Talent Retention in 2023: Diversifying Employee Benefits to Retain and Attract Talent

The last few years we’ve seen a movement of people leaving their jobs in search of better opportunities. This continues to be true through 2022, with about 4.2 million people quitting their job in July alone. It begs the question: What can employers do to prevent further departures while attracting new talent?

Seeking out better perks for talent retention

Regardless of the industry, employees are demanding more, and they’re seeking opportunities that offer more flexibility, greater pay, and access to inclusive perks and benefits. Even with incentives such as unlimited paid time off, student loan assistance, childcare subsidies and gym memberships, there are always going to be employees who might not be able to take advantage. Perhaps they don’t have children, or maybe they don’t have student loans, and not everyone will attend a gym.

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While these are nice perks that are applicable to some, a company should always consider how inclusive they are. Especially with about 80% of respondents in a Deloitte University workplace inclusiveness study saying inclusivity is an important factor when choosing an employer. To double down on that, nearly 40% said they would leave their current employer for a more inclusive one, and nearly a quarter have already done so.

When HR leaders build out their benefits and perks, the needs and priorities of a workforce must be considered. If done with inclusion in mind, businesses will challenge traditional processes and create a holistic benefits package that will be advantageous to employers and their staff, now and in the foreseeable future. The truth is, today’s workforce is multi-generational, so expectations will likely vary when it comes to many things, but there is one thing that will always hold true: vacation time is crucial to a healthy work-life balance. It’s a way to pour into self-care, recharge, an opportunity to learn new things and stimulate the brain in a different way.

Going virtual 

Many don’t have the chance to truly take advantage of vacation opportunities due to financial and time constraints, logistical difficulties, or any other physical restrictions. However, offering team members the chance to travel virtually provides an outlet to do so. By providing virtual tourism perks, companies tackle multiple inclusivity issues while boosting team bonding.

Whether working remotely or in-office, all employees can take a step back from their busy days with virtual tourism. The team enjoys a live, guided tour where they can ask questions, see new things, and learn about new cultures.

To add to the personal benefits, team bonding virtual tours can present some clear advantages to an employee and the company. Having that shared experience will build stronger team connections. There has been a clear benefit to companies when their employees feel happy and are enticed to engage more. This type of activity has seen more than 40% lower absenteeism and more than 20% higher profitability for business.

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Organizations can also offer their employees virtual vacation hours to take throughout the year. Consider a few benefits this can bring to an entire company. Any employee – regardless of their circumstances – can take advantage, allowing them to discover and explore dream destinations with their loved ones without having to exhaust their paid time off or dip into their savings. It is also inclusive to remote staff, no matter where they are located. They get the opportunity to have the same experiences as their peers.

Coming full circle

Virtual tourism is a unique perk that can provide plenty of benefits to employees and, in turn, employers. Providing employees with inclusive and enjoyable perks creates a better work atmosphere, which will lead to better satisfaction, and more engagement and productivity in the workplace. It can unite teams and differentiate a company to current and prospective talent.