The Role of Benefits in
the War for Talent
October 2021
KEMBRE ROBERTS, VP, WELLBEING
SHANNON DEMAREE, SVP, BENEFITS SERVICES PRACTICE LEADER
The term “war for talent” was first coined in 1997.1 Today, however, it is
taking on a whole new meaning with a new term emerging of “the great
resignation.”2 Historical data collected by the Bureau of Labor Statistics
shows a steep increase in job openings and a continued increase in job
separations through July 2021.3 This trend doesn’t appear to be slowing
down anytime soon. In fact, according to a recent pulse survey by PwC,
65% of employees said they are looking for new jobs.4
Understanding what is creating unrest in the workforce and what will be attractive
to new talent is paramount to a successful talent strategy.
65%
LOOKING FOR A NEW JOB
AUGUST 2021
35%
LOOKING FOR A NEW JOB
MAY 2021
Source: PwC, Aug. 20214
1
LOCKTON COMPANIES |
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
Jul-21
RATEOpenings
Separations
JOB OPENINGS AND LABOR TURNOVER THROUGH JULY 2021
Source: U.S. Bureau of Labor Statistics
2
Lockton Companies
The Role of Benefits in the War for Talent
The PwC survey identifies that employees are looking for higher
compensation, expanded benefits, career advancement and flexibility,
but employers should be aware that these drivers are weighted differently
across their diverse workforces.4
Women, Black and Hispanic
workers are more focused on
compensation in an effort to
close the pay gap.4
Younger generations seek
job satisfaction and work-life
balance.5
Employee well-being concerns
around financial, mental,
social and physical health vary
by gender, race/ethnicity and
generation.6
DIFFERENTIATING WITH BENEFITS
While salary is the No. 1 reason employees look for a new job, benefits and flexibility closely follow.5 A potential
employee looks for a comprehensive benefits package to protect them against unexpected costs, but with today’s
added stressors, employees are looking to