May 11, 2022
An employee health strategy may be key to retaining employees. Getting better benefits is one of the top reasons that employers are considering changing jobs, according to a survey by Quest Diagnostics.
"While there has been significant attention on low pay, lack of flexibility, and disrespect at work as the main reasons driving the Great Resignation, our findings suggest that employee health programs play a major role as well. Employers are taking extraordinary measures to attract and retain talent, and healthcare benefits, access, and affordability are areas of focus they can't afford to overlook to compete for workers," said Jay G. Wohlgemuth, M.D., Senior Vice President, R&D and Medical, and Chief Medical Officer. Employees gave these reasons for looking for a new job:
- 38% better healthcare benefits
- 36% better work/life balance
- 50% more money
The survey also reveals a volatile employment market:
- 66% of employees are considering a job change next year or have changed jobs recently
- 78% of HR leaders say their organization has been affected by the Great Resignation and 90% say they will have to improve benefit packages and increase wages
- 72% of HR executives say that it’s likely that a recession will affect hiring in the next year
Health Insurance: Who Should Pay the Costs?
While large majorities believe that companies should pay for most healthcare costs, 35% of employees and 46% of HR executives say employees need to pay more. Costs loom large for a substantial majority of HR executives, who recognize the financial burden of healthcare costs borne by employees. Sixty-three percent of HR executives say they’re overwhelmed about making the best choices for employees.
