WIN THE TALENT WAR

The Recruiting-Retention-Benefits Connection

Put simply, any organization’s greatest asset is its people. In a competitive labor market with both current and expected talent shortages and an unprecedented level of turnover, it can be especially challenging to retain and recruit the right people. Forward-thinking employers that adopt a strategic approach to talent management take a wide view of the candidate-to-employee cycle, continually looking to strategically recruit, retain and reward their people. As a result, these organizations build a solid pipeline for talent and a robust retain-and-reward approach that:

The Recruiting and Benefits Connection

Having the right healthcare benefits heavily influences talent’s decision to accept a new position or to remain with a current employer. Historically, soaring primary plan costs have had employers highly focused on controlling benefit costs, often to the detriment of their employees. Today, many employees struggle with financial worry over rising out-of-pocket expenses and taking on more and more of the burden of their healthcare expenses. While Health Savings Accounts are in theory a way to help, the reality is that they are inadequately funded and have not been effective in alleviating employee concern. Half of responders to a Kaiser Family Foundation reported having delayed treatment due to cost and 40% of those enrolled in a High Deductible Health Plan said they don’t have the savings to cover their deductible.²

Healthcare coverage is the #1 benefit that employees value in any industry.¹

Effectively implementing a strategic approach to talent management means finding ways to optimize benefit costs while offering robust enough benefits to attract and retain the right people. It also requires breaking down traditional siloes within the HR processes—especially those between compensation and benefits.³ When organizations shift to a strategic recruit- reward-retain approach, they find that they are far more likely to attract, develop and advance talent that drives the delivery of their unique organizational strategy.∗

With this background in mind, what are some of the reasons for leveraging benefits and how can they help you boost your retention and recruiting efforts?

The Recruiting and Benefits Connection

While many industries are facing increased demand compounded by labor shortages, they are also confronted with a huge shift driven by generational change. Retiring baby-boomer workers, executives and other key players affect the available experienced talent pool.5 Baby-boomers and millennials don’t necessarily want the same out of their benefits nor do they have the same expectations of work. That’s why it’s important to create and execute individual recruitment strategies that appeal to the talent your organization seeks, paying special attention to the needs of different generations.

Competing successfully in today’s labor market means moving away from reactive recruitment practices that are overly reliant on compensation and sign-on bonuses that have limited long-term impact and can land you in a bidding war. Instead, leverage innovative add-on benefits that complement your core benefits and can be tailored to the needs and wants of a diverse workforce.

It’s important to create and execute individual recruitment strategies that appeal to the talent your organization seeks.

Make no mistake: top talent is keen on benefits. In addition to health coverage, candidates value paid parental leave, wellness and fitness programs and telecommuting or remote work arrangements, where possible. More than twothirds of businesses today offer some type of telecommuting: full-time, part-time or ad-hoc. Even in industries where remote work used to be unthinkable, such as healthcare, the advent of new technologies, including digital clinics and services, is driving a slow but steady shift for certain positions.

Health coverage remains the top benefit employees and candidates value, but it is not easy to enhance your health benefits package without causing bottom line strain. However, there is a way to strike the right balance between the benefits you need to recruit and retain while mitigating the impact on your benefit budget. By integrating supplemental health insurance plans into your benefit planning, you can build the flexibility you need to tailor benefit packages to generational needs, boost coverage in a more targeted way for certain employee populations and more. ArmadaCare’s broad range of excepted benefit insurance plans were built to address this level of flexibility. They complement your primary health plan coverages and have various coverage and price points to help you strike the right benefit and recruiting balance.

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