The post below is a guest blog from Dax Hill who serves as Principal, Health & Welfare Consultant for CAI’s employee benefits partner Hill, Chesson & Woody.
- Graham Personnel found that 59% of employers are having difficulty hiring qualified applicants. They also report the top three employer concerns are:
- Retention and employee relation issues (28%)
- Recruiting (27%)
- Other factors in their organization including sales and marketing (10%)
- A 2016 SHRM survey found similar results. In their survey, SHRM reports that 68% of employers had difficulty filling full-time jobs in the past 12 months. In 2013, only 50% of employers reported hiring difficulty.
These elevated numbers are concerning. Employers understand the importance of recruiting the right talent, and the impact it has on their growth and productivity. Recruiting and retaining talented individuals with the needed skill set has always been the lifeblood to organizations.
With the tightening labor market, employers are assessing what they need to do to either become, or remain, competitive. Health benefits are an area of focus that employers are using to differentiate themselves. In fact, 38% of SHRM respondents stated they leveraged their health and welfare benefits to gain a competitive advantage in recruiting.
What is your strategy towards offering health and welfare benefits to your employees? How do you want your benefits to compare to the competition? What benefits do you need to offer to recruit, retain and reward your employees? What are other organizations doing to control cost and to also remain competitive? These are all questions you should be asking yourselves.
If you are curious how your medical benefits “stack up,” we can assist you. For the past 11 years, we have partnered with Capital Associated Industries (CAI) to produce a North Carolina state wide survey with nearly 650 respondents. This survey allows you to compare your medical benefits and cost to other organizations of similar size, industry type and in your area. Having this type of information can be valuable, especially as you recruit in this tight labor market. If you are interested in learning more about benchmarking your health plan, contact us!