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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? Research consistently shows that innovative benefits packages tailored to employee wants and needs are essential to creating a workforce that can drive the organization’s strategy.
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 KPMG American Worker survey, organizations increasingly view their employees as “whole humans”—not 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’ 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’ll look at why employees are weighing benefits packages as they evaluate their current and potential employers, and how organizations can reevaluate and redesign their benefit offerings to attract the best from today’s workforce.
i Glassdoor, U.S. Employee Confidence Survey, 2015 Q3
ii KPMG, American Worker Survey, Summer 2022
iiiGlassdoor, U.S. Employee Confidence Survey, 2015 Q3
Job satisfaction and loyalty by industry
- 55 percent of employees working manual labor-intensive jobs report job satisfaction and 63 percent report they intend to be working for the same organization in 12 months’ time.
- 71 percent of employees working office/desk-based jobs report job satisfaction and 73 percent report they intend to be working for the same organization in 12 months’ time.
- Employees who have flexibility in where they work are the most satisfied (74 percent) compared to fully remote workers (61 percent) and those required to be on site (54 percent).
- The highest rates of employee satisfaction are found in the IT/technology (78 percent), construction (72 percent), and manufacturing (69 percent) industries.
- The most loyal workers are in IT/technology (77 percent), finance and insurance (75 percent), and construction (72 percent).
- Workers in retail (58 percent), accommodation and food services (60 percent), and healthcare and social assistance (63 percent) are the least satisfied.
- 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 (71 percent) than non-union workers (65 percent) and more likely to stay with their current organization for 12 months (76 percent versus 69 percent).