It’s no secret that hiring new employees and retaining existing ones is a struggle for companies across the globe right now. With the “Great Resignation” in full effect, it’s essential that employers stand out like never before. And actually, that was a significant contributing factor for why benefits started in the first place.
Let’s dive into a brief history of benefits and how we can pull inspiration from the past while relying on technology and communications to create a strategy to win new employees and keep existing ones.
The (brief) history of benefits
In 1875, the American Express railroad offered employee pension programs. This is one of the first known benefits that wasn’t purely compensation. However, other industries were quick to adopt the idea of a pension to signal to employees that their company would provide stability, even after they stopped working.
Fast forward to World War II and the demand for workers was at a historic high, yet the war made it a competitive hiring market and simply raising salaries was out of the question for most companies.
As healthcare offerings became more and more common, the War Labor Board implemented a tax exemption to employers who sponsored employee health plans. This meant these benefits were completely tax-free to employees.
Offering health coverage quickly grew into an expectation as more and more companies adopted the practice.
As time went on, “fringe” benefits continued to expand, and they still do today. Whether it’s a company car, generous parental leave, or an employee wellness program, companies continue to differentiate and take better care of their employees through added benefits.
How your company can win during the “Great Resignation”
Despite being a competitive hiring market, your company can still stand out. We’ve put together a comprehensive strategy that we’ve seen work for our clients. And you may be surprised—we aren’t suggesting adding hundreds of new, expensive benefits. Rather, we help you emphasize what you already offer, in just three simple steps.
Put listening at the forefront
Gathering employee feedback is one of the most important steps you can take. Understand what your employees want and gauge their current understanding of your benefits. Do they even know some of your offerings exist? There are plenty of low-cost ways, like sending out a survey, to gather feedback quickly that will end up saving you thousands of dollars and countless hours in recruiting.
With LearnYour Benefits you also get real-time data to see which content your employees are engaging with. This provides insight into what they’re searching for and what topics they’re most interested in.
Communicate often
Unfortunately, most companies talk to their employees about benefits once a year during Open Enrollment. However, your employees are making decisions that affect their wellbeing year-round. LearnYour Benefits allows continuous communication throughout the year with minimal effort from your HR team.
Communicate effectively
Our style of communicating with one another has evolved; many prefer short texts over long emails, scannable articles over lengthy documents, and quick videos over robust presentations. So why haven’t most benefits communications followed suit? Get ahead of the curve by opting for modern methods that help your employees consume information effectively. If you need help reaching your employees, that’s where we come in. Request a demo today to understand how LearnYour Benefits tailors and elevates your communications.
