As the Great Resignation continues forcing employers to retool their workforces, business owners and their executive management teams are scrambling to find ways to improve hiring and retention. At this point, retention is a more important goal. And for that, companies need incentives. They need to offer employees a reason to stick around. Voluntary and non-medical benefits could be key.
Insufficient compensation is not necessarily the number one reason millions have either left their jobs or refused to come back from COVID lockdowns over the last two years. There are certainly other factors in play, including the general perception that employers demonstrate their lack of concern by not listening to employee feedback. All of that notwithstanding, compensation can’t be ignored either.
If an employee feels that their total compensation is not commensurate with the hours they put in and the work they do, quitting suddenly becomes attractive. If an employee feels they have been shortchanged in their total compensation since starting their job, deciding to move on isn’t such a hard decision.
- The Big 3 Aren’t Enough
The Big 3 employee benefits have long been standard health insurance, a dental and vision plan, and a retirement plan. It is nearly impossible to find a major employer that does not offer all of them. Small businesses are a mixed bag. Regardless, the Big 3 are no longer enough to retain top talent. Employees want more.
As they see it, increased employer expectations come at a cost. If employers want them to give even more time and effort than they already do, they need to return the favor through better benefits. Whether right or wrong, this is the perception. Millions of workers are demonstrating they mean business with their feet.
- Voluntary and Non-Medical Benefits
That brings us to the voluntary and non-medical benefits Dallas-based BenefitMall mentions on their website. In a recent blog post, the company discussed improving benefits packages by addressing the senior market. But by and large, seniors are not driving the Great Resignation. It is millennials.
BenefitMall suggests a long list of voluntary and non-medical benefits that could help retain younger workers willing to walk. Here are just three possibilities:
- Life Insurance – Life insurance is often an afterthought that is only considered when workers have some extra disposable income lying around. Include it as a benefit and you provide employees with something valuable.
- Accident/Disability Coverage – Accidents happen. Sometimes those accidents are disabling. Offering accident or disability insurance gives employees peace of mind, especially at a time when they have to worry about becoming long-haul COVID patients.
- Medicare Supplements – Adding a Medicare Advantage plan along with other Medicare supplements gives younger workers an incentive to stick around. If a company does have an older workforce, the benefits are immediately available to them.
Non-medical benefits run the gamut. They include tuition assistance programs, health and wellness programs, more paid time off, pay medical leave, and so forth. The key is finding the right combination of voluntary and non-medical benefits that appeal most to your workforce.
There are no easy answers to the Great Resignation. Millions of employees have emerged from the COVID pandemic with a new perspective on life and work. Many of them are leaving their jobs in hopes of doing something different. In order to retain them, employers have to figure out what they want and do their best to give it to them.
Voluntary and non-medical benefits are a key component. They do not solve every issue, but they do reduce the likelihood of dissatisfied employees feeling as though they aren’t being fairly compensated.