Lifestyle benefits and the race for talent

In the long shadow of the COVID-19 pandemic, the global talent market remains fundamentally changed. Employees have reevaluated where and how they do their jobs, and what they need to be happy, healthy and successful in their careers.

For employers, offering a competitive salary is crucial, yet it’s no longer enough of a differentiator. In this new talent landscape, a company’s culture, diversity and demonstrable support for its workers’ all-around well-being are now considered must-haves.

As Johnny C. Taylor, Jr., President and CEO of the Society for Human Resource Management (SHRM) said at a recent Alegeus event, “You can only compete on price for so long. It’s going to be [benefits] offerings that help differentiate between employees staying or leaving.”

According to new research from the Society of Human Resources Management (SHRM), the pandemic’s impacts have changed the way employers view benefits offerings, too. For example,

• 65 percent of employers thought that professional career development benefits are important now, compared to 37 percent in 2020/2021 and 51 percent prior to the pandemic.
• Family care benefits were viewed by 70 percent of employers as being important to offer, up from 52 percent prior.

The results of several recent Alegeus studies bear this out. From mental healthcare to flexible offerings and beyond, employers must adapt in order to foster a satisfied and committed workforce. Below, we share insights from consumers on the important role lifestyle benefits can play.

 

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Lifestyle benefits and the race for talent

Beyond health insurance, employer-sponsored benefits play an important role in attracting and retaining talent.

What are lifestyle benefits?

Lifestyle benefits enable employers to easily manage carded payments for a range of products and services, giving their employees more personalized benefits options to fit their needs and goals.

Employers risk losing talent by failing to offer a competitive benefits package

• 65% of consumers say they would leave their current job for one that offers better benefits¹

Yet lifestyle benefits are still not offered by many companies

• 54% of consumers say their employer doesn’t offer lifestyle benefits
• 48% think their employer is not doing enough to meet their personal needs
• 43% say they don’t feel confident their employer cares about their personal or professional well-being

Consumers expressed interest in the following lifestyle benefits:

• 44% – Health and wellness (such as gym memberships)
• 22% – Financial wellness (such as planning resources)
• 11% – Emergency savings assistance
• 8% – Professional development
• 6% – Student loan repayment assistance

Shifting priorities have contributed to these expectations

• 59% of consumers say their lifestyle priorities have shifted due to the pandemic

Through lifestyle benefit offerings, employers can demonstrate support for their employees’ well-being and incentivize healthy behaviors.

 

¹All data gathered from an Alegeus survey of 1,000 consumers in April 2022.