After a chaotic few years for HR professionals – from the "Great Resignation" to drastic shifts in employee demands and expectations – things appear to be stabilizing as we enter 2024. Quit rates are down, pay increases have leveled off, and economic indicators (such as inflation) appear to be improving. However, it would be a mistake for HR professionals to survey these trends and become complacent. Employees are still under significant financial and mental strain, their level of engagement is precariously low, and retention remains a problem for many companies.
With January (a historically high turnover month) fast approaching, HR teams need to look hard at their efforts to retain employees – an assessment that should begin with their benefits strategies. Employees are no longer content with standard benefits like inflexible PTO plans that many don't even use. They want companies to treat them like individuals with their own specific needs and priorities, which means providing personalized benefits packages that will help them improve their financial position, pursue their unique personal and professional goals, and prepare for the future.
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