Over 38 million American workers left their jobs in 2021. This era, marked by month-over-month record highs of employees calling it quits, has been coined “The Great Resignation” — a phenomenon that has spanned across industries and one that has made the current employment landscape a job seeker’s market. Employers nationwide are struggling to hire new employees and hold on to the talent they already have, making competitive salaries and comprehensive benefits a necessity instead of merely a “nice-to-have.”
THE DATA BEHIND THE DEPARTURES
Front-line, low-wage, minority, and lower-level employees considered leaving their employers at rates significantly higher than historical norms, according to HR consultancy Mercer’s 2021 Inside Employees’ Minds survey report, based on responses from more than 2,000 U.S.-based employees.
According to the Harvard Business Review, employees between 30 and 45 years old have had the most significant increase in resignation rates, with an average increase of more than 20% between 2020 and 2021.
A September 2021 poll by think tank The Conference Board found that more than three-quarters of 1,800 U.S. workers cited concerns such as stress and burnout as significant challenges to well-being at work, up from 55% six months earlier.
An analysis of both workplace data from Revelio Labs and more than one million Glassdoor reviews uncovered why employers have struggled with higher attrition rates during the Great Resignation. The reasons cited included toxic corporate culture, job insecurity and reorganization, high levels of innovation that paved a path to employee burnout, feeling unvalued, and poor responses to COVID-19 workplace planning.
COMBATTING EMPLOYEE TURNOVER
When employees leave, remaining team members often find themselves without crucial skill sets or resources, negatively impacting their quality of work and, ultimately, bottom-line revenue. So, how can employers ensure that their benefits are appealing enough to keep their teams intact?
Some companies have recognized the value of enhancing their healthcare benefits and paid leave policies. For example, accounting and advisory firm KPMG announced a 10 percent reduction in healthcare premiums for 2022 with additional healthcare advocacy services and expanded parental leave offerings. Other companies, like Goldman Sachs, have introduced expanded benefits that include generous paid leave for pregnancy loss (including spouses) and bereavement leave.
Some HR professionals have cited other benefits that may help reduce turnover, such as new or additional flexibility or remote working options, employee referral bonuses, and merit increases.
By investing in the resilience of your people, you must address critical issues that impact their health, work communities, economic stability, and their development. A collaborative care solution gives your workforce the support they need to look after their physical and mental health so that you can better address the challenges associated with burnout. To learn more about how Eden Health can help you attract top talent, reduce turnover costs, and build a more engaged and effective workforce, request a demo from a member of our team today.