Benefits that resonate with workers today
COVID-19 ushered in a fundamental transformation to the workplace. But it’s not just commuting that has changed. Faced with rising burnout and the knowledge that work no longer must center around the physical office, worker priorities and motivations have shifted. As demand for labor keeps climbing, employers are struggling to attract workers, while employees are quitting in higher numbers than ever before in search of work that better aligns with their values resulting in what some have called the Great Resignation.
Tackling this quit rate should be the main priority for employers. Recruitment can cost up to 2.5 times an employee’s salary, not to mention that every time you introduce a new employee to the team, it can shift the dynamic.
In the global war for talent, employers have raised worker wages, but with inflation climbing sharply, those increases aren’t always enough to incentivize the workforce. So, what more can they do?
Benefits matter more than ever
In a 2018 survey of American workers, 56% of adults with employer-sponsored health benefits said the quality of their health coverage was a deciding factor on whether to stay at their current job, while 46% said it was either the deciding factor or positively influenced their decision to accept their current position.
Successful companies know that standard benefits are no longer enough to motivate a workforce in high demand. This isn’t a new revelation. Tech giants like Google understood a long time ago that to engage workers, employers must offer lifestyle perks that contribute to an employee’s quality of life — think subsidized or free on-site meals, nap pods, flex hours and a four-day workweek. However, many of these benefits depend on workers coming into the office – and we know how that is currently playing out. They’re also designed to keep workers working longer, which no longer aligns with the market’s shifting mentalities.
Beyond traditional perks
In the age of constant connection, when we’re always just a few taps away from what’s going on at work, even outside the 9-5, people are craving true disconnection to help reestablish a better work-life balance. Employers can facilitate this disconnection and send the message that they value this balance through employer-sponsored travel benefits — perks like exclusive discounts on travel, deals and experiences that enrolled employees can purchase directly through a fully-branded loyalty and reward program. If this sounds somewhat familiar, it is! Financial institutions like credit card companies and banks offer their clients these types of benefits under the guise of their loyalty programs.
Why travel benefits? It’s all about value
Most of us were grounded throughout the first two years of COVID. The health situation and various restrictions made it difficult to go on vacation, especially out of country. But now travel is back, and demand is soaring. This could not come at a better time. With workers overstretched and mentally overtaxed, employers can offer their employees a way to take a break from their on-the-job obligations by enabling them to take the best vacation possible. An effective employer-sponsored travel program will feature highly-desirable deals — think 50% on a hotel stay or free suite upgrades — that aren’t available through online travel agencies. It’s a tangible benefit that can be experienced directly by employees and their families and whose value is almost instantly recognizable. When an employer can provide this kind of value, it results in an incredible amount of goodwill, increased productivity, and heightened engagement.
For a deeper dive into how your company can take advantage of employer-sponsored travel benefits to incentivize your workforce, including how to use travel to reward and compensate workers, download our new use case, Powering your recruitment and retention strategies: Benefits that resonate with workers today. You’ll learn how to implement an employee benefit and loyalty program at little to no cost, how you can use it to drive new revenue and how a technology and fulfillment partner like arrivia can manage the entire process on the employer’s behalf.