The Great Resignation and Quiet Quitting have given employees a lot to think about as they look for the ideal work situation in 2023. From improved career development to flexible work arrangements, it’s up to employers to develop strategies to meet employees’ needs and demands to retain their employees—starting with flexible benefits.
Top Retention Strategies for 2023
Career growth opportunities
One of the biggest drivers for employees is career growth opportunities, yet only 28% of organizations have talent mobility programs. Without talent mobility programs, companies can expect a higher turnover rate than those with a talent mobility program.
Investment in employee health and wellness
Multigenerational workforces bring different challenges and needs, so it’s up to employers to recognize and respond to those needs with flexible benefits. From expanding traditional medical, dental, and vision benefits to adding new offerings, you can ensure that you’re doing as much as possible to foster a healthy and productive workplace.
Life planning accounts (LPAs) also promote health and wellness. With an LPA, you can offer your workforce health and wellness services such as subsidized gym memberships, fitness trackers, nutrition coaching, and more.
Many companies are returning to the office, but many workers are still campaigning for remote or hybrid work. Flexible work is one of the leading drivers for employees when seeking a new job; workers want autonomy over where and when they work. If not, organizations could face higher turnover rates if they are less likely to offer employees flexible working arrangements.
- 43% of professionals cite less stress and better mental health
- 38% have better work-life integration
- 1 in 3 professionals say work flexibility would increase their job satisfaction and morale
- 29% of workers say it would increase overall productivity or efficiency at work
Due to inflation, the cost of living has significantly increased, with wages failing to keep pace. In fact, 44% of organizations say that pay is why they lose talent. To retain their employees, 92% of organizations are giving base pay increases in 2022, with 44% planning to give pay increases higher than 3%.
A well-rounded benefits package drives productivity, shows commitment to your employees’ professional and personal development, and reiterates that you value your employees. Where your employees thrive, so does your bottom line. Instead of viewing benefits programs as an expense, view them as an investment for your employees.
The top five benefits categories for employees going into 2023 are:
- Health-related benefits
- Retirement savings and planning benefits
- Leave benefits
- Family care benefits
- Flexible work benefits
Attract and retain employees with flexible benefits
Your workforce is rapidly evolving, so your benefits should too. That’s why you should offer your workforce flexible benefits.
PTO Exchange is a flexible benefits platform that helps employees reclaim the value of their accrued vacation hours. Workers can transform their unused PTO into liquid assets into:
- Financial Wellness: Student loan repayments, 401(k) contributions, emergency cash
- Community: PTO sharing, donations, volunteering
- Travel: Hotel, airfare, cruises, rental cars
Request a demo to see the PTO Exchange platform in action.