The Great Resignation, a.k.a The Big Quit, is the recent trend of workers leaving organizations in droves due to poor benefits, compensation issues, lack of flexibility, toxic work environments, and more. The phrase, and the trend behind it, took off during the COVID-19 pandemic and was at an all-time high in November 2021 when 4.5 million people left their jobs in search for something better, ultimately disrupting the operations and outcomes for many organizations around the country.
So what improvements were these millions of workers looking for? It comes as no surprise that as cost of living has increased, so have demands for better compensation. According to a recent study by PcW, wages/salaries was the number one reason employees have been seeking new roles. However, benefits, and better benefits packages, was the second most common reason for workers leaving their organizations.
Consider that, even prior to the COVID-19 pandemic, workers felt uninspired by their benefits package. A 2018 Randstad study found that:
only 39% of workers were satisfied with their current benefits
66% said that benefits are the largest determining factor in considering a job offer
61% would take lower pay for a better benefits package
And in today’s market—hiring crunches that give workers bargaining power to choose they job they want coupled with the ripple effects of The Great Resignation—don’t expect your workers to stick around if they find a better benefits package elsewhere.
The Quadruple Aim, a better benefit
Instead, consider pivoting away from the shortcomings of the fee-for-service healthcare model and offer a benefit that your workers will love. That benefit—called direct primary care—begins with Everside Health’s Quadruple Aim.
The Quadruple Aim works like this:
We support our healthcare providers with smaller patient panels, less admin time, and access to meaningful patient data;
Which supports our patients with a more focused and personalized care experience at low to no copay;
Which improves outcomes through better compliance, virtual and in-person support, and robust service offerings;
Which reduces costs for both patients and clients through a preventive model that avoids downstream costs and traumatic health events
This provider->patient->outcomes->costs cycle lies at the heart of the Everside difference. It’s why we see strong engagement across our book of business that correlates to clinical outcomes, financial savings, and client retention.
What’s more: 82% of workers with an Everside health benefit reported improved health, and three in four said they have an improved opinion of their organization.
Why this matters more than ever
The Great Resignation has highlighted a growing dissatisfaction of organizations by their workers and the impacts have been far reaching. As Entrepeneur magazine noted, “[The Great Resignation] led to companies increasingly having open positions, which also caused disruptions in their daily operations...[while] remaining employees needed to compensate for the lack of manpower. Immense workloads drove employee burnout, affecting their overall performance and productivity. Businesses were forced to fill in vacant positions urgently. Not to mention, mass hiring requires a bigger budget, and in most cases, the quality of the hiring process is compromised.”
In order to retain top talent, organizations must reevaluate workers’ satisfaction, including reprioritizing benefits, balance, flexibility, and compensation.