How Your Benefits Offering Fuels Competitive Hiring And Talent Retention

The current job market has some of the lowest overall unemployment and highest turnover in decades. About 63% of jobseekers note that work-life balance is a top priority when applying for jobs, with their top five priorities also including both health insurance and retirement benefits.  

To build a strong and lasting organization, pay attention to the following reasons why offering a competitive employee benefits package can positively impact your business.

Robust Benefits Attract The Best Talent

When surveyed, three in four employees say benefits are a deciding factor as they consider whether to stay with an employer, making them an important part of an overall compensation package. 

Make sure your current benefits are in touch with what they seek — or else they may leave your business for another one that better meets their needs.

Skeptical of whether top talent is really worth it? Studies show that high performers can deliver 400 percent more productivity than the average ones, with dramatically higher performance in roles with more complexity. 

Personalized Support Minimizes Employee Turnover

A recent survey showed an increasing employee demand for personalized benefits, with 83% of human resources professionals agreeing that mental health and financial wellness resources drive employee retention. They view this as a critical step during the post-pandemic surge of employee turnover seen across all industries.

Employee statistics echo this, with a recent MetLife study finding that a wider benefits offering would convince 73% of employees to stick with their current employer. Experts estimate that the actual cost of replacing an individual employee ranges somewhere between 300% and 400% of their annual salary, costing U.S. businesses a total of about $1 trillion. In another study, 88% of respondents noted that they would consider changing employers if it meant access to fertility benefits.

The takeaway? A good benefits package makes people want to stay, which in turn lowers costs by reducing the need to hire and train new people.

Whole-Health Strategies Can Keep Your Workforce Operational

While basic medical insurance can directly address physical and some mental healthcare needs, modern benefits design allows you to support your workers through much more, including financial challenges, stressful life transitions, or future family planning. 

A whole-health strategy values health from all angles, from physical to emotional and mental health. No single part of life operates in a silo; why should any aspect of health be treated in isolation? Employee performance reflects their health and stress levels outside of work as much as their output during business hours.

The potential impact is huge, given that about one million Americans miss work each day because of stress. As many as 80% of workers report experiencing job-related stress, with three-quarters noting that it affects their personal lives. Stress is directly correlated with absenteeism (missing work) and presenteeism (reporting to work but not operating at full capacity). 

Understanding the costs associated with both can be challenging, but estimates say that both cost U.S. businesses billions of dollars each year — particularly presenteeism, which is believed to be more rampant while also difficult to diagnose and address. 

Forward-thinking companies like Anthem can partner with you to design benefits plans encompassing more than physical healthcare, including mental health support, digitally enabled healthcare, well-being programs, family support, and even financial wellness initiatives.

Health Benefits Enhance Workplace Morale And Increase Productivity

Experts agree that positive morale directly correlates with increased teamwork, retention, and productivity. A strong benefits package reinforces that you care about and support the health of your employees, helping boost loyalty and satisfaction by directly meeting their needs.

The United States Chamber of Commerce commissioned a study from Avalere Health that looked at the positive impacts of implementing employer-sponsored health insurance, as noted by various metrics, including productivity. For businesses with at least 100 employees, the 2022 return on investment (ROI) in productivity was estimated at about $275.6 billion, slated to increase to $346.6 billion by 2026.

You can make changes today to expand your benefits offering and positively impact your business. Partners like Anthem help employers like you navigate plan design to offer the most competitive benefits, particularly in the current economy and job market. 

Heathier employees can more easily navigate and manage their professional and personal lives. And when they also feel supported by their health benefits, they are more attentive and productive at work, leading to a higher ROI for employers.