Commitment to Family Creates Better Managers
In an effort to determine the work/life and benefit programs that are most effective in attracting and keeping employees, WorldatWork (an international association of human resource professionals and business leaders) asked 4,600 of its member organizations what programs helped them meet their recruitment and retention goals. The report identifies 41 separate programs and provides organizations' perceived impact on attraction and retention.
Not surprisingly, having a medical plan is highly effective in attracting employees (with 95 percent of survey respondents rating medical plans as either having moderate or high impact). In contrast, other health-related programs were not as effective. Specifically, health screenings, smoking cessation assistance programs, and weight and stress management programs have had only a minor effect on attracting and recruiting talent for the survey respondents. Furthermore, while 95 percent of organizations offer health care and dependent care flexible spending accounts, these programs are perceived to have very little impact on attraction and retention.
Of the 62 percent of organizations that offer telecommuting, nearly half said the program has a high impact on employee retention. Ninety percent of respondents said that having a paid vacation plan had a moderate to high impact.
Paid time off for the arrival of a new child is perceived as having a modest impact. About 30 percent of respondents reported that paid maternity leave had a high impact on attraction and retention. Paid paternity leave is believed to impact attraction and retention for just under 20 percent.
Overall, WorldatWork found that employers recognize that 'total rewards programs beyond compensation are needed to attract, motivate, and retain today's workforce. In addition, as the report reads, 'cutting-edge programs can be the differentiator that gives an organization the advantage in the war for talent. To learn more about WorldatWork and review the report, visit www.worldatwork.org.
February 19, 2019