Employers should consider investing in comprehensive digital health care solutions that provide customizable benefits plans that are organized and user-friendly.
Workers around the country are leaving their jobs in record numbers causing turnover rates to spike. According to the U.S. Bureau of Labor Statistics, the approximate total number of resignations this June reached 3.9 million. While many factors play a role in why people have decided to look elsewhere for employment – some people are still reluctant to go back to the office due to COVID, others may be looking for a career change – arguably the most important reason is the pandemic's long-lasting effect on all of our lives. It changed the way we work, communicate, and especially the way we think about our physical and mental health.
Indeed's hiring lab shows that job postings are higher than they were before the pandemic started, suggesting that many workers are leaving due to the wide range of job opportunities out in the labor market right now. One simple reason is that people are expecting more from their employers. The pandemic caused many employees to reevaluate their lives and focus more on overall happiness and wellbeing. With such a wide variety of employment opportunities, why not work a gratifying job for a company that puts its employees first and takes care of you?
Whatever the reason may be, the mass employment exodus, also known as 'The Great Resignation', is forcing talent management teams to find new ways to boost their company recruiting and retention numbers. You don't always have to pay to play. While compensation plays a part in keeping turnover rates low, competitive and accessible health care benefits can significantly increase recruiting and retention figures. The 2019 SHRM Employee Benefits Survey reported that 95% of those surveyed said health care benefits are the most important benefits packages over retirement and leave.
Coming out of a stressful and isolating time, employees are hungry for more than a paycheck and a pat on the back from their employers. But what can an employer do for their workers and their workers' wellbeing? That's where a better benefits plan comes in. Health care can be confusing to the consumer and many employees don't understand what is being offered to them. Employers can invest in comprehensive digital health care solutions that provide customizable benefits plans that are organized and user-friendly.
Digital solutions not only increase accessibility but are flexible and allow individuals to work with one vendor while also giving employees multiple personalized choices. Employees can easily find health programs tailored to their individual health needs, giving them a one-stop-shop plan that addresses all types of conditions. Furthermore, by creating personal health profiles, these digital management platforms can match people with the best-fit and straightforward solutions to improve their personal health. Personalizing and simplifying health care processes provides relief and reduces stress for the individual leaving employees feeling that they are being taken care of by their employer.
Not only are workers looking for a stronger emphasis on comprehensive health care plans from their employers, but they're also looking for more than a line-item list of copays and coverage. Companies must look beyond the traditional view of health care needs and focus on wellbeing. This could mean investing in solutions that address mental health and stress, weight management, diabetes prevention, and much more. Ultimately, the new generation and the current workforce are demanding health care that goes beyond a simple treatment and emphasizes behavioral and lifestyle changes.
When looking for a job or assessing whether to stay in a position, employees, especially younger workforces, are diligently looking beyond a paycheck and paying attention to what their company is offering them. Providing employees with options that best fit their needs is vital to supporting their overall health. This demonstrates that as a company, you care about them as a person and about their wellbeing – not just a body at a desk. Employees are not numbers on a spreadsheet; they are people. People want to know that they work for a company that cares about them. Health is a number one priority for us all, especially in these times, and employee health should be the top priority for any organization.
Ted Hong is chief engagement officer for Solera Health. In his role he oversees all the outbound marketing and communications efforts for the company. Prior to Solera, he was President of HelloTech, served as Co-Founder of Dropoff, and as Chief Marketing Officer at Fandango where he built one of the most recognized and well-liked brands in entertainment. Experience prior to entering technology includes Brand Management for NestleUSA, working on Butterfinger, a $200M+ P&L as well as professional sports, non-profit and management consulting.
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