The "Currency of Caring". In April, Torchlight’s Founder and CEO Adam Goldberg spoke about this new economy surrounding the battle for talent at the Health and Benefits Leadership Conference (It’s great - Listen!). He’s not the only one talking about it. Katie Burke, Chief People Officer at Hubspot, recently wrote that the secret of winning in the current talent landscape is to “out-care” the competition for employees, candidates and customers. 98% of human resource professionals and 92% of employees state that empathetic employers drive retention. That is basically almost all of you!
Is caring a financial strategy?
There are many companies, who have invested in vendors like ourselves and believe that Return on Empathy (ROE) will be the next critical KPI upon which executive teams are measured. Sound a little soft? Corny? Let’s talk data that directly impacts your company’s Income Statement and reflects on human resources:
- 59% of employees say that health and wellness benefits are important for increasing loyalty to their employer.
- 80% of employees would work more hours and 60% would take a pay cut to work for a more empathetic employer.
- 92% of full time employees believe that companies that offer nontraditional benefits are more likely to recruit top talent.
- 70% of caregivers report work-related difficulties as a result of their dual roles.
Businesses are shifting to hiring and caring for an employee to hiring and supporting the full family. In 2017, 75% of surveyed businesses said that they agree or strongly agree that being a more caregiving friendly workplace would attract and retain talent. Additionally, if they could implement two new policies or benefits tomorrow to support caregivers, regardless of cost, they would expand leave policies and coaching, wellness or support services and digital tools designed to support caregiver wellbeing.
Where do you start?
So the days of checking-the-box are over, as it relates to offering concrete wellbeing benefits that enable a company to “out care” its competitors. Authenticity and efficacy are now what matter in demonstrating you care. But how? How do you start?
Ultimately you need to make the business case. There are nine (9) high level questions to answer - or to highlight to other need answering - when implementing any new benefit. Ultimately, if you can provide your executive team with answers to the following, you will know if you are ready to implement programs to out-care your competition:
- Do you know what other companies in your industry, and of your size, provide employees in terms of family and caregiving benefits?
- Do you have - or can you find - data or other evidence on benefits that other companies have gained as a result of such benefits?
- Have your done a GAP analysis of your own benefits and culture related to full family support?
- Have you surveyed your employees to learn what their struggles are, what benefits they use/value and where the gaps lie?
- Have you solicited input from any ERGs in your company?
- Do you have a financial model that illustrates the costs and potential utilization of caregiving and other family support benefits across the board?
- Do you have a plan for communicating and defending full generational benefits?
- Do you have a full implementation communication strategy that will support recruitment, retention, utilization and other metrics?
- What is your plan for training and operationalizing any new family/care benefits across your managers/supervisors?
Are you not sure how to really start beating your competition for talent and truly out-caring them? Let us know your biggest challenges. We’re happy to simply pass on tips of how to start your evaluation. Our mission is to support employee caregivers, even if they aren’t our customer yet.