Cutting costsFor much of the past year, talent retention and hiring has been a top concern for HR professionals. Now, a new survey from business services company HealthEquity suggests that, though turnover remains high, HR professionals are increasingly concerned about benefit cost-containment. In fact, while 48% of professionals ranked talent retention as a top concern, 60% say the same of benefit cost-containment.

The HealthEquity survey looked at responses from 174 HR professionals at a range of different employers in a range of different roles. While describing their concerns, nearly half of these HR professionals say managing benefit costs is like trying to buy a steak dinner on a spaghetti budget. Meanwhile, 39% say that it was like employees were asking for 31 ice cream flavors and all they had to offer was Neopolitan. Only 11% of survey respondents say they were like a kid in a candy store with their birthday money.

Concerns about employee benefits could impact talent retention, the survey suggests. While nearly all HR professionals say that benefits were key to talent retention, less than 7 in 10 say that their benefits packages improved retention efforts.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.