In corporate America, the phrase “R&R” focuses less on rest and relaxation, and more on employee retention and recruitment. As the market gets a little bit healthier each cycle, industries across the nation are now struggling to find and keep great people — and they don’t just want to settle for good people.
Upon closer look, the numbers seem overwhelming. According to the Bureau of Labor and Statistics, 3 million employees quit their jobs in March 2016 — representing two percent of all layoffs, discharges and other separations.
The trend we’re seeing at BCI Group, and beyond, to keep those 3 million employees, is a series of one-upmanship packages offered by employers. This one-upmanship doesn’t just concern health insurance, retirement plans and ping pong tables, but things like pet insurance and pet bereavement.
Companies are really trying to come up with unique ideas in order to answer the question, what’s going to resonate with this employee population? The modern workforce today is held together by as many as five generations. Each generation represents an important employee population, each with their own motivators and challenges.
It’s the job of business leaders and industry experts to create a benefits package that ties together and appeases each generation’s needs (without bowing to them). Oftentimes this means negotiating changes in the company’s corporate culture — and that’s the real challenge.
For insider benefits news, read Tracy’s blog, The Benefits Buzz.