How to avoid the ‘Great Regret’
Job hopping - or boomeranging - may be here to stay. In 2021, “workers, tired of being underpaid and unfulfilled, left their jobs in search of higher wages, better benefits and more flexible work options,” according to Forbes. Many are finding the that the grass isn’t always greener, however. While 20 million employees quit their jobs in the first quarter of 2022, just over 25% regret the move, according to Joblist.
How does a company avoid regret for their own hiring choices, and make sure new hires are satisfied once they arrive?
Be clear when you describe the job, the key responsibilities, and your team’s and company’s culture. If possible, provide the opportunity for candidates to talk to current employees who hold or previously held, the applicable position. A recent study of more than 2,500 workers that found 72% of new employees experienced either "surprise or regret" that the new position turned out to be "very different from what they were led to believe."
Be competitive, not desperate
Small and mid-sized companies can’t always offer the rich benefits and perks of their larger counterparts. But with fair compensation, flexibility, and a strong benefits package that protects their employees, HR teams can be competitive on the things that matter. Here are a few ways to do just that:
- Survey your current employees to find out what’s important to them.
- Offer a range of voluntary benefits, keeping in mind that simple solutions meet the needs of all employees.
- Create a diverse and inclusive package that addresses employees who lack representation. Include key stakeholders in the decision making and implementation of your new products.
- Promote flexibility and health and wellbeing, to increase employee satisfaction and engagement.
Spread the word
The best benefits package in the world is no benefit at all if employees aren’t aware of what’s offered, whether it makes sense for them, and how to choose and use them. It’s on you as an employer to educate your workforce and reinforce those messages year-round. Tapped out with other priorities? Consider working with an outside partner with educators who can support and advocate for your employees!
Partner with a broker
Benefit design and administration are a big but often burdensome part of HR’s workload. Brokers can help by acting as advisors who outline strategies, provide employee support mechanisms, manage compliance efforts, and identify meaningful options.
Brokers can also provide cost containment services to help employers understand how they are spending and where there may be opportunities to save. HR teams can feel more confident when they collaborate with a broker.
Optavise is here for you
With Optavise in your corner, you’re never on your own. We offer a range of resources to help navigate the challenging world of benefits and the evolving regulatory environment, and we work with brokers to do the same. Learn more about how we can help.