Winning the War on Talent Through Better Benefits
Written by: Kimberly Landry , associate research director, LIMRA Workplace Benefits Research
Read the full MarketFacts article on LIMRA.com .
November 2024
Even as voluntary labor force turnover subsides from the heights seen during the “Great Resignation,” employee retention remains a high priority for employers. The Work Institute estimates that voluntary turnover cost U.S. companies almost $900 billion in 2023. According to a recent survey by Guild, 81 percent of business leaders are concerned about losing high performers.
Their concerns may be justified. Recent LIMRA research finds that only half of employees are happy with their jobs in 2024 — down 6 percentage points from two years ago. Other attitudes related to job satisfaction have declined by similar margins, including willingness to recommend one’s employer to others, perceptions of fair pay, feelings of connection to coworkers, trust in management and perceived opportunities for career advancement.
In addition, only 47 percent of workers feel committed to staying with their current employers, either for the short-term or long-term, while 22 percent are actively looking for new positions. The rest hover somewhere in between, open to new opportunities but not actively looking. Younger workers, including Millennials and Generation Z, are substantially more inclined to consider leaving their employers.
Strategies for Boosting Loyalty
Regardless of age, however, there are steps employers can take to promote employee loyalty. A variety of positive employment attitudes are associated with greater commitment to staying, and employers can encourage many of these through their actions.
For example, workers who feel their employers value their contributions ...
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Health | Medicare | Employee | Retiree Benefits | Long Term Care Planning
6 天前Yes, adding financial education will greatly enhance employees sense of value and contribution to employers growth, and understanding on employers benefits offering and these benefits value to employees health and financial wellness.