Attracting and maintaining the best talent in your industry is critical, especially in today’s job market. The question is: How to demonstrate that your company is a workplace of choice? According to research from Mission Square Research Institute, these six trends can help HR professionals make an impact in 2023:
A Great Salary is Only the Beginning
Providing a competitive compensation package is the first step, but it might not be enough.
Bolster an attractive salary range with the value of the benefits included in the full compensation package
Clearly communicate the value of incentives beyond “traditional” benefits. For example: paid leave, life insurance, flexible scheduling, and student loan, commuting or housing assistance
Ditch One-Size-Fits-All Recruiting Strategies
As companies continue to focus on diversity, recruitment strategies tailored to specific audiences and priorities are crucial.
Develop different recruitment strategies that best resonate with your target employee profiles
Trade bland, bureaucratic descriptions for mission-focused appeals
Tailor recruiting campaigns to appeal to candidates with different benefit focuses depending on life stages or economic circumstances
Commit to Maintaining Retirement Funding
2022’s economic volatility impacted individual and family finances, adding to employee anxiety. Fully funding retirement plans supports the dual goals of long-term fiscal stability and leveraging retirement plans to serve as effective workforce recruitment and retention tools.
Support your employees by demonstrating a commitment to their financial well-being
Encourage employees to continue retirement contributions
Work to ensure funded levels do not drop, which would place additional pressure on future contributions
Rethink Future Staffing Models
Recession, resignations, and waves of lay-offs have significantly disrupted many organizations’ operations. Now is the time to consider your workforce structure to be ready for what’s next.
Watch evolving technologies: new tech touches every field from accounting to customer service to transportation
Automation may not fully replace certain jobs, but it will contribute to job restructurings and reimagining team roles and responsibilities
Consider updating job descriptions and required work experience accordingly
Part-time, contract or temporary staffing models may be solutions
Embrace a Holistic View of Your Workforce
Instead of normalizing stress, top-rated employers support all aspects of their employees’ health and well-being, including mental health.
Employee burnout and mental health are real concerns for companies wanting to retain talent
Persistent inflation means standard cost-of-living adjustments many not be enough to reduce employees’ financial stress
Leaning into difficult conversations with team members about their financial stress, workload, health, or childcare issues helps to identify your workforce’s stressors and how to respond
Prioritize Data Driven Benefits Decisions
As artificial intelligence and machine learning become more prevalent in all aspects of organizations, HR should watch for opportunities to leverage AI/ML, such as:
Using employee surveys and collecting employee behavior data, HR can spot trends and support employees at risk
Exploring new vendors or evaluating current vendors
Discovering opportunities to increase insights and improve performance
Increasing employee satisfaction by helping your team make better benefits decisions, which can lead to improved financial wellness and decrease employee stress
Curious how AI/ML can help with decision support? SelectSmart™ is a decision support tool that transforms complex enrollment choices into straightforward, personalized recommendations by asking simple questions and analyzing all available choices and funding levels from health to retirement. This detailed guidance and education not only helps employees confidently make better health care and financial decisions, it also benefits companies by setting employees up for better health and satisfaction, which means happier, more productive employees.
We believe the best way to help employees feel more empowered and happier about their health and wealth is to help them make better decisions today.
Interested in learning more? Click here to schedule a 15 minute chat now to discuss how SelectSmart might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.