In our post last month, we talked about the economy recovering and the shift that is taking place within the employment community. As the economy continues to rebound, employees are moving back into a position of security and control in regards to their futures. They are more confident in quitting their current jobs for better opportunities with more benefits. It is getting harder and harder for supervisors and HR departments to keep a full staff. Opportunities for benefits outside a basic salary are becoming more creative and beneficial for the current available employee pool.
With this shift in employment control, employers are becoming more creative with their benefit options. SHRM (Society for Human Resource Management) conducted a research study a few years ago to document the trend of employers leveraging benefits to recruit and retain employees. There are many options such as a flexible schedule or leave benefits that can be included in a creative benefit plan, but the two most important benefits to both employee and employer were:
- Health Insurance
- Retirement Savings and Planning
In the employers that were polled in this report, Health Care and Retirement were consistently the top two benefits that organizations used to increase their employee pool for recruiting and retention. 79% of employers stated that they would increase their Health Care offerings over the next three to five years, and 76% stated they would increase their Retirement savings and planning over the next three to five years.
So how does an employer begin to leverage these two main benefits while continuing to retain the current workforce and expend exhaustive finances on recruiting new talent? The solution lies within professionals designed to help your management team work through these benefit increases. Our team at Solution Services has been created to help your organization with these types of scenarios. Call us today to schedule a free consultation!