Can your organization's benefits compete?
Workers are valuing benefits almost as much as salary. Learn more about how an innovative benefits program can help your company simultaneously secure top talent and control costs.
Talent has become the key to a competitive advantage in today's world.
But due to economic concerns, many organizations are prioritizing cost management. So, how can organizations continue to attract, retain, and engage the talent needed to achieve their short-term and long-term objectives?聽Research consistently shows that innovative benefits packages tailored to employee wants and needs are essential to creating a workforce that can drive the organization鈥檚 strategy.聽
Compensation remains important but raising salaries alone is not enough. A recent Glassdoor survey found that 4 out of 5 employees prefer an improved benefits package to a salary increase.i Enhancing a benefits program does not solely equate to a cost increase. By strategically designing an efficient benefits package that focuses on meeting employees' needs and improving their health outcomes, organizations can realize an ROI.
Companies have begun to acknowledge this talent-management trend. According to the聽乐鱼（Leyu）体育官网 American Worker survey, organizations聽increasingly view their employees as 鈥渨hole humans鈥濃攏ot just workers. Employers are recognizing that factors such as health, well-being, caring responsibilities, and more are all impacting the ability of employees to bring the best version of themselves to the workplace.ii
Although it can be an added expense, innovative employee benefits programs can be strategically optimized to simultaneously meet employee needs and be cost effective.iii If employers can offer benefits solutions to employees that directly address the needs and concerns of their individual populations, their employees鈥� experience will be improved, and workers will be more productive. Organizations that prioritize innovative health plans to include niche programs that support mental health and caregiver relief, and promote high-quality care at low cost, can have a meaningful impact on the whole person and improve employee engagement.
In this paper, we鈥檒l look at why employees are weighing benefits packages as they evaluate聽their current and potential employers, and how organizations can reevaluate and redesign their benefit offerings to attract the best from today鈥檚 workforce.
颈听Glassdoor, U.S. Employee Confidence Survey, 2015 Q3聽
i颈听乐鱼（Leyu）体育官网, American Worker Survey, Summer 2022
iiiGlassdoor, U.S. Employee Confidence Survey, 2015 Q3
Job satisfaction and loyalty by industry
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The least loyal employees work in retail (65 percent), healthcare and social assistance (67 percent), manufacturing (69 percent), and educational services (69 percent).
Union members are significantly more likely to be satisfied with their job聽(71 percent)聽than non-union workers聽(65 percent)聽and more likely to stay with their current organization for 12 months聽(76 percent聽versus 69 percent).
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A global look at benefits
Optimizing benefits plans in various countries can be challenging. Optimizing on a global basis can be even tougher.
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