Winning the War for Talent

Prior to the Coronavirus Crisis, there was a war for talent in Western/Central Pennsylvania. The Pittsburgh region ranked 2nd in the US for available jobs in 2020 (according to Glassdoor.com). Their study focused on three factors: hiring opportunity, cost of living and job satisfaction. There were over 48,000 positions that needed to be filled. Local companies were battling over talent in many industries. The Steel City continues to be a renaissance city over the last 25 years, serving as a model for similar regions. Industrial Pittsburgh is ancient history. Steel mills have been replaced with hospitals, tech start-ups, universities, other white/grey collar positions. 

The disruptions experienced by HR this past year have been unprecedented, and many of my clients tell me that benefits will continue to play a vital role in hiring/retaining the top talent available, especially in this tight labor market. At USI, we help companies in all industries benchmark their benefits data against other companies in the region and in their industry. Benefits benchmarking supports budget decisions with senior leadership and helps build the open enrollment and new-hire process by allowing employers to make better, informed decisions. Benchmarking data helps employers balance specific, desirable benefits plan elements that employees want and need with necessary cost-control measures.

USI has built the largest mid-market benefits survey. Not only do we provide the benchmarking results, but we also provide actionable strategic consulting guidance that will align with your company’s goals. Below are a few takeaways from this year’s survey:

o  Employers should focus on the overall plan value/actuarial value, NOT just deductibles, co-pays and co-insurance.

o  Educating employees on their benefits is the best way to ensure that the actual value of the benefits program aligns with the employees’ (and their families) perceived value. To accomplish this, employee communication has to be a priority. USI leverages our dedicated Communications Consultant as a resource for clients. We develop effective and impactful strategies, particularly during the open enrollment and new hire process.

o  Today’s employers offer a wide variety of benefit options. There is no one size fits all any longer when it comes to benefits. Employees & their families want choice and flexibility. Many have at least two different medical plans and deploy a base/buy-up strategy, using a defined contribution amount.

The bottom line is that communication is key! If you are not effectively communicating your benefits program to your employees, they could be participating in plans that do not align with their individual needs. Additionally, if they do not perceive great value in what you are providing, you could be wasting your money.

In today’s tight labor market, we recommend that you refine your on-boarding and off-boarding processes. Also, if you would like to see how your company’s benefits stack up to others in your area/industry and learn how to get more return on the investment in your benefits program, please e-mail me at dan.majernik@usi.com.