hiring trends Archives

Support Workers with Better Employee Benefits in 2020

by LizStevens | May 6, 2020 | Blog

Support workers with better employee benefits in 2020. Targeting the four key aspects of employee wellness to build a better employee benefits package.

There are four key aspects to overall wellness: mental, physical, financial and social. Employees who score well across the board are more likely to be loyal, engaged and productive, according to the latest employee benefits research by MetLife.

“Now more than ever, it’s critical to understand employees’ needs,” said, Todd Katz executive vice president, Group Benefits, MetLife. “In this time of crisis and beyond, providing a mix of benefits and programs can help mitigate stress, improve employees’ holistic well-being and support them when they need it most – which in turn can help bolster engagement and loyalty from the workforce.”

Support Workers with Better Employee Benefits in 2020

The coronavirus pandemic continues to reshape the working world challenging businesses everywhere to adapt to the new normal. Strategizing how employee benefits can better support workers in a time of crisis is a must.

This year, MetLife’s 18th annual U.S. Employee Benefits Trends Report considers how resilient employees are when faced with uncertainty and then looks at the important role employee benefits plays in the overall wellness of workers, identifying the perks and programs that matter most.

Financial Wellness Programs

More than half of U.S. employees told MetLife their biggest concern in the wake of the novel coronavirus is their financial health. According to a survey by Freedom Debt Relief:

41 percent of employees are worried about being able to afford to feed themselves and their families.
41 percent report are struggling to make their rent or mortgage payments.
37 percent will miss payments on some bills in the next six months.
35 percent will use credit cards to pay for groceries.

Over 60 percent of employees say the $1,200 pandemic relief check they received as a part of the CARES Act will not be enough to get through the current economy.

“The coronavirus is clearly contributing to employees’ overall stress, especially as it relates to their financial well-being,” said Katz. “It should come as no surprise that this is particularly true among those with incomes below $50,000, and those in healthcare. Across industries, employers have an opportunity to be a source of support for employees facing unprecedented challenges by offering tools and resources to address their immediate concerns.”

Nearly 80 percent of workers with access to financial wellness programs told MetLife they’re satisfied with the employee benefits their employer offers.

The best financial wellness programs, like Best Money Moves, are gamified and harness machine learning to guide employees to the resources they need most. If you want to learn more about how Best Money Moves can bring financial wellness to your company download our whitepapers and sign up for a demonstration here.

Mental Health Benefits

Close to 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand. Effective mental health programs can help ease stress, anxiety and depression that can fuel burnout and disengagement at work.

Flexibility

There was a trend towards flexible work arrangements long before the coronavirus pandemic began. Now, flexibility has shifted from being a highly sought after perk to a crucial necessity to maintain operations and accommodate workers.

Assigning reasonable workloads, offering flexible work hours or arrangements and providing sufficient time to address personal needs can mitigate stress, burnout and depression. At the same time, MetLife finds these practices are also top drivers of productivity, engagement and loyalty.

Over 80 percent of employees believe their employers have a responsibility to address their health and well-being. Employers can leverage the right mix of benefits, perks and programs to better support employees and in turn boost engagement, job satisfaction and retention.

Top 3 Hiring Trends for 2020

by LizStevens | Dec 18, 2019 | Blog

Top 3 hiring trends for 2020. How employers are planning to expand recruitment efforts to attract and retain the right talent in a tight labor market.

Employers are ready to pay up to combat the skills shortage in the new year.

More than 80 percent of employers are ready to offer higher salaries for sought-after candidates and give pay raises to ensure their current staff is happy, according to the third-annual hiring trends report by Hays, a global recruitment firm.

“It’s encouraging to see such employer confidence and motivation in the face of market uncertainty but they should consider that money on its own may not be the long-term solution to skill deficits and employee dissatisfaction,” said David Brown, CEO, Hays US.

Top 3 Hiring Trends for 2020

Hays drew from a national survey of more than 3,500 employers and employees across the U.S. for their latest report. Their findings identified three major hiring trends for 2020:

1. More Flexibility

Nearly 35 percent of employers offer no flexible work options, but that percentage is likely to drop in the next year. More than 50 percent of employers are working on adding the ability to work remotely. Almost 40 percent are investing in flexible work hours.

Hays notes that unlimited vacation time and free childcare are also growing in popularity, but are implemented on more of a case-by-case basis.

2. Career Development

Over 20 percent of employees are considering leaving their current role because of limited opportunities for career growth.

“It’s an incredibly competitive job market and employers have to focus on bigger picture aspects of work if they want to achieve their business goals,” added Brown. “People expect to do more than punch a clock. They’re looking for meaning, a vibrant culture and to be united with their colleagues under a shared purpose. Employers who understand this fact will be better-suited in the 2020 fight for talent while nurturing their current team.”

3. Health and Wellness Focus

Close to 60 percent of workers say they have no health and wellness activities through work. Providing healthy snacks and space where employees can rest and reset on their breaks is investing in the health and wellbeing of employees.

Employers can also remind employees when it’s time to get flu shots, when open enrollment starts, and have someone available to review healthcare benefits and out-of-pocket costs to help them better understand changes each year.

If you’re not convinced that sending a reminder can make a difference, read about how a reminder the IRS sent out to those who paid a fine for failing to have health insurance may have saved 700 lives.

More on Recruitment and Hiring Trends for 2020

Health and Wellness Benefits Insights for 2020

Top 10 Employee Benefits for 2020

5 Must-Have Benefits for Millennial Employees

Hiring Trends to Watch in 2020

4 Big Employee Benefit Trends for Family Planning

Employee Experience 2020: 4 Key Aspects for High-Performance

Recruiting Trends 2020: Top 5 Features for Financial Wellness Programs

How Does Remote Working Work?

by LizStevens | Aug 14, 2019 | Blog

How does remote working work? The best remote work policies give employees flexibility and a better work-life balance without sacrificing productivity.

Remote work, or telecommuting, increased significantly (159 percent) between 2005 and 2017, according to a report by FlexJobs and Global Workplace Analytics.

“Talent shortages are fueling the growth of workplace flexibility right now because not only is it one of the most sought-after benefits among job seekers today, it also expands the talent pool by allowing employers to hire the best and brightest from around the world,” said Kate Lister, president of Global Workplace Analytics.

How Does Remote Working Work?

The rules of remote work vary at each organization. Remote work typically offers employees some measure of flexibility regarding when and where they get their work done. And it’s not just employees who benefit—organizations that allow employees to work remotely on a full-time basis expand their candidate pool well beyond the region they operate in. Other organizations permit employees to work remotely in certain situations. For instance, some companies let employees work remotely if they or their child is sick or on certain days, like work from home Fridays.

Setting employees up for remote work used to be a lengthy process. Now, it can be as simple as approving them to log into work from their desktop or laptop at home. Some companies even provide equipment for employees to use when they need to work remotely.

Cybersecurity is something organizations need to take into account when developing remote work policies. Protecting company information is critical when giving employees access to systems and documents outside of the workplace.

The Future of Remote Working

“Remote work has grown steadily since 2005, as companies of all types—private, public, nonprofit, or startup—continue to recognize the bottom-line benefits of integrating remote work into their business strategies,” said Sara Sutton, founder and CEO of FlexJobs. “With improvements to technology, and increasing demands from employees in a tight labor market, we fully expect to see the momentum around this important workplace continue to grow,” said Sutton.

There are five industries that FlexJob’s predicts will have continued growth in remote working:

Computer and IT
Medical and Health
Sales
Education and Training
Customer Service

The explosion in remote work doesn’t show signs of slowing down any time soon. Over the last five years, remote working has grown more than 40 percent. Nearly 5 million people in the U.S. currently telecommute, up from almost 4 million in 2015. Remote work is a win-win for employers having a hard time sourcing talent and employees who desire more flexibility and a better work-life balance.

More on Remote Work and Flexible Scheduling:

Why You Need a Remote Work Strategy

Top 10 Employee Benefits for 2020

Do Flexible Work Schedules Work?

5 Must-Have Benefits for Millennial Employees

How to Make Traditional Work Better for Freelancers

4 Big Employee Benefits Trends for Family Planning

Hiring Trends to Watch in 2020

by LizStevens | Jun 17, 2019 | Blog

Hiring Trends to Watch in 2020. Recruitment strategies to stay competitive throughout the hiring process as unemployment hovers at a nearly 50 year low.

Finding the right balance between traditional and digital channels will be the key to successful recruitment in 2020.

“As organizations continuously look for ways to attract the best talent, knowing which techniques work best can give hiring pros an extra edge,” said Kevin Lyons-Tarr, CEO, 4imprint. “That’s why we went right to the source, asking HR professionals what recruitment techniques, interview questions and employee recruitment giveaways are helping them appeal to prospective employees.”

Popular Hiring Trends That Work

Online job boards, like Indeed and CareerBuilder, are the most popular recruitment method used by HR professionals, according to research by 4imprint. Other popular online recruitment methods include recruiting platforms like LinkedIn and Recruiter and organic social media posts on Facebook, LinkedIn and Twitter.

Employee referral programs are the most popular offline recruitment method for employers, and nearly 40 percent of HR professionals agreed that it was the most successful recruitment method. Job fairs, in-person networking events, recruiting agencies and print publications were other popular offline recruitment methods.

Hiring Trends: How Are Interviews Conducted?

Most organizations still conduct interviews one-on-one. Almost 80 percent conduct one-on-one interviews in person and more than 60 percent complete them over the phone. In-person group interviews are common practice for more than half of employers and only 20 percent conduct group interviews by phone. With remote work on the rise, phone and video interviews will occur more frequently.

Who is Involved in the Hiring Process?

Human resources representatives are most likely to be involved in the interview process. More than half of HR professionals include the manager for the role or the department leader in the interview process. Nearly 40 percent include co-workers and just 15 percent involve direct reports in the interview process.

Companies use personality assessments, cultural assessments and homework assignments to evaluate how potential hires will fit within the organization. Cultural fit is considered the most important attribute, followed by qualifications, work experience, willingness to work and lastly, education.

More than 60 percent of employers evaluate a candidate’s education, but less than 10 percent value it. Employers are more flexible with educational requirements in light of the financial challenges associated with earning a college degree.