If there’s one thing everyone can agree on, it’s that the past two years have been a crazy ride. So many people had to leave their comfort zones, workplace norms hit a gnarly 180, and it’s difficult to remember how some things used to function. One of the biggest changes the workplace still faces is The Great Resignation.
What is the Great Resignation?
Halfway through the pandemic, the workforce saw a spike in turnover rates. This signified the beginning of what is now known as The Great Resignation. Loyalty was thrown out the window as workers left their jobs searching for better opportunities.
There are a lot of theories as to why this happened. A Harvard Business Review article theorizes that it could be due to uncertainty caused by the pandemic, the shift to remote work, or simply workers just being burnt out.
What implications does this have for employers?
It means you’re vulnerable to losing some of your team (if you haven’t already). But fear not, there are aspects of your business you can change to retain your talented team and make yourself more attractive to potential hires.
Listen to your team
The most important thing you need to do is hear what your team has to say. A lot of the time, your team will give you many opportunities to hear their frustrations – presenting you with an opportunity to mitigate them.
Understand your industry
Workplace culture, benefits, and compensation vary greatly from industry to industry. As a conscious employer, you should be taking the time to understand how you match up to your competition. What kind of benefits do they offer? What does their workplace culture look like? Do they try and engage their team?
There are tools you can use to create a window into your team’s mind. The Benefits Canada 2021 Survey gives great insight into what the highest priorities are for workers, what their biggest frustrations are, and much more tangible information.
Benefits can be used as a retention tool
Yup, you guessed it! According to the Benefits Canada Survey, now more than ever workers are prioritizing their physical and mental health. You might think, “I’m with one of the big guys, my plan gives them lots of support”. Guess again. The rules and rigid structure of your current plan mean it offers limited support at best. Benefits are part of compensation, and your team wants to spend their compensation where they want, when they want, and without limitations.
Luckily for you, our Blended Solutions offer just that. No more rising premiums that cause you to plan shop each year, no more categorical limitations on benefit spending, and best of all, your team gets to choose where they put their money towards! So, to shorten it, Blended Benefits save you money, give your team what they need, and help you retain your top talent!
Need more information?
Check out our blog page to catch up on all the ways we can help take your benefits to the next level! You can also get in touch with our Growth Team. We’d love to talk about benefits with you (or just about anything for that matter)! Last but not least, be sure to toss us a follow on LinkedIn, Instagram, Twitter, and Facebook!