Ask an Adviser: How do we bring lost talent back to the workforce?

Welcome to Ask an Adviser, EBN’s weekly column in which benefit brokers and advisers answer (anonymous) queries sent in by our readers. Looking for some expert advice? Please submit questions to askanadviser@arizent.com. This week, we askedKate Gray, director of people and talent for Omnipresent, to weigh in on the following: How do we entice some employees back into the workforce?

It’s been reported that 47.4 million U.S. jobs were left voluntarily last year, and many of those people have yet to rejoin the workforce. Goldman Sachs estimates that about 2.5 million people are still missing from the workforce because of prolonged COVID-19 concerns, child care shortages and lifestyle changes.

Teams not hiring remotely are discovering a drastic staffing disadvantage. A hybrid work model is part of the immediate work culture and your competitors may already be adopting some of its principles to attract higher caliber talent, reduce overhead expenses, or go global-first by entering new markets.

Flexibility is a hot topic at the moment and for a good reason. The shift to working from home during the pandemic has shown employees that flexibility and a work-life balance is possible. The prioritized importance of ensuring a work-life balance means that companies have to be empathetic, first and foremost, to be able to attract good talent and get people back into the workforce.

Read more: What to expect once the Great Resignation subsides

Working from home has allowed staff the freedom to fit work around their personal lives, working more flexible hours and at times that suit their lifestyles. By removing the morning and evening commute, they’ve saved an average of one hour per day, granting them more time to be with loved ones, exercise or simply catch up on life.

In addition to flexibility, employees are increasingly demanding well-being focused benefits over and above things like medical insurance. Burnout is real. Employees have worked twice as hard going remote and companies need to watch out for it in a continuous manner. Isolation also causes burnout, especially for people who are used to the office environment. Employers need to prioritize and invest in mental health and wellness benefits offerings in ways we’ve never seen before.

Employers need to start asking employees what their needs are and personalizing the employee experience, especially for millennials and Gen Z in the workplace. They have their own ideas on how they approach work and responsibilities across all areas.

In addition, employers also need to upskill their people leaders on how to manage distributed teams. Having the right leaders with the right skills will have a direct impact on employee experience and retention.