The current labor market has made employee recruitment and retention almost impossible to deal with. This is the consensus of SVPs from two large companies, each with over 12,000 employees. According to these executives, “even fast-food chains are offering hiring bonuses.” In addition to the employee shortage problem itself, “the workload of the HR staff is unbelievable, further adding to the difficulty of correcting inadequate staffing.”
Despite the problems of attracting and retaining good employees, which seem to be worsening as the Covid-19 pandemic begins to recede, there are proven solutions that also lighten the load on HR.
Most prospective and current employees do not fully comprehend or appreciate the value of their benefits, which typically comprise 32% or more of total compensation. One of the best ways to improve retention is personal education delivered in one-on-one sessions. In less than a half hour each employee learns the real value of their benefits when they receive their Total Comp Statement, which is thoroughly explained. A multi-media presentation, that often includes an inspirational message from their leader, inspires employees during these trying times.
The HR staff is only required to provide census and location data, thereby freeing HR from the burden of additional communication activities. Individual employee sessions, coordinated with operations managers, are conducted efficiently with real impact!
A few minutes of each half-hour session is taken to offer a voluntary benefit – typically life insurance with long-term care coverage – to help strengthen employee financial wellbeing. The long-term care can be paid at 4 percent of the death benefit for up to 50 months. The voluntary benefits protect employees while employed and after retirement. They are fully portable and guaranteed renewable with level premiums. They make delivery of the program cost free.
You can make a difference in employee personal engagement – Contact PCI for a range of solutions