Recruitment and Retention Survey Reveals Powerful Insights
A focus on recruitment and retention isn’t new, but many employers — especially after the COVID pandemic — have dedicated additional attention and resources to identifying, competing for, and retaining employees. For employers and industry leaders like Holmes Murphy who help employers thrive, the key to success is understanding that each organization has a unique set of characteristics that require individual and intentional solutions for their employees.
Figuring out which solutions work best for you starts with researching changing trends and best practices. We do just that at Holmes Murphy with our Employer Experience Roundtable, a group that convenes throughout the year to discuss topics that impact employers and learn from each other.
We recently completed our annual Recruitment and Retention Survey and discovered interesting insights that may help you as you create and evaluate your recruitment and retention strategies.
Competitive Compensation and Benefits Make a Difference
Here is what we found when we asked about the top strategies being used to recruit and retain employees:
Though compensation adjustments won’t shock anyone doing employee recruitment and retention work, the increased prioritization of enhancing the overall employee benefits package may come as a surprise as employers consider new benefits that meet the needs of the entire workforce. While it might be tempting to dive headfirst into unique benefits, I recommend that you first complete a Workforce Evaluation and a full Employee Value Proposition Analysis to assess what you already offer employees and get an idea of what your employees value or would like to see improved.
Ali Payne, President of ethOs, a Holmes Murphy company, and her team are masters at helping my clients with this analysis. After it’s complete, we can provide appropriate solutions that align with your employees’ priorities versus offering something new and just hoping it’s the right choice.
Culture, Flexibility, and the Future
I thought this information was also interesting as we took a look at varying other strategies being used out in the marketplace.
We continue to hear that employees are asking for flexibility, a positive workplace culture, and the ability to plan their future career path with their employer. The latter is particularly important to college students and interns, who express an increased desire to know what’s next and how their employer and direct leader will help them get there.
Like evolving flexible work arrangements, a majority of local employers are also reevaluating their time off and Parental Leave strategies. Last year’s trends of increasing days off, decreasing wait time to use and accrue time off, adding new paid holidays, and adding summer hours continued to trend in 2023. We’re also seeing more instances of Volunteer Time Off, also known as VTO, and floating holidays.
In fact, take a look at these stats from our survey:
- 58 percent of employers surveyed offer Parental Leave for new mothers and fathers.
- 45 percent of employers surveyed offer VTO — most commonly 8 or 16 hours.
- 37 percent of employers surveyed offer a floating holiday, while an additional 14 percent are currently considering floating holidays as a new offering.
Core Benefit Changes and Unique Offerings
When it comes to employee benefits, we are seeing core benefits enhancements that include changes to:
- Fertilty benefits
- Dental benefits, including implants and adult orthodontistry
- Voluntary to employer paid benefits (STD, LTD, Basic Life)
Employers are also looking at keeping employee costs flat, adding or increasing Health Savings Account (HSA) employer contributions, and adding Lifestyle Spending Accounts.
Beyond core benefits changes, we’re seeing more employers implement unique benefit solutions like adding or enhancing Employee Assistance Programs, bolstering mental health benefits, and considering additional solutions that strengthen the employee value proposition.
Engage with Our Resources and Learn More
Strategic employers know recruitment and retention are crucial to their organization’s success, but knowing where to start can be daunting. If you would like a copy of this year’s Recruitment and Retention Survey or want to be included in our Employer Experience Roundtable Group, please don’t hesitate to reach out!
Want to learn more about our Employer Experience Roundtable Group? Check out what we learned from the 2023 survey!
Published on: 12.04.23