Earn Employee Loyalty By Supporting Personalized Life Goals

The role of benefits in attracting and retaining employees

In America, the average worker will change companies every four years, with millennials changing jobs an average of four times in the first decade following graduation from college alone. While the current unemployment rate is at 3.9% in the US, the lowest it’s been since 2000, it makes finding and retaining talent even more difficult for employers. Our annual Global Employee Benefits Watch research, which surveyed 2,200 employees from multinationals around the world, found that employers are struggling to provide the range of benefits needed for employees to feel satisfied with their employers. As a result, it’s critical that employers develop personalized benefits strategies that support talent retention and build loyalty by helping employees achieve their individual life goals.

 The research shows that when employees feel that their employer-provided benefits positively impact their lives, they are over 40% more likely to say they feel loyal towards their organization. A key focus for employers looking to win the loyalty of their people is to support their individual needs, and stop thinking in generational stereotypes. For example, we found that in the over 65 age bracket, almost 30% of employees want to buy a house and over a third still want to progress further in their career, smashing the stereotype that these employees are focused on retirement planning. At the same time, goals typically associated with younger generations do not always apply, with only 17% of 26-35-year-olds ranking socializing as important and 25% not prioritizing traveling. Every employee is an individual, and as such won’t always fit neatly within an expected set of needs.
 
It’s also important for employers to recognize regional differences in their workforces. For example, Americans have some of the highest expectations from employers when it comes to support in achieving work/life balance, with 75% of American employees finding this balance a top priority. However, only 45% of American respondents view traveling for more than one month a year as important, compared with 70% of employees in the APAC region.
 
Global employers are struggling to support today’s diverse workforce. Almost 60% of employees surveyed would like to improve their mental wellbeing and get physically fit and healthy with benefits options like therapy or gym memberships, but only 23% said they feel fully supported by their employer in meeting these needs. Additionally, almost half of employees surveyed want to buy a house or go on a vacation, but only 20% of employers support these priorities.
 
There’s a clear incentive for global employers to get their benefits right, and focus on the individual. Employees place benefits above career opportunities, culture and even colleagues when asked about factors impacting their feelings towards their employer. Employees are more than twice as likely to say they’re proud to work for their organization and can see themselves working there for the foreseeable future if they understand the benefits on offer and can easily access them. This means that they are more likely to be loyal, have a better workplace experience and put in discretionary effort if they’re happy with their benefits. In a world where great talent is increasingly hard to attract, it’s paramount businesses understand the role of benefits in attracting and retaining employees, and use them to their full potential.