“The Great Resignation” has presented significant businesses challenges in an already challenging year. Yet what much of the news surrounding this trend has overlooked is that it has also presented a great opportunity: Rather than scrambling to find enticing, but temporary solutions to influence current and future employees, the Great Resignation gives employers the chance to adjust their perspective on the employee-employer relationship. This gives employers the potential to implement impactful, permanent solutions that will not be affected by future economic trends such as the Great Resignation.
Impacting Life Beyond the Workplace
For many of us, the lines between ‘workplace’ and home were blurred, if not erased, at the start of the pandemic. As a result, HR leaders are no longer just responsible for fostering a safe and happy office space, but for extending the values of office culture into employees’ everyday lives. This means getting comfortable with providing support in areas that may traditionally have been considered separate from work life, such as social programs like a working parents support group or offering mental health support benefits.
Open the Communication
In the same vein, the employee-employer relationship is becoming much more of a two-way street. Employees want to know that they will have the opportunity to have their voices heard, especially as their priorities rapidly shift. Invite employees not only to provide feedback on your current benefits offerings, but to give you a glimpse into the areas of their lives that are most important to them and what they need support with. Because while some employees may want to work for a company that values giving back and has robust CSR indicatives, others may prioritize paying off student loans over retirement savings and want employer sponsored programs that allow them to do so.
Financial Wellness
While the total benefits package is key to whether employees will stay with a company[1], there is no doubt that financial benefits play a big role. Pay raises, a greater 401(k) match, bonus opportunities and more all weigh heavily on the decision to join or stay with a company. By adding Kashable to your employee benefit package, you will be making a statement that financial wellness is a priority to you as well. Kashable not only offers fast and affordable personal loans when employees may need extra funds, but was designed to help educate employees on how to achieve their financial goals and reduce their stress. Kashable is one simple, no cost benefit that checks multiple boxes for your current employees and increases your attractiveness to new employees.
It’s always a good decision to make changes to further benefit your employees, but the Great Resignation shouldn’t be your only reason for implementing perks and benefits. The Great Resignation should simply be one of many constant reminders to keep in touch with your employees’ needs and make their health and wellness your priority.
In this highly competitive market, it’s hard to stand out from the crowd. With higher standards and more expectations, employees are seeking better opportunities and understand the importance of a great relationship with their employers. Take this time to rethink your approach, so that you can set the foundation for retaining and attracting employees for years to come.
[1] https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/managingforemployeeretention.aspx#:~:text=Employee%20benefits%20also%20play%20a,They%20Like%20Their%20Health%20Plan.