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Tight Labor Market? Stay Well-Staffed by Offering These Hot Employee Benefits

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"Tight Labor Market? Stay Well-Staffed by Offering These Hot Employee Benefits"

Our handy guide summarizes some of the newest employer staffing challenges due to the shrinking U.S. labor pool, then offers solutions in terms of stronger, more customized benefits packages that can help attract and keep key talent.

The U.S. is now seeing a power shift among employers and employees. The mass retirement of baby boomer employees — and the shortage of millennials and Gen-Zers to replace them — is causing a nationwide labor shortage that’s forcing employers to work harder to recruit and retain viable employees. Consider, for example, that the country’s unemployment rate was only 3.8% in March 2019.

Our guide will discuss how many companies have accordingly overhauled their employee compensation programs to cater to demand from younger generations. Because younger workers particularly value choice and customization in their benefits packages — and are often willing to pay for that flexibility — employers are responding with voluntary benefits that may not have been considered in the past. We’ll share research and details concerning several high-demand benefits, including:

  • Financial wellness education
  • Student loan repayment
  • Personalized voluntary benefits packages
  • Flexible work schedules
  • Remote work opportunities
  • Career and personal development
  • Digitized benefits administration

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