New trends in attracting and retaining talent
As the economy begins to steadily improve and competition for top job talent tightens, finding new ways to appeal to potential new hires continues to be an ongoing challenge for employers. With a new age of workers upon us, a new age of problems have surfaced as well.
Growing concerns across employers and industries include:
• High employee turnover;
• ACA compliance and fines;
• Benefit administration burdens;
• Employees unable to afford proper coverage;
• Lack of usable benefit options that employees want;
• Health issues are impacting workers' compensation claims.
According to LinkedIn's "Global Talent Trends 2020" report, employers who rated highly on compensation and benefits saw 56% lower attrition. Additionally, 48% of talent professionals say their employer should improve compensation and benefits and 40% would like a simpler administrative process.
With competition kicking back into high gear, here are a few ways employers can offset these growing concerns.
Personalized benefit offerings
Today's employees have a variety of values, goals and needs. However, the one constant is that employees across all generations are expecting more from their employers. Although traditional benefits such as retirement, medical and dental insurance are highly valued and necessary, emerging benefits such as accident, short-term disability and legal insurance are helping employers demonstrate a deeper level of care for their employees. This also creates a more customized experience for employees, allowing them to select the benefits that fit their current lifestyle and goals.
Simplified recruiting & administration
Job candidates are becoming increasingly interested in benefit options that can make or break employers when competing for qualified applicants in their respective industries.
In the fourth quarter of 2020, there were more than 6.7 million unfilled hourly positions across the United States.
A new solution has been introduced to attract and retain hourly workers and is revolutionizing hiring and administration for employers, mitigating risks and increasing opportunities.
EmployerAdvantage offers week-to-week full benefit options that are designed to increase new hires and reduce turnover. At no additional cost to employers, EmployerAdvantage leverages the ACA by retaining underwriting profits that would otherwise go to the insurance company to pay for the service.
In a time when efficiency and cost-effectiveness is paramount to employers, having an automated solution for ACA benefits administration, onboarding and compliance is essential. Benefits are offered and processed automatically to streamline the administration process while setting employees up with the right plan for them.
The program was originally designed for employers with at least 500 eligible hourly workers; however, depending on the plan, it can be scaled down to as few as 50 employees.
Prior to the pandemic, flexible work options were considered a perk to attract and retain talent. Over the past year organizations were forced to quickly rethink their workplaces and many employees began working remotely.
Although we are seeing the light at the end of the tunnel, there is still growing interest among employees for long-term flexibility. Employers are listening and many are exploring hybrid work models to ensure they keep top talent.
Contact an Assurance representative to learn more about our exclusive programs that are revolutionizing recruiting and retaining talent at (888) 429-0999 or assuranceagency.com.
• Tony Alberico is senior vice president, practice leader at Assurance, a Marsh & McLennan Agency LLC Company.