3 ways employers can unlock opportunities to offer more competitive benefits
Strategies employers can take to build a benefits package that works to give them a competitive edge and help attract and retain top talent.
In the "Great Reshuffling" of talent that’s been ongoing since 2021, employees are voluntarily leaving their current jobs for ones that offer better benefits, income and/or work-life balance.1 In fact, 64% of jobseekers list an increase in income or benefits as their top consideration when looking at a potential employer.2 This has contributed to a tighter job market with more employers competing for top talent and looking for ways to retain the talent they have.
It can be a challenge to stand out from the competition. One way employers can differentiate themselves is by offering a superior benefits package that appeals to potential hires. Fortunately, there are strategies that employers can use to create a more attractive benefits package and foster a work culture that prioritizes employee health and well-being.
Understanding the landscape
When it comes to employee benefit packages, employers need to stay informed about the current employee benefits landscape in their state. By understanding how a state ranks in benefit offerings and what benefits may be lacking on average, employers can create a well-rounded benefits package that can help them stand out from the competition and attract top talent.
A recent study revealed that employers in Alabama, Kentucky, Mississippi and Tennessee came in last for the level of health care, disability and other benefits offered to their emloyees.3
To stand out from the competition and attract high-performing talent, employers in these states must be strategic in order to create an enticing benefits package.
Building a competitive benefits package
In order to have an edge, employers should consider designing a health plan that fills in the gaps other companies in their market may offer.
Provide different health plan options
This could mean offering employees a range of health plan options to choose from, such as traditional health insurance options like high-deductible plans with HSAs, which help employees pay for health care related expenses. Additionally, employers might consider health plan options like SurestTM from UnitedHealthcare, which offers a copay only, no deductible plan that provides upfront cost and coverage information in advance so members can make informed health care decisions.
Consider whole-person health
And with today’s employees demanding more holistic and inclusive benefits from employers, it’s important to include access to health benefits and programs that support whole-person health, such as behavioral health and wellness programs. For example, UnitedHealthcare Rewards provides incentives that encourage employees to build healthier lifestyle habits.
Embrace digital tools
Finally, to help employees feel empowered to better manage their health and well-being, employers should consider the digital experience their selected health plan delivers and then encourage their employees to utilize those digital tools. For example, regular use of tools like the UnitedHealthcare® app and myuhc.com® can lead to increased engagement and overall employee satisfaction with an employer’s health plan.
By keeping these strategies in mind, employers can construct a benefits package that will help them stand out from competitors in their market and draw top talent.