America's Benefit Specialist December 2022

NOTEWORTHY

ing remote work or flexible work arrange ments is the most impactful action they can take to retain or attract employees. Employees are financially stressed and looking to benefits to help. As inflation re mains high and organizations content with a looming recession, financial benefits are more important than ever when it comes to attracting and retaining employees. With 62% of HR decision makers reporting their employees’ financial stress levels have risen in the past year, 80% of HR leaders feel that offering competitive financial benefits, such as 401(k) matching, is more import ant for attracting and retaining employees than it was a year ago. Some HR decision makers (36%) report that employees ask for increased financial benefits. While employees are more routinely asking for benefits such as family leave, re productive healthcare, and family planning, many HR leaders need to become better educated about what is covered by health in surance, HSAs and FSAs. Almost all (94%) say parental leave benefits are the most important to attract and retain employees. In the wake of the policies affecting women and LGBTQIA+ folks this year, 66% support coverage of hormone-replacement therapy and 60% say funding and leave for abortion is important to their employees. Fifty-eight

ny. In response to growing demand, 84% of companies increased benefits to attract and retain employees. A majority of companies have also increased base salaries (72%) and flexible work arrangements (72%). Healthcare coverage is critical to retaining employees. Healthcare is one of the most im portant workplace benefits an employer can offer, according to both employees and HR leaders. When it comes to attracting and re taining employees, 60% of HR leaders rated healthcare as a top-three benefit they offer, along with base salary. More than half (58%) of organizations have improved healthcare coverage. A little over a third (36%) of HR decision makers reported that employees asked for better health coverage. Base salary and workplace flexibility have the highest impact on employee recruiting and retention. A majority of HR leaders took action to retain or attract employees by increasing base salaries in order to aid in attracting top talent. Some HR decision makers (20%) believe increasing base salary is the most impactful action they can take to retain or attract employees. Most HR leaders (63%) reported that employees ask for an in creased base pay, followed by 39% reporting that employees asked for bonuses. Most HR leaders (71%) improved their remote work or flexible work arrangements, and some HR decision makers (26%) believe improv

efits, over half (58%) of organizations have improved healthcare coverage, and almost all (94%) believe parental leave benefits are the most important to attract and retain employees. The survey found that an increased base salary, flexible work arrangements and better healthcare coverage are the most impactful actions employers can take to attract talent. High inflation has increased the importance of offering competitive financial benefits, and most HR leaders (80%) feel that offering competitive financial benefits is currently more important for attracting and retaining employees than it was a year ago. The report also includes key steps HR leaders and benefits brokers can take to ensure they are meeting their employees’ needs in the wake of a volatile economy and an ever-changing healthcare and legislative landscape. The data revealed the importance of family planning and reproductive health benefits has increased, along with the overall need for benefits education to keep up with today’s policy. Key findings: Employees have newfound power, which has an effect on the benefits landscape. Employee turnover is at an average of 20% and employees are asking for higher salaries, better benefits and increased flexibility as a condition for joining or staying at a compa

INDUSTRY EVENTS

FEBRUARY 5-8 YOU POWERED SYMPOSIUM Miami, FL www.epoweredbenefits.com/2023 you-symposium/ FEBRUARY 6-8 ICMG ANNUAL CONFERENCE Scottsdale, AZ https://icmg.org/conference

JUNE 11-14 SHRM23 ANNUAL CONFERENCE & EXPO

OCTOBER 22-24 LIMRA ANNUAL CONFERENCE National Harbor, MD www.limra.com

Las Vegas, NV www.shrm.org

JUNE 16-18 WOMEN OF INSURANCE ANNIVERSARY CONFERENCE Nashville, TN www.womenofinsurance.org

8 ABS | benefitspecialistmagazine.com