How to build competitive benefits packages
The Great Resignation has forced employers to increase and improve their compensation, benefits and perks in order to recruit and retain top talent in a historically tight labor market
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THE GREAT RESIGNATION is the biggest issue facing HR leaders today, with US companies experiencing historic turnover.
A record 4.5 million Americans quit their jobs in November 2021, up from 4.2 million in October, according to the Bureau of Labor Statistics. The previous record was in September, when 4.4 million employees left their jobs (3% of the nation’s workforce). Essential workers, in particular, have been leaving their positions for greener pastures, demanding more money, better working conditions, and increased mobility.
To combat the nationwide staffing shortage and compete for talent, employers are having to increase their compensation and benefits packages beyond the traditional healthcare, dental, vision and 401(k) offers.
With such a tight labor market, companies are being forced to accelerate their recruiting processes. Making candidates jump through hoops to take tests and do multiple interviews isn’t effective anymore. Instead, employers need to be transparent about what they’re offering and quick to make a decision. And if they’re not willing to provide potential hires with flexibility, those conversations are non-starters.
“Flexibility in how and where people get their work done is now non-negotiable,” says Victoria Pelletier, managing director of global CEO transformation at Accenture, an international professional services company with offices throughout California.
When many employees transitioned from the office to working from home at the dawn of the COVID-19 pandemic, it was expected to be only for a spell. As the months dragged on, though, employees grew comfortable about not having to commute or dress up. Being at home also meant more time with their families, allowing them to make their kids breakfast or drive them to practice. The work-life balance shifted, and after two years of this 'new normal,' many folks don’t want to go back.
due to the Great Resignation, those who remained employed often had to take on additional responsibilities, leading to stress and burnout.
In Lyra Health’s latest survey, 92% of employee benefits leaders said providing mental health support had become a higher priority for their company.
“It’s hard for anybody to find a psychiatrist and get therapy right now, so employers are coming up with creative solutions, such as telehealth, employee assistance programs, and discounted counseling sessions,” Barton says. “I get marketed constantly from apps like Calm and Headspace. Now employers are putting those resources in employees’ hands.”
Taking advantage of an in-house resource, Deloitte has relied upon Dr Deborah Miscoll, managing director and consulting psychologist at the company, to serve as a “mental health concierge.” Miscoll helps guide and direct employees to a mental health provider best suited to their needs.
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of tech employees prefer working remotely full-time
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50%
75%
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85%
Silicon Valley prefers remote working
As of November 2021, 89% of employees prefer a role with remote options, according to San Francisco-based PRO Unlimited, an integrated workforce management platform provider. In other words, employers that offer such flexibility will capture 96% of the labor market, while those that don’t will lose out on 58% of candidates.
“Even if companies were fully operating in brick and mortar before the pandemic, they’ll have to get comfortable offering remote options long-term,” Pelletier says.
To facilitate a permanent remote work or even hybrid work model, some companies are offering benefits to cover expenses, such as
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“This whole recruiting challenge is compounded by big companies with deep pockets who are getting silly with what they’re offering,” Berkey says.
For example, Goldman Sachs, JPMorgan and Citi paid nearly $11 billion in combined additional compensation last year to retain staff, the Wall Street Journal reported. Meanwhile, Amazon, Ollie's Bargain Outlet, Sheetz and other brands offered signing bonuses to recruits. Little Caesars went one step further by giving new hires in the Detroit area a pair of club, suite or lower bowl tickets to any sporting or entertainment event at Little Caesars Arena or Comerica Park.
“We always keep an eye toward the market to see what everyone else is doing,” says Melanie Langsett, rewards, recognition and wellbeing leader at global management consulting firm Deloitte. “As our workforce evolves and we tap into different talent pools, we have to be on demand, committed to being very agile in terms of how we design and deliver our benefits package.”
Edward D. Jones Sr. establishes Edward D. Jones & Co. in 1922, determined his company will treat associates as partners and treat clients fairly by offering appropriate, quality investments. The firm’s office in downtown St. Louis is a single room furnished with a desk, three chairs and a hat rack.
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Edward D. Jones Sr. establishes Edward D. Jones & Co. in 1922, determined his company will treat associates as partners and treat clients fairly by offering appropriate, quality investments. The firm’s office in downtown St. Louis is a single room furnished with a desk, three chairs and a hat rack.
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Additionally, the company is introducing performance psychology support for its employees. “It’s not just about being in a crisis and needing help right now,” Langsett says. “We’re also building the tools and capability for mental resilience and sustained performance.”
Along similar lines, Barton suggests that another benefit is going to become relevant in 2022: employee navigation. There are companies that specialize in providing healthcare navigation – directing workers to quality doctors for cost-effective care. World Insurance plans to include it as part of its benefits package in July.
Edward D. Jones Sr. establishes Edward D. Jones & Co. in 1922, determined his company will treat associates as partners and treat clients fairly by offering appropriate, quality investments. The firm’s office in downtown St. Louis is a single room furnished with a desk, three chairs and a hat rack.
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“Flexibility in how and where people get their work done is now non-negotiable”
Victoria Pelletier,
Accenture
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“It’s surprising how fast the compensation market is moving right now,” says Corey Berkey, vice president of HR at JazzHR, a recruiting software company in Pittsburgh. “Just today, we told a candidate that we’d be sending an offer, and in an hour's time they had already accepted a bigger company's offer. Now we're out of the race."
“Navigating the healthcare system today is extremely challenging, so having clinicians and professionals help me in that situation is a benefit,” Barton says. “Employers traditionally wrap it into their healthcare plan, and insurance companies like that, too.”
While various surveys show that pet insurance, tuition reimbursement and free exercise classes are nice perks, the Great Resignation has proven that cultivating an inspiring, collaborative company culture is the best strategy for attracting and retaining talent.
“You can give all the signing bonuses you want and allow people to work remotely, but if they feel they’re in a horrible culture with poor leaders, they’re going to leave,” Pelletier says.
“This whole recruiting challenge is compounded by big companies with deep pockets who are getting silly with what they’re offering”
Corey Berkey,
JazzHR
Industry experts
Jennifer Barton is North American head of employee benefits at World Insurance Associates LLC, based in Tinton Falls, NJ. Barton has spent more than 20 years working with organizations to improve business returns through seamless integration of people, processes and operations. Her experience as a COO, blended with her deep expertise in HR and change management, has positioned her to successfully deliver on business transformation, operational improvements and organizational design initiatives for companies ranging from small start-ups to Fortune 500 corporations. In addition to leading hundreds of training programs and facilitating workshops, Barton enjoys speaking at annual conferences.
World Insurance Associates LLC
Jennifer Barton
Corey Berkey is the vice president of HR at JazzHR, a recruiting software company in Pittsburgh. Since joining JazzHR in July 2015, he has overseen its recruiting efforts and employee engagement strategy. A 10-year veteran of the industry, Berkey holds an SHRM-SCP and a bachelor of science degree focused on human resources management from Indiana University of Pennsylvania. His experience spans large and small businesses in many different industries, but he’s always had a soft spot for tech and early-stage companies. Berkey is skilled in employee relations, benefits management, compensation strategy, talent acquisition, HR policies, and leadership.
JazzHR
Corey Berkey
Melanie Langsett is the rewards, recognition and wellbeing leader at global management consulting firm Deloitte. She has more than 30 years of employee benefit administration and human capital consulting experience serving a wide range of Fortune 500, nonprofit and public sector clients. She is skilled in the full talent life cycle and has particular expertise in transforming the way employers recognize and reward their workforces to maximize business outcomes. Langsett is frequently asked to speak on total rewards and HR topics and has provided numerous training sessions for plan sponsors on leading practices in benefit operations.
Deloitte
Melanie Langsett
Victoria Pelletier is the managing director of global CEO transformation at Accenture, an international professional services company with offices throughout California. Pelletier is no stranger to the corporate boardroom: by the time she was 24, she was COO of multinational corporation Plus Travel Group. Now she has more than 20 years of corporate leadership under her belt, having held senior roles in major companies such as AON, American Express and IBM. In addition to being a successful, strategic, transformational leader, Pelletier is also a sought-after thought leader, making regular appearances on local and national television, radio, podcasts and other media outlets.
Accenture
Victoria Pelletier
Victoria Pelletier
Accenture
Melanie Langsett
Deloitte
Corey Berkey
JazzHR
Jennifer Barton
World Insurance Associates LLC
Industry Experts
Jennifer Barton is North American head of employee benefits at World Insurance Associates LLC, based in Tinton Falls, NJ. Barton has spent more than 20 years working with organizations to improve business returns through seamless integration of people, processes and operations. Her experience as a COO, blended with her deep expertise in HR and change management, has positioned her to successfully deliver on business transformation, operational improvements and organizational design initiatives for companies ranging from small start-ups to Fortune 500 corporations. In addition to leading hundreds of training programs and facilitating workshops, Barton enjoys speaking at annual conferences.
World Insurance Associates LLC
Jennifer Barton
Corey Berkey is the vice president of HR at JazzHR, a recruiting software company in Pittsburgh. Since joining JazzHR in July 2015, he has overseen its recruiting efforts and employee engagement strategy. A 10-year veteran of the industry, Berkey holds an SHRM-SCP and a bachelor of science degree focused on human resources management from Indiana University of Pennsylvania. His experience spans large and small businesses in many different industries, but he’s always had a soft spot for tech and early-stage companies. Berkey is skilled in employee relations, benefits management, compensation strategy, talent acquisition, HR policies, and leadership.
JazzHR
Corey Berkey
Melanie Langsett is the rewards, recognition and wellbeing leader at global management consulting firm Deloitte. She has more than 30 years of employee benefit administration and human capital consulting experience serving a wide range of Fortune 500, nonprofit and public sector clients. She is skilled in the full talent life cycle and has particular expertise in transforming the way employers recognize and reward their workforces to maximize business outcomes. Langsett is frequently asked to speak on total rewards and HR topics and has provided numerous training sessions for plan sponsors on leading practices in benefit operations.
Deloitte
Melanie Langsett
Victoria Pelletier is the managing director of global CEO transformation at Accenture, an international professional services company with offices throughout California. Pelletier is no stranger to the corporate boardroom: by the time she was 24, she was COO of multinational corporation Plus Travel Group. Now she has more than 20 years of corporate leadership under her belt, having held senior roles in major companies such as AON, American Express and IBM. In addition to being a successful, strategic, transformational leader, Pelletier is also a sought-after thought leader, making regular appearances on local and national television, radio, podcasts and other media outlets.
Accenture
Victoria Pelletier
Victoria Pelletier
Accenture
Melanie Langsett
Deloitte
Corey Berkey
JazzHR
Jennifer Barton
World Insurance Associates LLC
Industry Experts
Jennifer Barton is North American head of employee benefits at World Insurance Associates LLC, based in Tinton Falls, NJ. Barton has spent more than 20 years working with organizations to improve business returns through seamless integration of people, processes and operations. Her experience as a COO, blended with her deep expertise in HR and change management, has positioned her to successfully deliver on business transformation, operational improvements and organizational design initiatives for companies ranging from small start-ups to Fortune 500 corporations. In addition to leading hundreds of training programs and facilitating workshops, Barton enjoys speaking at annual conferences.
World Insurance Associates LLC
Jennifer Barton
Corey Berkey is the vice president of HR at JazzHR, a recruiting software company in Pittsburgh. Since joining JazzHR in July 2015, he has overseen its recruiting efforts and employee engagement strategy. A 10-year veteran of the industry, Berkey holds an SHRM-SCP and a bachelor of science degree focused on human resources management from Indiana University of Pennsylvania. His experience spans large and small businesses in many different industries, but he’s always had a soft spot for tech and early-stage companies. Berkey is skilled in employee relations, benefits management, compensation strategy, talent acquisition, HR policies, and leadership.
JazzHR
Corey Berkey
Melanie Langsett is the rewards, recognition and wellbeing leader at global management consulting firm Deloitte. She has more than 30 years of employee benefit administration and human capital consulting experience serving a wide range of Fortune 500, nonprofit and public sector clients. She is skilled in the full talent life cycle and has particular expertise in transforming the way employers recognize and reward their workforces to maximize business outcomes. Langsett is frequently asked to speak on total rewards and HR topics and has provided numerous training sessions for plan sponsors on leading practices in benefit operations.
Deloitte
Melanie Langsett
Victoria Pelletier is the managing director of global CEO transformation at Accenture, an international professional services company with offices throughout California. Pelletier is no stranger to the corporate boardroom: by the time she was 24, she was COO of multinational corporation Plus Travel Group. Now she has more than 20 years of corporate leadership under her belt, having held senior roles in major companies such as AON, American Express and IBM. In addition to being a successful, strategic, transformational leader, Pelletier is also a sought-after thought leader, making regular appearances on local and national television, radio, podcasts and other media outlets.
Accenture
Victoria Pelletier
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The work-anywhere trend
The work-anywhere trend
The work-anywhere trend
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Jennifer Barton
World Insurance Associates LLC
Corey Berkey
JazzHR
Melanie Langsett
Deloitte
Victoria Pelletier
Accenture
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“We’re building the tools and capability for mental resilience and sustained performance”
Melanie Langsett,
Deloitte
“People are sitting with larger pools of [paid time off] that goes unused, but the perception of having it there creates value for the employer”
Jennifer Barton,
World Insurance Associates LLC
monthly stipends for phone and internet bills or to purchase equipment like standing desks for home offices. Berkey has even been asked if his company will pay for parking on the days employees come into the office.
“This whole recruiting challenge is compounded by big companies with deep pockets who are getting silly with what they’re offering,” Berkey says.
For example, Goldman Sachs, JPMorgan and Citi paid nearly $11 billion in combined additional compensation last year to retain staff, the Wall Street Journal reported. Meanwhile, Amazon, Ollie's Bargain Outlet, Sheetz and other brands offered signing bonuses to recruits. Little Caesars went one step further by giving new hires in the Detroit area a pair of club, suite or lower bowl tickets to any sporting or entertainment event at Little Caesars Arena or Comerica Park.
“We always keep an eye toward the market to see what everyone else is doing,” says Melanie Langsett, rewards, recognition and wellbeing leader at global management consulting firm Deloitte. “As our workforce evolves and we tap into different talent pools, we have to be on demand, committed to being very agile in terms of how we design and deliver our benefits package.”
Supporting mental health a priority
Mental health benefits have also been on the rise over the past year, as employees have needed support more than ever. They’ve had to work through the fear of being infected with the coronavirus, concern for the safety of their loved ones, and anxiety over the uncertainty of it all.
With many companies either trimming their workforce during the pandemic or losing workers
would only accept a full-time remote role
66%
34%
Source: PRO Unlimited
For instance, Deloitte offers a “generous” paid time off (PTO) policy and actively encourages its employees to make the most of it. Other companies, especially those in Silicon Valley, have turned to unlimited PTO as an incentive for recruitment, granting employees the flexibility to take time off for a variety of issues in the COVID era, such as for quarantining or if their children are home from school.
It’s all about the perceived value of having time off available when life changes, according to Jennifer Barton, North American head of employee benefits at Tinton Falls, NJ-based World Insurance Associates LLC.
“I’ve been hiring a number of executives, and a couple of them wanted to negotiate an extra five days of PTO,” Barton says. “They say, ‘I’ll never use it; I just want the security of knowing it’s there.’ People are sitting with larger pools of PTO that goes unused, but the perception of having it there creates value for the employer.”
Mental health support to amplify
28%
Proportion of employee benefits leaders who believe more employees will seek support for complex issues, such as suicidality or substance
use disorder, over the next year
Source: Lyra Health
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“We’re building the tools and capability for mental resilience and sustained performance”
Melanie Langsett,
Deloitte
“People are sitting with larger pools of [paid time off] that goes unused, but the perception of having it there creates value for the employer”
Jennifer Barton,
World Insurance Associates LLC
Supporting mental health a priority
Mental health benefits have also been on the rise over the past year, as employees have needed support more than ever. They’ve had to work through the fear of being infected with the coronavirus, concern for the safety of their loved ones, and anxiety over the uncertainty of it all.
With many companies either trimming their workforce during the pandemic or losing workers due to the Great Resignation, those who remained employed often had to take on additional responsibilities, leading to stress and burnout.
In Lyra Health’s latest survey, 92% of employee benefits leaders said providing mental health support had become a higher priority for their company.
“It’s hard for anybody to find a psychiatrist and get therapy right now, so employers are coming up with creative solutions, such as telehealth, employee assistance programs, and discounted counseling sessions,” Barton says. “I get marketed constantly from apps like Calm and Headspace. Now employers are putting those resources in employees’ hands.”
Taking advantage of an in-house resource, Deloitte has relied upon Dr Deborah Miscoll, managing director and consulting psychologist at the company, to serve as a “mental health concierge.” Miscoll helps guide and direct employees to a mental health provider best suited to their needs.
Supporting mental health a priority
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People
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Best in HR
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AU
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ASIA
CA
CALIFORNIA
US
“We’re building the tools and capability for mental resilience and sustained performance”
Melanie Langsett,
Deloitte
“People are sitting with larger pools of [paid time off] that goes unused, but the perception of having it there creates value for the employer”
Jennifer Barton,
World Insurance Associates LLC
Mental health benefits have also been on the rise over the past year, as employees have needed support more than ever. They’ve had to work through the fear of being infected with the coronavirus, concern for the safety of their loved ones, and anxiety over the uncertainty of it all.
With many companies either trimming their workforce during the pandemic or losing workers due to the Great Resignation, those who remained employed often had to take on additional responsibilities, leading to stress and burnout.
In Lyra Health’s latest survey, 92% of employee benefits leaders said providing mental health support had become a higher priority for their company.
“It’s hard for anybody to find a psychiatrist and get therapy right now, so employers are coming up with creative solutions, such as telehealth, employee assistance programs, and discounted counseling sessions,” Barton says. “I get marketed constantly from apps like Calm and Headspace. Now employers are putting those resources in employees’ hands.”
Taking advantage of an in-house resource, Deloitte has relied upon Dr Deborah Miscoll, managing director and consulting psychologist at the company, to serve as a “mental health concierge.” Miscoll helps guide and direct employees to a mental health provider best suited to their needs.
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Copyright © 2022 Key Media
would only accept a full-time remote role
Source: PRO Unlimited
of tech employees prefer working remotely full-time
66%
34%
Silicon Valley prefers remote working