The workplace offerings provided by employers can have a substantial influence on both the employer’s and the employees’ futures. Employers who offer appealing workplace offerings can attract and retain top talent in today’s competitive job market, while employees who have access to such offerings are more likely to be satisfied with their work.
Further, employers can attract and retain top talent, boost employee well-being, increase productivity, and build a healthy company culture by providing appealing benefits and incentives. Employees who have access to these kinds of benefits are more likely to be pleased, engaged, and devoted to their jobs, which leads to higher productivity and growth for the firm.
But according to a report published on May 2, 2023, by the nonprofit Transamerica Institute, major gaps may exist between companies’ offerings and employees’ wants, which might be corrected this year in a crowded labor market.
According to a poll, around 69% of employers named one or more workforce-related concerns as a key worry for their company’s leadership in 2022, and 61% reevaluated their health, retirement, and other benefit offers.
“Employers are grappling with workforce issues ranging from attracting and retaining talent to productivity, flexibility, and return-to-work policies,” Transamerica Institute CEO and president Catherine Collinson informed through her statement.
“In today’s rapidly evolving environment, many companies are reevaluating their business practices and benefit offerings, but the question is whether they are in sync with employees’ needs,” she added.
Transamerica Institute researchers evaluated companies’ benefit offerings, discovered unmet employee needs, and gave recommendations. The research is based on a survey of 1,800 for-profit employers in the United States, encompassing small, medium, and big businesses, as well as comparisons with a poll of 5,700 for-profit employees.
Overall, the research discovered that employers believe they are accountable for their employees. More than 80% of employees across all firm sizes felt responsible for subjects including upskilling, establishing work-life balance, and sustaining mental health.
Employees, on the other hand, want more attention in several of these areas. For example, while 96% of employers feel they are helpful in promoting their workers’ work-life balance, only 75% of employees believe their employers do.
Furthermore, while around 88% of companies felt responsibility for professional growth among their employees, just 17% prioritized training among employees of all ages, including those aged 50 and beyond. Furthermore, just 49% of workers reported having up-to-date job skills.
Disconnects between health and welfare benefits packages, physical health and workplace wellness alternatives, and mental health employee support programs were also raised by employers and employees.
“Employers have an opportunity to increase their understanding of their employees’ needs,” Collinson added. “By contrasting and comparing employers’ offerings with workers’ perspectives, our research reveals glaring gaps.”
Listening to employees and resolving these gaps might help improve retention and recruiting this year. According to a Workhuman research issued earlier this year, nearly one-third of employees feel “unheard,” “ignored,” or “invisible” by their bosses. Workers reported a decrease in their mental health and sense of belonging.