Why employers must rethink benefits strategies if they want to win the war for talent

Just as employees should regularly review their benefits coverage, so too should employers constantly monitor and assess their benefits offerings. (Photo: Khakimullin Aleksandr/Shutterstock.com)

Many employers introduced flexible work locations and hours, enhanced mental health benefits, broader access to virtual care, and new voluntary benefits programs as a result of the pandemic. While these are positive—albeit necessary—changes, employers must do more to show that they truly prioritize and support their employees’ physical, mental, and financial wellbeing if they expect to retain and attract talent during the “Great Resignation.” Depending on which study you read, upwards of 55% of employees plan to change jobs as a result of the pandemic. It’s important to note, then, that when choosing between a high-paying job and a lower-paying job with quality health benefits, 88% of employees would consider the lower-paying job.

By reevaluating and revising their benefits offerings—and educating employees on how they can best harness these offerings—employers can demonstrate how much they value their people; something that can boost employee engagement and loyalty. But it’s important to remember that a successful benefits strategy is more than just choosing the benefits to be offered. It also includes programs that support utilization of those plans, and a robust communications plan driving behavior change.