While 2021 may have been labeled the year of the “Great Resignation,” 2022 proved to be a more volatile year for employers across the nation. Over 50 million employees quit their jobs in 2022, topping 2021’s record-breaking resignation rate by nearly 3 million employees—and this trend is only expected to continue (JOLTS, 2023).
Now more than ever, employers must evaluate the key internal forces pushing their employees to either stay in their current roles or leave in the hopes of finding a better position.
Connecting the dots: benefits satisfaction and employee retention
According to the 2022 Human Workplace Index, more than one-third of employees plan to leave their jobs within the next year (Bloznalis, 2022). Those planning to stay cite satisfaction with benefits as one of the top two drivers of retention (Bloznalis, 2022). This may prove to be a significant challenge for many employers—especially those who are not tuned in to employee satisfaction. A recent employee benefits trends study found that 83 percent of employers believe their employees are happy with their current benefits; however, only 62 percent of employees report benefits satisfaction (MetLife, 2023).
One core focus for employees is the emerging desire for integrated health and wellness benefits (such as behavioral health support, stress management, lifestyle and nutrition coaching, gym memberships, etc.). The same study discovered a two-fold increase in the proportion of employees who consider these programs a “must” in their benefits packages—a considerable increase from only three years prior (MetLife, 2023).
This surge in wellness engagement points to greater recognition of the value of preventive health care and wellness education—for both employers and employees. One career research summary found that 52 percent of U.S. companies offer wellness benefits to their employees, which go on to reduce healthcare costs and lower the frequency of employee sick days (Zippia, 2022).
Leverage personalized benefits for improved employee relationships
Another key trend to follow is the growing interest in personalized health benefits, according to 70 percent of survey respondents (MetLife, 2023). These employees link personalized care plans to feeling supported and valued by their employers, thus driving greater productivity and company loyalty. And employers are listening: The 2021 Benefits Trends Survey from Willis Towers Watson reported that 69 percent of employers intend to personalize their benefits package over the next two years (WTW, 2021).
Investing in personalized health benefits creates a protective buffer around your workforce. Personalized benefit packages that engage your team over longer periods of time not only better support member health but also strengthen employee-employer alliances. For these satisfied and cared-for employees, comparing your company’s benefits to another organization’s offerings is no longer just about cross-checking in-network healthcare providers.
Personalized benefits are also far more likely to gain traction among employees. When benefits utilization is high, your HR team’s hard work comes to fruition, enabling greater workplace efficiency and improved company morale.
Take better care of your team while you lower your costs
In addition to a boost in employee retention, personalized healthcare provides higher-value care that targets the root causes impacting each individual’s health. Treating symptoms at the source works to accelerate recovery and precludes costly, long-term care. From an employer’s perspective, high-impact health and wellness benefits offer the best of both worlds: increased employee satisfaction and reduced healthcare spend.
Enhance benefit value with personalized MSK care
Employer benefits that engage team members can move the needle even further for high-cost conditions like musculoskeletal (MSK) care. At Vori Health, we partner with members with MSK issues every day to nurture high-value engagement and ensure that employers don’t have to choose between employee well-being and company profit margins.
With an 80 percent patient satisfaction rate and 85 percent plan adherence, the personalized care experience at Vori Health is built to drive member engagement. Not only do Vori members reduce their risk of costly and invasive surgeries, they are also three times more likely to use Vori Health to address their muscle and joint pain than any other solution on the market. Both of these factors fuel the up to 4:1 return on investment that employers experience when they partner with Vori Health.
Additionally, Vori’s holistic and non-invasive methods encourage a healthy lifestyle and long-term member wellness. Members build alliances with their care teams and retain access to their personalized care plans for one year from their start of service–a factor that drives value for members long after their episode of care is complete.
Reach out to us today to learn how Vori Health’s personalized, doctor-led MSK care team can help keep your employees healthy, happy, and engaged for long-term success.
REFERENCES
JOLTS, 2023: U.S. Department of Labor; Bureau of Labor Statistics. (2023, March 8). Job Openings and Labor Turnover – January 2023 [Press Release]
Bloznalis, 2022: Bloznalis S. (2022, November 3). Human Workplace Index: The State of the Annual Review. Workhuman
MetLife, 2023: MetLife. (2023). The Advantages of Employee Care: Creating human-centric employee experiences and work environments
Zippia, 2022: Zippia. (2022, November 14). 22 Telling Employee Wellness Statistics [2023]: How Many Companies Have Wellness Programs
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