16 February 2022 - Paul Connolly

Improving your wellbeing strategy will be key to attracting and retaining staff in 2022

It is not breaking news that the impact of Covid-19 among the working population has been one of the biggest challenges that HR professionals have faced and are still facing 2 years on.

With a double-edged sword of a decreasing unemployment rate (4.1% in November 2021) combined with an increasing rate of vacancy growth (up 11.4% in the last quarter of 2021 compared to quarter 3), the priority within any HR department right now is the attraction and retention of talent.

Over the past 2 years, COVID has prompted employees to take a step back and re-assess their priorities; within the world of work this has seen employees become more selective in relation to their current employment, and placing higher value on work-life balance, company culture, and benefits package. The consequence of this has seen a huge increase in turnover, with “The Great Resignation” being coined by Human Resource Executive following their annual survey “What’s Keeping HR Up at Night?”.

Within this survey, over 60% of respondents indicated that recruiting and retaining talent was one of their top two challenges, a position echoed by Jonathan Boys, labour market economist at the CIPD, who commented that employers must look at ways to attract and retain talent within their business.

To face this challenge, understanding the priorities of employees is key. Whilst we have seen a steady increase in the importance of health and wellbeing among employees over the last decade, Covid-19 has boosted the significance of this; NHS waiting times, long-term sick leave and caring for dependants have all contributed to individuals’ re-assessing their priorities. Reflecting this within employees’ benefits packages by including plans such as health insurance, income protection and life insurance, will be vital to not only attracting new staff, but also retaining the current workforce.

To ensure the efforts to improve and prioritise the health and wellbeing of staff are recognised, communication will be key. Reminding the workforce of their current benefits package or alerting them to any improvements to their benefits is vital. Remember when reviewing your wellbeing offerings to check any added value services that staff may be unaware of; for example, it is common for health & risk insurers to provide access to a Digital GP and mental health services. Additional services such as these will encourage staff members to see the true value of the benefits on offer to themselves and their families.

At Incorporate Benefits, we support HR Professionals by providing full and detailed reviews of all benefits, including added value services. This ensures that you know what you’re getting and who has access to what, so that you can be confident when communicating the full value of your employee benefits & wellbeing solutions to your employees and demonstrate your focus on your employee wellbeing strategy.


Paul Connolly
paul.connolly@ibllp.co.uk



https://www.peoplemanagement.co.uk/news/articles/employers-warned-expect-challenges-vacancies-reach-another-record-high

https://hrexecutive.com/whats-keeping-hr-up-at-night-the-great-resignation-and-much-more/