Jan 26, 2022
With an average of 4 million workers quitting their jobs each month, employee attrition is dominating the headlines and putting work under the microscope.
Executives say that the employee benefits package is the leading factor driving retention, according to a survey by The Predictive Index. Companies that prioritize health care benefits have 27% lower turnover. More than ever, the definition of health is extending beyond the physical, into the realm of emotional health. From on-site therapists to other mental health resources, companies that cover health in all its forms will be ahead of the curve in 2022.
Employees are recognizing the importance of a healthy workplace, and they’re showing their support with retention. Among companies where “providing competitive health care benefits isn’t a top-three talent priority, executives report a 22% turnover rate.”
Top Stats
- 1 in 5 workers have quit in the past 6 months
- Inflexibility is the number one driver of attrition. Also, inflexibility is the number one reason executives quit
- 75% of execs say that the Great Resignation has affected financial stability
- 82% of companies have needed help with talent acquisition and retention over the past 12 months
- Nearly 1 in 4 execs feel ill-prepared to lead through The Great Resignation
- The number one reason executives stay is job fit
- Executives’ number one talent priority is helping employees find purpose
- The number one driver of retention is benefits
Effective Strategies to Reduce Turnover
- Companies with the right people in the right roles have 42% lower turnover
- Remote-friendly companies are experiencing 33% lower turnover
- Companies that prioritize health care benefits experience 27% lower turnover
- Inclusive companies are experiencing 19% lower turnover
- Talent-optimized companies are nearly twice as likely to avoid the brunt of The Great Resignation. (Talent optimization is the discipline of aligning a client’s business strategy with their people strategy to deliver maximum results.)
