Improving Recruiting and Retention Through Benefits “Intervention”

The toughest labor market in recent memory has put some employers at a loss. The COVID-19 pandemic has led workers to reevaluate their jobs, with many leaving for another employer or sometimes, simply walking away.

They’re leveraging the labor shortage to get a better deal elsewhere. Even as generous unemployment benefits have expired, qualified job candidates are still hard to find.

One way that employers will need to compete is a new way of looking at benefits: Instead of one-size-fits-all, organizations will need to personalize benefits while taking an active role in helping deliver them.

Old solutions aren’t working

Referral bonuses and pay increases have been effective recruiting and retention strategies. But such tactics are less effective when 8 million people are looking for work while 10 million positions are unfilled¹ and 4.3 million U.S. workers quit their jobs in August alone.²

Employers can start helping their recruiting and retention by rethinking the employee value proposition, which reflects the organization’s rewards, values and ways the organization recognizes employees. Key to reevaluating the employee value proposition is the fact employees have a different vision of work and rewards than in the past.

The times call for a different context. Today, 82% of employees want to be seen as individuals,³ not workers, and for employers to support them in the entirety of their lives, be it at work or home.

Expanding the benefits perspective

This point of view — personalized instead of traditionally managed benefits—can entail a major restructuring of an employee value proposition.

Such restructuring requires employers to anticipate employees’ individual workplace and personal needs. Employers should extend the idea of benefits beyond traditional medical and dental to benefits that save time and money or otherwise enhance employees’ lives.

HR is usually involved with employees during benefits open enrollment and a life event such as marriage, childbirth or adoption, and retirement. To be more effective, HR should become a benefits “interventionist” and expand how it traditionally assists employees.

Delivering positive employee experiences

An interventionist approach can go a long way toward cementing positive employee experiences, by delivering benefits that do the following:

• Simplify lives and save money, such as offering discounted auto, home and renters insurance and concierge healthcare benefits.
• Improve employees’ lives in and outside the workplace. These include self-improvement and mental health services, career coaching and backup services for personal emergencies.
• Demonstrate the value placed on employees, including recognition and motivation programs, sabbaticals and support for developing additional or new skills.

An assessment leveraging data to determine employee goals and needs is key to determining if an organization’s benefits can meet the expectations of the modern workforce.

The COVID-19 pandemic has made one thing clear: There is no more business as usual. Rethinking what matters to current and future workers — and actively delivering benefits that meet those needs — can make a huge difference in attracting and keeping top talent.

HUB International’s Human Resources Consulting Practice can help maximize every facet of HR performance, from risk management and regulatory compliance to talent acquisition and retention, benefits strategy, program design and workplace culture.

¹ NPR, “Finding Workers Is Harder Than Ever. The Economic Impact Could be Significant,” August 21, 2021.
² The Atlantic, “The Great Resignation Is Accelerating,” October 15, 2021.
³ HR Today, “Rethinking EVP,” June 11, 2021.