The Great Resignation

Around the 4th quarter of 2021, 4.5 million workers quit their jobs, according to the U.S. Labor Department, but there were over 10 million jobs posted. What do these numbers show? It shows that workers are willing to quit jobs and turn down open positions that don’t satisfy their needs.

Many employers chalk it up to people just not wanting to work anymore. Frankly, they are right. Many of those who quit their jobs were front-line, low-wage, or entry-level employees who didn’t have access to meaningful employee benefits, if any at all. Employees felt defeated and didn't see the point anymore, so they mustered the confidence to leave.

After the worst of the COVID-19 pandemic, employees rightly concluded that their labor was worth more than their compensation. Savvy employers picked up on this realization and are now offering more attractive benefits to entry-level employees beyond increased pay.

It is never the wiser decision for an employee to choose an employer who has no benefits package, versus one who does, and employees know that. No employer can give employees the world, but there are benefits options and strategies that can show the employee that they’ve made the right choice.

Choosing the right benefits for your workplace is tricky. Employers must weigh employee desires against budgets and operational objectives. Despite the challenges, providing meaningful benefits can be the difference between a satisfied workforce and a great resignation.

Have you adjusted your benefits offering? Has it been on your mind, but still haven't made a move? If so, let's talk about it.

This Benefits Insights is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. © 2022 Zywave, Inc. All rights reserved.