As businesses continue on the road to recovery from the residual impact of the pandemic, a labor shortage stands in the way. While the retail, leisure and hospitality sectors were hardest hit and lost more workers than any other during this time, employee hiring and retention is a serious issue that all employers are still facing today, including those within the real estate industry. To keep up, employers should adjust their perspective of employee needs and deliver benefits accordingly.
When it comes to attracting and keeping the talent that keeps your operations running, employee benefits, health insurance and retirement benefits in particular, are a useful strategy for real estate businesses when it comes to attracting and retaining employees.
Consider the following when you are designing your plan:
- Understand employees, and what they want and need from benefits. Employers can start helping their recruit- ing and retention by rethinking the employee value proposition, which reflects the organization’s rewards, values and ways the company recognizes employees. The key to reevaluating the employee val- ue proposition is the fact employees have a different vision of work and rewards than in the past. Persona analyses geared specifically to the real estate industry provide insight into employees, helping customize benefits that will energize recruitment and retention.
- The times call for a different context. One way that employers will need to compete is a new way of looking at benefits: instead of one-size-fits-all, organizations will need to personalize benefits while taking an active role in in helping deliver them. Today, according to industry publication HR Today, 82% of employees want to be seen as individuals, not workers, and for employers to support them in the entirety of their lives, be it at work or home.
- Offer value. Because limited medical plans are voluntary, employees won’t bite if there’s no value in the plan. A limited medical plan needs to offer access, cover preventative services like mental health and address gaps in care.
- Emphasize employee communications. A third-party vendor can handle administrative tasks like integrating plan management with payroll systems and managing COBRA, but not necessarily employee communications. Employers need to make sure their vendor offers strong communication and education capabilities, so employees will know the value in the limited medical plan and will actually sign up.
- Keep in mind that retirement plans are important to retention and financial wellness. Retirement benefits like the 401(k) are important drivers of recruitment and employee retention be- cause they uniquely incentivize long-term employment — especially when offered with an employer match.
- When employees know that their com- pany takes an interest in securing their financial futures, they’re more likely to stick around and put in their best work. A 401(k) retirement plan helps recruit and retain quality employees. It enriches the organization’s benefits offering and represents the employer’s interest in helping employees take control of their retirement. Tax-deferred growth for savings also makes 401(k) plans an efficient way for employers and employees alike to invest for retirement.
- Focus on a quality employee experience (QEX). Strong financial wellness programs from employers can help alleviate workers’ emotional and financial health, leading to greater happiness and productivity. Perhaps more important, a strong offering to support money and financial security concerns is essential to ensuring a quality employee experience (QEX).
A QEX approach entails fashioning the experience employees will have with compensation and benefits, and workers who have quality experiences are far more likely to be loyal to their organization and create an organization that is highly attractive to potential employees. Money and financial security is at the center of QEX. It’s not just that employees need to feel secure financially through adequate and appropriate compensation, but that they often need help for things beyond a wage and health benefits. That’s where money and security, financial wellness and QEX intersect.
Benefits can help manage the labor gap and attract long-term staff. Work with your insurance advisor to offer a strategic and competitive package and consider retirement planning when it comes to long-term retention.
Frank DeLucia
Hub International Northeast
Woodbury, NY
frank.delucia@hubinternational.com
(212)338-2395
