https://www.compandbenefitstoday.com/frs/23182614/the-future-of-employee-benefits--trends-to-retain-and-attract-top-talent/email The employee benefits landscape has changed significantly since the pandemic. As a result, benefits products and services have evolved and will continue to do so. Employee preferences are also evolving. How do you find the balance between equity, diversity, alignment, and affordable benefits? The key to employee retention and attraction in this new era is a holistic approach to your total rewards strategy. Join Sharell Thomas-Hodge, total rewards director and consultant, for this engaging and informative conversation. Learning objectives: • Examine the latest benefits trends and innovations • Review what best practice actually looks like and how your organization can achieve it • Explore cost-effective options that provide competitive benefits that will retain and attract talent

5. Introduction
In order to keep employees happy and retain top
talent, innovative organizations across all industries
must provide comprehensive employee benefits.
Why are employee benefits important, and what
benefits do employees look for when considering a
role at your organization?
Importance of Employee Benefits
• The importance of employee benefits cannot be
understated. The answer to “why are benefits
important to employees?” is simple: They need to
feel rewarded for their work.
• A good benefits package can make employees feel
rewarded and appreciated for their work. Benefits
also provide support to an employee’s family,
health, and financial future.

6. 49% of your employees will start looking for a new job within 12 months if
they’re dissatisfied with the benefits offered.
78% of employees reported being more likely to stay in their current roles if
the benefits are attractive.
75% of employees stressed not only the importance of employee benefits, but
expressed a desire for more variety.
400% of an employee’s annual salary is what it could cost to replace a high
level employee who leaves their role.
40% of employees said a company becomes more attractive if their benefits
packages are tailored to them.
If you want to attract top talent, increase retention rates, boost morale, and
employ a healthier workforce, you must offer an attractive benefits package.

7. Attracting and retaining talent is a critical component of any successful
organization.
A company lives or dies by the quality of its workforce. The most talented
employees will never work for someone who fails to value them. With a
hypercompetitive business landscape, attracting top talent should be a number one
priority and a tempting benefits package is one of the most effective ways to do so.
• Since the pandemic employee preferences and perception of value about
employee benefits have changed.
• Also, for the first time, all generations are a part of the same workforce.

8. TOP EMPLOYEE VALUE DIFFERENTIATORS
POST-COVID
WORKPLACE SAFETY
COMMUNICATION
91%
85%
TOTAL WELLBEING 83%
WORK/LIFE BALANCE AND FLEXIBILITY 73%
Source: AON 2020 Global Pulse Survey

9. 9

10. The impacts of employee turnover go far
beyond temporary disruptions.
• It ’s costly. Replacing an employee costs
any where from one -third to
double their annual salary, according
to the work institute. And the houston
chronicle reports that, in addition to
those costs, high turnover also impacts
the staff that remains —and the
business’s customers.

11. • As employees watch their colleagues
leave, their workloads often increase.
This can lead to a downward spiral of
departures and stress.
• Frustrated, overworked employees
are less engaged and burnt out ,
meaning the company ’s product or
service suffers. The ramifications are
difficult to fully quantify.

12. STEPS TO ATTRACT & RETAIN TALENT
1. Offer competitive pay
Since the great recession of 2008, there have been
relatively small increases in salary. However, as the talent
pool shrinks, it puts more power into the hands of job
seekers, allowing them to request higher paychecks in
exchange for their in-demand skills and experience. In
order to attract and retain top talent in any given
industry, organizations should make efforts to increase
job salary when hiring.

13. STEPS TO ATTRACT & RETAIN TALENT
2. Invest in employees’ careers.
According to LinkedIn, 94% of employees say they would stay
with their company longer if it invested in their career
development. In today’s economy, employees understand
that they need to keep their skills sharp to remain
competitive and move up the ladder.
Organizations can tap into their employees’ desire for
development by providing structures like mentorship
programs. Professional education help organizations reskill
and upskill their employees, growing their talent base while
increasing employee satisfaction.

14. STEPS TO ATTRACT & RETAIN TALENT
3. Show employees they are valued.
Companies should encourage managers to recognize their
direct reports’ work. They can also go further to offer
division- or company-wide recognition of staff who go the
extra mile.

15. STEPS TO ATTRACT & RETAIN TALENT
4. Provide unique benefits
To stand out in the job market, companies must strive to
offer more than just higher salaries. Everything from
more paid time off, parental leave and wellness discounts
can be a cost-effective way for companies to contribute
to employee satisfaction.
By focusing on employee appreciation through special
benefits or perks, companies will find more success in
attracting and retaining talent.

16. STEPS TO ATTRACT & RETAIN TALENT
5. Focus on diversity.
The lack of diversity in industries ranging from human
resources to finance has been a relevant topic over the
last few years. However, those that make a diverse
workforce a priority, by being more inclusive in hiring
practices and reducing bias in the recruiting process can
benefit from creating a more diverse company culture,
with employees bringing a wider range of insights and
experiences to the table.

17. STEPS TO ATTRACT & RETAIN TALENT
6. PRIORITIZE WORK-LIFE BALANCE.
Work-life balance isn’t just a buzzword. Remote work and
flexible scheduling policies are important factors in
creating work-life balance.

18. STEPS TO ATTRACT & RETAIN TALENT
7. Create pathways for growth
The world of work is changing fast, and employees know
they need to keep moving or risk falling behind. Yet many
worry that they lack opportunities for promotion and
upward mobility within their current companies. As a
result, they look outside the organization for their next
step. According to mckinsey & company, lack of
opportunities for career development and advancement
was the top reason employees left jobs between April
2021 and April 2022.

19. STEPS TO ATTRACT & RETAIN TALENT
8. Create a remote workforce
Working virtually continues to be a growing trend in the
united states. in the past two decades, the volume of
employees who have worked at least partially by
telecommuting has quadrupled and now stands at 37%.
Additionally, this makes it possible to recruit from
anywhere in the world, landing the best candidates based
on their skills, as opposed to those limited to a specific
geographical location.

20. STEPS TO ATTRACT & RETAIN TALENT
9. Offer continuous learning
Learning shouldn’t stop with the on-boarding process. In
order to future-proof their jobs, employees must
continually develop their skills and knowledge. This
employee benefit is one of the best ways to not only
attract and retain top talent, but also enables workers to
quickly adapt to any changes in their role, advance in
their careers, and remain engaged and excited in their
roles.

21. STEPS TO ATTRACT & RETAIN TALENT
10. Improve organizational culture
While organizational culture may seem subjective, its impacts
on retention can’t be denied. In fact, company culture is one
of the key drivers of workplace satisfaction. While the
building blocks of a strong culture vary somewhat from one
company to the other, strong corporate cultures share key
traits such as:
• Having and delivering on clearly articulated values
• Valuing and seeking out employees’ voices
• Having strong commitments to diversity, equity, and
inclusion
• Executing supportive leadership

22. STEPS TO ATTRACT & RETAIN TALENT
11. Give employees the tools for success
Dealing with technical issues or an uncomfortable
workspace is never good for morale. And for employees
already feeling overwhelmed with work, taking time out
to deal with a computer that won’t work or dated
software can be a major cause of frustration. Employers
should work with employees to ensure they have the
equipment and productivity tools they need.
It’s especially important to ensure that remote employees
also have the tools they need to work effectively. A good
perk could be paying for a home office.

23. STEPS TO ATTRACT & RETAIN TALENT
12. Support employee wellbeing
Between a rising cost of living, complex personal lives, and
political and economic uncertainties, it’s no wonder
that nearly half of employees report feeling burned out.
While ensuring employees have appropriate workloads,
clear lines of communication with management, and a
positive corporate culture are the most important tools
for fighting burnout, employers can also consider taking
additional measures to support their employees’ physical
and mental health.

24. 13. Focus on
team building
• W i t h l e s s w o r k t a k i n g p l a c e
i n p e rs o n , i t ’s e s p e c i a l l y
i m p o r t a n t t o i n t e n t i o n a l l y
fa c i l i t a t e c o n n e c t i o n s
b e t w e e n e m p l o ye e s .
T h e i r s e n s e o f c o m m u n i t y
a n d b e l o n g i n g a t w o r k i s a
m a j o r fa c t o r i n t h e i r
s a t i s fa c t i o n a n d l o ya l t y.
Ef fe c t i v e t e a m s a re b e t t e r a t
c o l l a b o ra t i n g a n d
c o m m u n i c a t i n g .
• D i g i t a l c o m m u n i c a t i o n s t o o l s
l i ke s l a c k c a n h e l p fo s t e r
c a s u a l c o n v e rs a t i o n s .
A d d i t i o n a l l y, c ro s s - f u n c t i o n a l
p ro j e c t s o r a s s i g n m e n t s c a n
h e l p e m p l o ye e s i n d i f fe re n t
p a r t s o f t h e o rg a n i z a t i o n g e t
t o k n o w o n e a n o t h e r.

25. STEPS TO ATTRACT & RETAIN TALENT
14. Help employees find purpose in their work
We all want to make a difference to those around us—and
many employees expect to do so in their jobs as well as
their personal lives. Employees who feel that their
personal purpose aligns with that of their organization
are more engaged and more loyal to their employers.
Company leadership can help employees engage with their
organization’s purpose by communicating the company’s
impact on the world and helping employees connect with
it.

26. STEPS TO ATTRACT & RETAIN TALENT
15. Offer financial growth benefits
The potential for making extra money appeals to
employees. Commissions, bonuses, Stock options, stock
ownership and performance awards motivate people to
work harder.

27. EMPLOYEE BENEFITS BEST PRACTICES
Collect employee feedback – gather data from your
employees via surveys and/or focus groups to understand
how they feel about the types of employee benefits you
offer. It’ll help you identify opportunities for improving
your benefits packages to better address employees’
needs.

28. EMPLOYEE BENEFITS BEST PRACTICES
Work with inclusion in mind – inclusive benefits
contribute to internal and external equity. For
example, 63% of large employers offer or are planning or
considering offering inclusive family-building support to
their employees.
Organizations are also looking to address racial disparities
in employee benefits.

29. EMPLOYEE BENEFITS BEST PRACTICES
Improve benefits communication – 69% of workers want to
learn about the benefits their organization offers at least
a few times throughout the year, but only 48% get that.
On the other hand, 48% only receive benefits
communication during open enrollment. Onboarding
should include a clear explanation of all benefits.

30. EMPLOYEE BENEFITS BEST PRACTICES
Enable personalization and ease of use – the needs of
your employees differ. Enabling employees to customize
their benefits will ensure they get the maximum value out
of them. It is extremely important to make sure your
system is user-friendly so employees can easily access
information, forms, and the enrollment process.

31. EMPLOYEE BENEFITS BEST PRACTICES
Measure the uptake – track and evaluate how your
employees are using the benefits you offer while
respecting privacy. Get insights into whether employees
are not using a particular benefit because they are not
aware of it or because it’s not the right fit for them.

32. The days of offering just health insurance and a pension
plan as employee benefits are over. Today’s candidates
and current employees expect an array of benefits that
support their health, well-being, financial security, and
work-life balance.
Being a competitive employer means making sure you
choose the right types of employee benefits to best fit
your workforce.

33. The future of employee benefits is likely to be shaped by
several trends that are already underway.
Here are some key trends that are likely to shape the
future of employee benefits:

34. TRENDS
• PERSONALIZATION: AS EMPLOYEES INCREASINGLY EXPECT
PERSONALIZED EXPERIENCES, BENEFITS PACKAGES ARE
LIKELY TO BECOME MORE PERSONALIZED AS WELL. THIS
COULD INVOLVE OFFERING A RANGE OF BENEFITS FROM
WHICH EMPLOYEES CAN CHOOSE, OR TAILORING BENEFITS
TO SPECIFIC EMPLOYEE NEEDS.
• WELLNESS: AS MORE EMPLOYERS RECOGNIZE THE
IMPORTANCE OF EMPLOYEE WELL-BEING, WELLNESS
PROGRAMS ARE LIKELY TO BECOME A KEY PART OF BENEFITS
PACKAGES. THESE PROGRAMS COULD INCLUDE INITIATIVES
SUCH AS MENTAL HEALTH SUPPORT, NUTRITION
COUNSELING, AND FITNESS CLASSES.

35. TRENDS
• TECHNOLOGY: AS TECHNOLOGY CONTINUES TO ADVANCE, IT
IS LIKELY TO PLAY AN INCREASING ROLE IN EMPLOYEE
BENEFITS. FOR EXAMPLE, EMPLOYERS MAY OFFER VIRTUAL
HEALTHCARE CONSULTATIONS, OR USE WEARABLES TO
MONITOR EMPLOYEE HEALTH AND WELLNESS.
• DIVERSITY, EQUITY, AND INCLUSION: EMPLOYERS ARE
INCREASINGLY RECOGNIZING THE IMPORTANCE OF
DIVERSITY, EQUITY, AND INCLUSION, AND THIS IS LIKELY TO
BE REFLECTED IN EMPLOYEE BENEFITS PACKAGES. THIS
COULD INCLUDE BENEFITS AIMED AT SUPPORTING
UNDERREPRESENTED GROUPS, SUCH AS PAID PARENTAL
LEAVE OR TRANSGENDER-INCLUSIVE HEALTHCARE.

36. TRENDS
• FINANCIAL WELLNESS: AS EMPLOYEES FACE INCREASING
FINANCIAL PRESSURES, FINANCIAL WELLNESS BENEFITS
ARE LIKELY TO BECOME MORE IMPORTANT. THESE COULD
INCLUDE ACCESS TO FINANCIAL PLANNING SERVICES,
STUDENT LOAN REPAYMENT ASSISTANCE, OR FLEXIBLE
SPENDING ACCOUNTS.

37. Overall, the future of employee benefits is likely to be
shaped by a range of factors, including changing
employee expectations, advances in technology, and
evolving societal values. Employers who stay attuned to
these trends and adapt their benefits packages
accordingly are likely to be best positioned to attract and
retain top talent.

38. Subtitle here
WHAT DOES THE FUTURE LOOK LIKE
FOR EMPLOYERS?
Expand support for employees
Expand
Reevaluate your employee benefits
Reevaluate
Improve leadership
Improve
Improve flexibility
Improve
Have culture and purpose be the focus
Have
Increase speed and reduce bureaucracy
Increase
Increase innovation
Increase

39. Subtitle here
WHAT DOES THE FUTURE LOOK LIKE
FOR EMPLOYEES?
Improved relationships with coworkers
Better health/wellbeing
More diversity
Improved technology
More flexibility
Renewed career opportunities
Source: Forbes

40. CONCLUSION
• So, why are employee benefits important? Because
they not only keep your employees happy, they keep
your business running smoothly. If you don’t have one
already, it’s time to implement an attractive benefits
package for the good of your company.
• In today’s tight labor market, the importance of
employee retention strategies can’t be overstated.
Since a few employees leaving the organization can
quickly lead to lost morale and unmanageable
workloads, it’s essential to be proactive by
implementing effective employee retention
strategies such as compensation reviews, recognition
programs, and opportunities for upskilling and
reskilling.
• Employees who feel valued and believe that their
companies are invested in their success will be happier,
more productive, and more loyal—a win for everyone.