With an ever-increasing competitive workforce, quite abreast of the industry trends it is required for employers and HR managers to evolve and stay in sync with new employee engagement practices and models to retain talented workforce.
According to a recent survey conducted by the Harvard Business Review Analytic Services, nearly 80% of human resource executives believe that the key to keeping employees engaged and motivated is by showing them that the company cares about their well-being. One of the ways they can achieve this is by providing employees access to a well-rounded benefits package.
The pressure on HR leaders today is to improve employee engagement and getting most out of the very best people will only intensify in the next three years to come. Some of the key criterions for employee engagement and satisfaction on job are – high salary, perks, benefits, care, and job security.
The HBR report states, “The companies that can grab and hold on to the best talent will be those organizations that can provide jobs, that are challenging and fulfilling, and that offer a well-rounded benefits package along with clear opportunity for learning and career growth, all within a company that has an ethical culture of transparency.”
Clearly, retaining employees and keeping them motivated will be crucial to the future of organizations as they rebuild. One of the HR leader’s opine, “We’ve all been through a lot of uncertainty. But really great employees don’t hang around just for a pay cheque. If you want to future proof your company, you have to have people who want to be with you to build your company’s future.”
Offering a well-rounded benefits plan can go a long way in attracting employees to a company. But many employers view health and welfare benefits as a responsibility to their employees and not just a tool for recruitment and retention.
They largely believe that employees are most productive when they feel financially secure, and they seek out benefits carriers that will provide excellent service to their employees.
Great HR leaders should start thinking on the lines of, “Everyone has to offer a very competitive salary, but it would be rather foolish to try to outbid with dollars, so it’s better to think about the best total compensation to the individual: right job, right opportunities, right package. Leading the company HR initiatives, you have to make employees feel, that who they are really matters here, and we are really concerned about your welfare and not just whether you show up at work and do a job.”
As companies continually confront the challenge of managing their benefits costs, more and more companies are finding that offering voluntary benefits allows them to meet the needs of their diverse worker populations.
Sixty-eight percent of the HR leaders surveyed offer voluntary benefits that employees could purchase at the workplace. Employers believe that voluntary benefits offer employees’ choices and the opportunity to protect their financial well-being in ways that are important to them.
Leadership guru, management consultant, and successful author Tom Peters captures the predicament of companies to say: : “Maybe the boss can force a person to show up for work, especially in trying times, but one cannot, by definition, force a person to contribute his or her passion and imagination on a regular basis.”