Once upon a time, the number one priority for benefits programs was to attract, motivate and retain talented employees. That time was 2007. As the economy melted down and layoffs began, retention quickly took a backseat to benefits cost cutting priorities.
Benefits Communications Turn Risk Into Opportunity
As the economy improves, the tide may be turning once again according to several new studies. Here are some key findings:
- Up to 60% of top performing employees plan to leave their organization within the next year
- In October 2010, the number of employees voluntarily quitting their jobs surpassed involuntary terminations
Despite the optimism regarding the economy in 2011, employees are still feeling cautious about their money,
Employees Remain Cautious
according to the Q4:2010 Principal Financial Well-Being Index survey. Here are some of the key takeaways:
- Half of employees did not feel better about their financial situation than they did a year ago. Nearly 40% of employees were still cautious about the economy.
- 72% of employees are concerned about their long-term financial future.
- Health care costs (65%) and economic uncertainty (59%) topped their short-term concerns.
- Living within their means (62%) and having an emergency fund (46%) were employees’ main priorities as they re-build their financial well-being.