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March 2, 2022
Employees are walking away from their employers in record numbers. A Prudential survey conducted toward the end of 2021 found that 46% of workers were actively seeking or considering finding a new job, and labor statistics backed those findings. According to the U.S. Labor Department, approximately 4.5 million workers quit their jobs in November 2021, setting a new record.
This might appear like welcome news for employers looking to hire—greater unemployment means more potential job candidates. However, confoundingly, there were still around 1.5 available jobs for each unemployed person near the end of 2021, according to USA Today. And, for the last six months of the year, job openings posted by employers topped 10 million, according to the U.S. Labor Department.
This information helps illustrate the key problem employers face right now: Workers are willing to quit jobs—and turn down open positions—that don’t satisfy their needs. During this period of mass resignation (sometimes referred to as “the great resignation”), employers need to demonstrate their value to employees or risk losing them. In other words, employers must show that they can provide workers with more than just a paycheck.
One of the best ways to do this is by expanding employee benefits offerings.