The days of just working a job are gone. Employees want choices and a chance to thrive. They expect a personalized experience with benefits that matter and a financial future they can feel good about. And they’ll keep looking until they find it. Hundreds of thousands of workers in the United States will leave their job this year in pursuit of something new.
Why are employees leaving?
A recent study showed that over 55% of Americans are actively looking for a new job. Even though reasons are individual, the results brought forward three important themes:
- Employees are looking for more flexibility and/or a better work and life balance
- Employees do not feel supported by their current employer
- Previous financial concerns have only increased since the beginning of the pandemic
The above factors, combined with the increase in more remote-based jobs, have created challenges for employers. In addition to fighting to keep top-performing employees, companies are trying to strengthen their recruiting teams to be able to add talent back into the organization. It’s tough to do when a workforce is changing by the day.
What can be done to retain employees?
There are many strategies organizations can deploy in an effort to attract and retain top talent, but the best strategy aligns with addressing the recurring themes and stressors employees face daily. Sadly, many of the point solutions now being offered to employees to support their mental health or virtual care needs are drastically underutilized due to a lack of knowledge on the employee’s part. Many employees take lesser-paying roles because they “think” the grass is greener on the other side while, in fact, their previous employer offered the same or better benefits.
Alight understands these challenges. We have worked to put together solutions that not only help employers recruit and educate talent on potential benefits, but also inform them on the totality of the offerings and resources in a highly personalized way. This creates a significant impact on the retention of talent and potentially saving organizations hundreds of thousands of dollars in the cost of turnover.
Below are recent studies that show the real potential impact that Alight Benefits Guidance can have.
What is Alight Benefits Guidance (ABG) and how does it help promote your employee benefits offerings?
Alight Benefits Guidance is high-touch benefit enrollment support that focuses on employee education and provides excellent service. It’s led by licensed and salaried benefit counselors who have, on average, 20+ years of industry experience. This fully customizable solution can add tremendous impact and consistency to the initial benefit onboarding process.
Measuring the ROI of employee benefits - the “Impact on Retention” study
Alight has long thought that ABG has had tangible impact on retention for those employers who utilize the solution versus self-service only enrollments. ABG shared over two and a half years’ worth of data from five large clients in different industries with a top consultant to review and validate the findings. The results?