By Keisha Teague, senior vice president, Employee Benefits Division, M.E. Wilson
The business landscape is constantly evolving, driven by the relentless march of technological advancements, demographic changes and the need to remain competitive in a global market. As a result, companies must adapt to these changes and rethink their approach to attracting and retaining talent in this ever-shifting workscape. The most valuable employees will be those who understand the intricacies of your business, inside and out, while retirees starting second careers, especially female retirees, will become a critical part of your recruitment pool. Success in this new world will depend less on monetary compensation and more on the flexibility, access to information, personal services and voluntary benefits you provide.
Employers may need to get Creative
Medical-related benefits are, arguably, the single most important non-monetary benefit.
Companies need to understand how their benefits compare. Are they in line with trends in the labor market? How do they stack up to what your competitors for talent are offering? You may be offering a lot of benefits, but they may not be the right benefits. Finding the best talent for your business is a constant race and offering the right benefits can help you stay ahead of other employers. The pandemic has had a significant impact on what employees want, and value, when it comes to workplace benefits. Companies now need a plan in place to shift gears from traditional benefit insurance conversations. This starts with transparency, and education, to change the perception of benefits, without continuing to spend more money.
Attracting Talent in a World Changed by Innovation
To attract top talent, in today’s innovative world, companies need to create a workplace that embraces change, encourages creativity and fosters a culture of continuous learning. This includes offering opportunities for employees to upskill, and reskill, enabling them to stay relevant and adapt to the changing demands of their roles.
Flexible work arrangements are also a key factor in attracting talent. This may involve remote work options, flexible hours or job-sharing arrangements that allow employees to strike a balance between their work and personal lives. Providing these options will not only attract potential employees, but also help retain them.
Redefining Compensation: The Value of Benefits
In the evolving workscape, the focus is shifting away from traditional, salary-based compensation packages towards more comprehensive offerings that address employees’ diverse needs. Companies that recognize the value of benefits will have an edge in attracting, and retaining, top talent.
Access to Information: Offering easy access to information, resources and advanced technologies can empower employees to be more efficient and productive, fostering a sense of autonomy and control.
Personal Services: On-site amenities, such as childcare facilities, fitness centers and wellness programs, can help employees manage their personal lives more effectively, resulting in increased job satisfaction and loyalty.
Voluntary Benefits: Companies can distinguish themselves by offering a range of voluntary benefits, such as educational assistance, financial planning services and employee assistance programs, which can help attract, and retain, employees by addressing their individual needs and preferences.
The evolving workscape presents new challenges and opportunities for companies seeking to attract, and retain, top talent. By embracing innovation, recruiting from diverse talent pools and offering non-monetary benefits, employers can create a workplace that appeals to the needs and aspirations of the modern workforce. In doing so, they will be better positioned to succeed in an ever-changing business landscape.
Keisha Teague joined M.E. Wilson as senior vice president in the Employee Benefits Division, in October 2022. She brings over 20 years of experience working with companies in the Middle Market sector and is known for her personalized service and passion for helping. Her expertise is in the areas of employee benefits, account management and payroll & human capital management technology. She assists clients in creating a benefit package that fosters a culture to attract and retain the best talent for their organizations while continuing the M.E. Wilson mission of doing the right thing. Teague continues to focus on building partnerships and helping companies save time, and money, through innovative insurance consulting strategies.