How to Attract & Retain Employees

Based on studies and trends in recent years, these are some insights on the most important benefits to attract and retain employees:

Flexibility: According to a 2020 survey by PwC, flexibility was identified as the top priority for employees. In particular, flexible work arrangements, such as remote work or flexible hours, were highly valued by employees. The COVID-19 pandemic has accelerated the adoption of flexible work arrangements, and it is likely that this trend will continue in the future.

Professional development: In a competitive job market, employees value opportunities for professional growth and development. According to a 2021 survey by LinkedIn, 94% of employees would stay at a company longer if it invested in their career development. Employers can offer professional development opportunities such as training programs, mentorship, and leadership development programs to retain top talent.

Retirement benefits: Retirement benefits, such as 401(k) plans and pension plans, are important for attracting and retaining employees. According to a 2021 survey by the Employee Benefit Research Institute (EBRI), retirement benefits were one of the top three most important benefits for employees. Employers can offer retirement benefits to help employees plan for their future and provide financial security.

Medical insurance: Medical insurance is one of the most commonly offered employee benefits and is essential for protecting employees' health and well-being. According to a 2021 survey by the Society for Human Resource Management (SHRM), medical insurance was the most commonly offered benefit, with 87% of employers offering it.

Mental health benefits: In recent years, there has been increasing recognition of the importance of mental health and well-being. According to a 2021 survey by SHRM, 67% of employers offered mental health benefits, up from 61% in 2020. Mental health benefits can include access to therapy, counseling, and employee assistance programs (EAPs).

Sources:

PwC. (2020). PwC’s US Pulse Survey: COVID-19 workforce, June 2020.
LinkedIn. (2021). The State of Skills 2021.
Employee Benefit Research Institute. (2021). 2021 Retirement Confidence Survey.
Society for Human Resource Management. (2021). SHRM 2021 Employee Benefits Report.
Society for Human Resource Management. (2021). SHRM 2021 Mental Health Benefits Survey