Employee Benefits

Why Provide Upskilling Experiences and Enhance Employee Benefits?

Asian woman talking with colleague sitting at desk indoors.

Over one-fourth of employees are thinking about leaving their job after the pandemic. They are looking for new career advancement options. However, employees may stay with their employer if upskilling opportunities are offered, along with benefits and perks they value. Learn more about why employers should provide skills training for employees and enhance employee benefits.

Upskilling talent

Nearly 80% of employees say they plan to look for other employment opportunities. Most say it’s because they feel stuck in their current job. They want more training to develop their skills and knowledge. Employers aware of these concerns are focusing on upskilling employees by providing an assortment of career advancement options.

Business experts describe upskilling as an act of continually teaching employees new skills and helping them learn to use new technologies. After listening to employees’ learning requests and identifying business needs, employers can work on providing the best training experiences.

Employers find that increasing employees’ skills and knowledge strengthens their business. Upskilling also helps employees develop confidence, so they’re willing to share their ideas and take on more responsibilities. Bottom line, investing in employee training enhances their abilities and contributes to the business’ success.

The pandemic placed a toll on employees’ emotional and physical health. Review six ways employers can help workers adjust.

Upscaling benefits

Employees want to work for employers who provide a company culture that supports their mental, physical and financial well-being. This includes offering a comprehensive benefits package.

The pandemic caused employees extreme stress, loneliness, burnout and damaged relationships. Most office employees spent hours every week connecting with other workers through online meetings. Today, many are bored and thinking about other job options. Some are not happy with how their employer has responded to their needs and concerns regarding COVID-19 safety.

As the pandemic improves, employers may struggle to keep and find top talent. However, companies can remain attractive by offering a competitive salary, flexible work schedule and a robust employee benefits package.

Employee benefits should include medical, dental and vision coverage. Employees value health insurance for preventive screenings and to take care of unexpected medical expenses. But it’s the dental and vision plans they use the most, keeping their teeth and eyes healthy with regular exams.

In addition, employers can upscale benefits by offering financial well-being programs. Due to the pandemic, six in 10 Americans say their income has been negatively affected. Many workers live paycheck to paycheck. If they have unexpected bills, such as a medical or dental procedure, they aren’t sure how they’ll pay for it. Employers can offer financial well-being programs such as student loan repayment assistance, tuition reimbursement, financial planning and retirement savings.

Businesses should also support workers’ mental well-being by keeping them informed of changes at work and offering wellness programs. Wellness options can include counseling services, such as an Employee Assistance Program (EAP), or fun activities outside the office, like yoga or walking, to help them deal with stress.

Employees value their benefits, but they want to make sure the coverage fits their needs. When designing employee benefits packages, make sure to include multiple coverage choices so workers can personalize their benefits.

World Economic Forum