Benefits: Paid Leave Programs Experienced the Greatest Growth in Adoption Over the Past Decade
- Benefits are an important tool for retaining employees in the post-coronavirus labor market.
- Paid leave and retirement programs saw the greatest adoption over the past decade.
- The lack of adequate employee benefits can translate to opportunities as workers could be persuaded to choose staffing employment instead.
The coronavirus pandemic engendered increased attention toward the well-being of employees, demonstrated by significant talent shortages during the Great Resignation. Adequate benefits now serve as a key driver for recruitment and retention since many employees are prioritizing their workā€“life balance over an exorbitant paycheck. Benefits that have seen the greatest adoption over the past 10 years include paid family leave and paid sick leave, as well as paid retirement plans. These trends suggest that employees expect more from their employers in terms of a fair balance between their occupation and other life priorities. The lack of benefits within a particular company or industry could be an indicator of increased turnover, leading to further labor market churn.