In November 2023, Zywave conducted its 2023 Attraction and Retention Employee Pulse Survey to collect employers’ insights into attraction and retention challenges, workplace strategies and voluntary benefits utilization. More than 130 employers responded to the nationwide survey from various industries, including finance, insurance and real estate (27.87%); manufacturing (14.75%); health care (12.3%); nonprofit (9.02%); construction (8.2%); and retail and wholesale trade (5.74%).
Demographics
This survey was completed by more than 130 respondents in all regions of the United States. These respondents employ workforces of sizes varying between fewer than 10 (8.87%) and over 1,000 (12.1%), with the largest category employing between 50 and 99 employees (19.35%).
Overview
This survey provides valuable insights into voluntary benefits trends and strategies. Key findings from the survey suggest that many employers view offering or expanding their voluntary benefits programs as an effective strategy to address their attraction and retention challenges in 2024, especially as many organizations struggle to meet their workers’ demands for increased compensation.
This report compiles employer responses to the survey questions and provides general insights and takeaways regarding voluntary benefits.
Employer Takeaways
The responses to the 2023 Attraction and Retention Employer Pulse Survey suggest that even though the labor market may be softening, employers’ attraction and retention struggles will continue through 2024. Since attracting and retaining talent continues to be a primary challenge for organizations, employers are searching for effective ways to address this issue while remaining competitive. As survey results reveal, many employers view offering or expanding voluntary benefits programs as an effective strategy for addressing attraction and retention struggles. Implementing impactful voluntary benefits programs that meet employee demands and needs may not only deliver valuable benefits to employees but also help employers stand out in today’s competitive labor market.
Being aware of these survey results and their effects can empower savvy employers to differentiate themselves from their competition. The most effective voluntary benefits strategies will vary by organization; however, employers who take a proactive approach to their benefits programs will be better positioned to meet their employees’ needs and find longer-term solutions to address their attraction and retention challenges.
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This 2023-24 Voluntary Benefits Benchmarking Overview is from the 2023 Attraction and Retention Employer Pulse Survey conducted by Zywave for informational purposes. © 2024 Zywave, Inc. All rights reserved.
