How a competitive benefits package — including life insurance — can help employers attract and retain top talent.
In today’s competitive hiring market, benefits offered at the workplace can play a key role in attracting and retaining employees, helping set businesses up for long-term success.
Employees are looking for stability and protection, and they are looking to their employers to provide it — in fact, 77% of employees surveyed who left their job for a new one in the past year see insurance benefits other than health insurance as a must have when deciding to take a new job, according to research from Lincoln Financial1.
Using benefits to attract and retain talent
Employees are also looking to their employer to offer resources that will support their overall financial wellbeing. These benefits and resources can have a big impact on employee retention, with 60% of employees surveyed saying that being offered group benefits, such as life insurance and short- and long-term disability insurance, positively impacts their loyalty to their employer2.
A lack of these vital benefits is an important factor in the Great Resignation, which has led two in three people to make, or contemplate, a major career change1. Small businesses are no exception, with more than a quarter (28%) of small business owners surveyed offering better benefits to attract and retain talent as a result of the pandemic — and life insurance is the top benefit added3.
Educating on benefit offerings
Offering benefits to employees may not be enough, it is important for employers to communicate how the benefits offered at the workplace — including life insurance and supplemental benefits like critical illness, accident and hospital indemnity — can help protect against the unexpected and help ease stress during times of volatility.
This education is especially important during open enrollment season, as nearly half (48%) of employees surveyed think it is easier to do their taxes each year than figure out what benefits to choose3. Offering simple, relevant, personalized information about the protections life insurance can provide can help employees make informed decisions and take ownership of their coverage. Cost clarity can also help — the top concern about benefits enrollment is understanding their cost and value.
Employers can partner with their carriers to offer tools and resources that can help employees make these selections and understand the impact to their paycheck, including digital calculators that employees can use to estimate their life insurance needs.
Looking ahead
Employers can stand out in today’s competitive and volatile market by offering a comprehensive benefits package, including life insurance. These benefits can help employees secure their financial futures, and provide stability for employers — because offering these benefits doesn’t just help employees, it also helps build a strong foundation for businesses to continue to succeed in the future.
About the Author: James W. Reid
James W. Reid is executive vice president of Lincoln Financial Group and president of Workplace Solutions. In this role, Reid is responsible for the strategy and executive leadership of two of Lincoln Financial Group’s core businesses, Retirement Plan Services and Group Benefits. These businesses offer a variety of products and services to employers and their employees, including employer-sponsored retirement plans, holistic financial wellness offerings, in-plan guaranteed income and stable value solutions, as well as financial protection solutions such as disability, life, dental, accident and critical illness coverages.
Reid has more than 30 years of industry experience with broad and deep leadership experience in worksite-focused businesses across many functions, including product strategy and development, underwriting, distribution, customer service, claims and operations.
Before joining Lincoln, Reid served as the Chief Executive Officer for Versant Health, a managed vision care company that provides care for more than 38 million members, where he was responsible for providing corporate direction and for the overall performance of the company. Prior to joining Versant Health, Reid was the EVP of Global Employee Benefits & Global Relationship Management and served as both the Vice Chairman and Chairman of the Board for MAXIS Global Benefits Network (Co-founded by MetLife and AXA). He was responsible for expanding MetLife’s employee benefits business in 39 countries, broadening relationships and fueling growth worldwide through partnerships with multinational corporations and distribution relationships with financial institutions. Reid also held other senior executive positions at MetLife, as well as at Aetna during his 20-year career there.
Reid received his B.S. from The Ohio State University and completed executive programs at Columbia Business School and Harvard Business School.
Additional Information:
1Lincoln Financial Group, Monthly Consumer Sentiment Tracker, November 2021
2Lincoln Financial, Wellness at Work Study 2022
3Lincoln Financial Group, Small Business Owner Survey, November 2021
For the full research study, please contact Lucy MacNichol (lucy.macnichol@lfg.com).
LCN-4969532-092722
