As businesses face yet another side effect of the pandemic that experts are calling “The Great Resignation,” employee insurance benefits may be the one thing that separates your company from all the other businesses out there struggling to hire and retain workers. The truth is, the COVID-19 pandemic changed the landscape of this country’s workforce.
Suddenly, workers were forced to work from home instead of commuting to an office. Many employees not only proved that they could actually be productive from their home offices, but they also came to love their work-from-home arrangements. So much so, in fact, that many are choosing resignation over returning to the office as pandemic remote work policies expire.
Perhaps the most challenging thing about this state of affairs is that once workers do resign, employers are having a hard time replacing them. This has driven many employers to consider what employee benefits they can offer that will convince workers to come back to work — for good.
Treat Employees Well By Offering Unexpected Benefits
As pandemic conditions improved and workplaces started to open back up, many employees found that they simply couldn’t return to an environment of crabby bosses, long work hours, and paltry compensation packages. Enter the Great Resignation. But, workers who reported that they were treated well by their employers have enthusiastically returned to their offices.
Treating employees well encompasses various aspects of a person’s job and work environment. They need to feel valued, appreciated, and respected, and one of the best ways to do this is to offer a benefit package that recognizes their contributions to the company. This may include health-related benefits, recognition programs, bonuses, wellness programs, and more.
The more benefits you can offer that are employer-paid (such as life insurance, long-term disability insurance, supplemental insurance plans, employee assistance programs, etc.), the more attractive your company will be to prospective employees. And, your current employees are more likely to say they are treated well, which leads to improved retention.
Employee Insurance Benefits For Those Who Need Them Most
As your company searches for new hires, give serious consideration to folks who didn’t have employee insurance benefits before the pandemic. We’re talking about gig workers, freelancers, and independent contractors.
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Prior to the pandemic, many freelancers were happy to trade the security of things like health insurance, 401Ks, and a regular paycheck for the ability to create their own schedules. The pandemic seems to have altered this mentality. After living through the constant threat of illness and death for 18 months, employee insurance benefits are more alluring than ever.
Like most workers, independent contractors tend to have the same priorities when it comes to benefits. Things like health insurance, remote work, fitness/wellness programs, and even pet insurance top the list of desired benefits for all types of employees.
Pick a Qualified Insurance Solution
The truth is, not every insurance broker is prepared to meet the vast employee benefit needs of today’s workforce. At IOAUSA, we study business trends and respond accordingly. We have solutions for things like wellbeing, technology needs, and employee experience, which allows us to help employers communicate employee insurance benefits packages in a way that attracts and retains quality employees.
We also use your company’s data to customize benefit solutions that work best for your business. In part, we do this by deploying an in-house data analytics specialist and our own independent data analytics software to devise employee insurance benefits that are tailor-made for the people who work for you.
In today’s nearly post-pandemic world, employees are demanding respect and fair treatment — hence the emergence of the Great Resignation. One of the best ways your business can prove your responsiveness is by providing generous and robust employee insurance benefits. If you’d like to discuss how IOAUSA can help you do this, please don’t hesitate to contact Roger.
Conclusion
To navigate the Great Resignation, offering attractive employee insurance benefits is key. Employers should focus on providing comprehensive health coverage, mental health support, and flexible benefits tailored to individual needs. Competitive benefits packages can improve employee retention, boost morale, and attract new talent. Regularly reviewing and updating these benefits ensures they remain appealing and relevant in a competitive job market. Readers are invited to review their benefits package with Roger J. Stewart to gain insight into current and emerging trends that can benefit businesses looking to provide comprehensive health benefits to their employees.
