Improve Employee Retention With The Top 10 Benefits To Keep Employees Engaged

Whether you’re rethinking your retention strategy or talent acquisition best practices, providing benefits that matter has proven to be beneficial to employee engagement.

 

Resignations are at record highs. Employers are forced to manage through increasing turnover as well as a dip in the remaining workforce’s productivity. 76.3% of employees said voluntary benefits help encourage them to stay and work for their employer1.  Keep up with the ever-evolving healthcare and well-being needs of employees by offering voluntary benefits that matter.

 

Check out the top 10 most wanted voluntary benefits that will help you attract and retain talent.

 

  1. Mental Health Support

With work and life becoming increasingly interconnected, mental health issues including anxiety and stress can affect work performance. 95% of employees reported being more optimistic, less stressed, and more productive at work with mental health support2.

 

  1. Identity Theft Protection

Identity theft is one of the top three fraud complaints3. With employees’ credit scores and reputation at risk, having identity theft protection acts as a safeguard to the misuse of employees’ personal information.

 

  1. Hospital Indemnity Insurance

Hospital indemnity insurance has increased in popularity as an unexpected situation can result in a lengthy hospital stay that financially devastates employees. Employees can utilize this product to supplement traditional health insurance and be better prepared for uncertainty.

 

  1. Pet Insurance

Pets are considered family by many and adoption rates soared during the pandemic as pets are great companions and provide mood-boosting benefits. Having pet insurance provides employees with more ways to care for their pets. Coverage is often flexible, extending to exotic pets, which includes veterinary bills, pet expenses, wellness coverage, and more.

 

  1. Critical Illness Insurance

No one knows when critical illnesses will strike. If it happens, it can take a heavy toll on patients. Critical illness insurance provides financial support by covering out-of-pocket medical costs, mortgage or rent payments, and more.

 

  1. Legal Plans

Having legal expertise when employees need it provides them with peace of mind. Employees will have access to qualified help, comprehensive coverage for a wide range of cases and timely service. 75% of employers are offering or looking to offer legal plans4.

 

  1. Long-Term Care (LTC) Insurance

Life expectancy in the U.S. is steadily increasing5 and about 70% of those aged 65 and above will require long-term care in their lifetime6. With LTC insurance, employees can ensure they are comfortable and taken care of in their advancing age.

 

  1. Financial Planning

The looming threat of inflation has caused an increase in finance-related stress for employees. Financial planning can help employees manage money better, gain control of their finances, and reduce uncertainty for the future.

 

  1. Backup Childcare

Last-minute childcare arrangements can be stressful when a child falls sick or gets a snow day. Employees can remain productive and focused at work knowing they have backup childcare when something unexpected happens.

 

  1. Tuition Reimbursement Programs

Tuition reimbursement programs help to up-skill employees and fund their education. Employers reap the benefits of improved retention and a better reputation as an employer that prioritizes the development of employees.

 

How to maximize voluntary benefits to keep employees engaged

Your employees are unique individuals with varying needs. Accurately determining what benefits work best for your employees may be challenging, resource intensive, and time consuming. Leverage the latest benefits tech to create a well-designed, well-communicated voluntary benefits program that will simplify administration and benefit rollouts. This no-added cost approach is proven to improve employee engagement and productivity of an increasingly diverse workforce.

 

 

References

1Corestream (2021) 2021 Corestream Pulse Survey. Retrieved March 11, 2022, from https://corp.corestream.com/media/du1dasek/2021-pulse-survey-infographic.pdf

2Ginger (2021) Workforce Attitudes Toward Mental Health. Retrieved March 10, 2022, from https://go.ginger.io/third-annual-workforce-attitudes-study

3Federal Trade Commission (2022) Consumer Sentinel Network Data Book 2021. Retrieved March 10, 2022, from https://www.ftc.gov/reports/consumer-sentinel-network-data-book-2021

4Willis Towers Watson (2021) Findings from 2021 Emerging Trends

in Health Care Survey. Retrieved March 10, 2022, from https://www.willistowerswatson.com/-/media/WTW/Insights/2021/05/2021-emerging-trends-in-health-care-survey.pdf?modified=20210527170745

5https://datacommons.org/tools/timeline#&place=country/USA&statsVar=LifeExpectancy_Person

6Administration for Community Living (2020) How Much Care Will You Need?. Retrieved March 10, 2022, from https://acl.gov/ltc/basic-needs/how-much-care-will-you-need

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