilled talent will become eventighter, and the same percentage consider workforce planning acritical issue for their companies.

Yet, a new report by the ADP Research Institute®, Fixing the Talent Management Disconnect, reveals that employersare underestimating how many of their employees are at risk ofleaving. The study found that 16 percent of employees say they areactively looking for new jobs and nearly half say they arepassively looking and “open” if the right opportunity were to popup. Employers surveyed estimated that only 22 percent of theirworkforce is passively looking for new opportunities — only half ofthe number of employees actually at risk.

If businesses don’t know what attracts employees and persuadesthem to stay — or even realize that they’re open to leaving — theyhave little chance of being successful in an increasinglycompetitive market.

This is where benefits brokers have an opportunity to shine astheir clients’ trusted advisor around all things HCM. Byunderstanding the potential disconnects between employer andemployee expectations, brokers can help their clients recruit greatcandidates and develop the talent they have. Employers can thendetermine whether to invest more time and resources in order toachieve the greatest return on their talent management dollars.Sometimes, improving the talent picture requires only small shiftsin attitude, emphasis, and offerings to better satisfy the workneeds of employees.

Here are a few things brokers should be surfacing withclients:

Benefits costs can be a deal-maker ordeal-breaker. Brokers should work with clients to ensurethat their benefits plan offerings are strategically aligned to theneeds of all employees. If benefits packages are too pricey,companies may lose top talent to competitors with better offerings.According to the ADPRI survey, Fixing the Talent Management Disconnect, 32 percent of jobcandidates say that the cost of benefits packages (health care,retirement, etc.) was a top factor influencing job consideration —the third highest consideration, in fact. If the cost of benefitspackages influences the decision of at least one-third of potentialjob candidates, then companies should be working closely withbrokers to ensure that benefits are affordable and individuallytailored toward their potential talentpool.

Improving engagement in the “gig economy.”Engaged employees are more productive and more likely to stay at acompany, which is vital for warding off advances from competitors.But the economy as we know it is changing, shifting toward a modelwhere more employees are choosing contract work over full-timeemployment. A 2016 study by Brookings Institute found that gig economyemployees have increased by 27 percent more than staff employees inthe past 20 years. The change is even greater in certain industrieslike transportation, which increased by a margin of 44 percent.Recruiting, hiring, and onboarding new staff can be a lengthy andexpensive process. As more of the workforce becomes contingent,companies should consider ways to keep these employees engaged andonboard them effectively and efficiently. Employers and employeessurveyed by ADPRI report that being assigned a buddy or mentor toprovide guidance or support is a top contributor to successfulonboarding. Also, new vendor management systems allow employers tooffer internal training and receive employee engagement feedbackthrough surveys. These systems also log employee profiles, so whena temporary contract has ended, the employee is still in thecompany’s system and can be contacted to do more work at a laterdate.

Thinking outside the traditional benefitsbox.

It’s important to remember that benefits go well beyond healthcare and compensation. Benefits like work-from-homeflexibility, paid time-off, and financial wellness programs can bemake-or-break necessities for some job searchers. The same ADPRIsurvey found that flexibility and paid time off are the third andfourth top reasons, respectively, employees choose to stay with acompany. Other factors, such as financial wellness programs andtuition reimbursement, can also have a lasting impact, whichpresents an opportunity for brokers to educate clients onnon-traditional benefits and perks they may not have otherwiseconsidered. According to the 2016 American Student Assistance® “Life Delayed” Survey, 76percent of college graduates say that, all things being equal,their decision to take a job would be based on an employer’swillingness to offer a student-loan repayment program.

Sharing the latest talent insights and trends with clients canhelp them stay competitive in an increasingly noisy job market andensure that they continue to view you as a trusted advisor in allareas related to human capital management, beyond just benefitsexpertise.

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