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Talent

Budgeting

The role of benefits in talent retention

Baruch Levy

February 12, 2024

According to the most recent study the Pew Research Center did on the topic, about 4 million workers switch jobs on average each month. 

This translates into an annual turnover of nearly 50 million workers: about 30% of the US workforce. To further emphasize the talent churn, the Pew Research Center survey found that about one in five workers said they were very or somewhat likely to look for a new job in the next six months.

As an employer, your aim is to attract the best talent - and then to retain it. Besides competitive salary, what can you offer that will keep your employees from jumping ship? A recent usability testing panel we had for Fijoya’s platform surfaced some compelling insights on the critical role benefits play in both talent acquisition and retention.

What Employees Value

A few months ago, we convened over 100 average American employees to conduct usability testing on Fijoya’s platform. During casual conversations before and after our testing sessions, a recurring theme emerged: many participants had either chosen or remained in a job (sometimes one they actively disliked) because of the benefits package.

This revelation extends beyond mere anecdote; it's a reflection of a broader trend where benefits weigh heavily on employment decisions. Health insurance, retirement plans, paid time off and wellness programs are not just perks; they are often the linchpins in the decision to accept a job offer or stay with a current employer. For many, the quality of these benefits can outweigh salary considerations and job satisfaction. 

This dynamic places a spotlight on the importance of a robust benefits package in any talent strategy, from acquisition to retention.

How Do You Maintain a Competitive Benefits Package?

If you are a large enterprise, your Benefits teams likely work year-round to evolve your benefits packages to meet employee needs and expectations, attempting to provide ever more diversity and equity in the offerings. This process involves sifting through hundreds or thousands of potential Benefits (often in the form of point solutions), vetting, deciding and contracting. 

Of course, your Benefits teams must - at the same time - manage the benefits you already offer. That often includes employee guidance, point solution support and financial administration. 

All this is a time- and resource-consuming job. That makes it even tougher for smaller employers who are competing for talent and want to provide comparable benefits packages. 

If you’re a small to medium enterprise, it’s extra important to attract and retain those skilled workers you need to grow and thrive. The size of your Benefits team or capacity of your HR department, however, puts you at a disadvantage when it comes to creating and maintaining a powerful benefits package.  

Bridging the Gap

Fijoya’s platform is designed to democratize access to top-tier benefits, ensuring that employers of all sizes can offer packages that truly resonate with current and prospective employees. 

The administrative burden that was previously laid on the Benefits team is now on Fijoya. HR can give their employees access to thousands of Benefit options with no vetting, contracting or ongoing point solution management. One contract, initial setup where you define the monthly benefits stipend for employees or employee groups - and that’s it!

For large enterprises, this means hundreds of work hours saved for Benefits teams. That time can be channeled into creative and innovative endeavors that raise your employee experience to a whole different level. 

For smaller enterprises, this means entry into the market for top talent. You can finally offer a benefits package that can be leveraged as a strategic tool for the growth and stability of your workforce and your company.

Time to Act

The insights gained from our usability testers are more than just data points; they're a call to action. 

They are a call for employers to craft their benefits packages wisely, keeping in mind their importance in the quest to attract and retain top talent. And they are a call for us at Fijoya, to press forward in our mission to make offering competitive benefits attainable for all employers.

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One pay-per-use contract for thousands of health and wellness benefits.

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