Ten ‘Must Have’ Benefits
Benefits are no small consideration for employees. While 60% say that benefits are the deciding factor in taking a job, 80% say it is a factor in keeping a job. We know benefits are important and to keep employees you need to remain competitive. But what does that look like to the modern worker? What benefits will keep you competitive and attract the best job candidates to your organization? While no benefits package is one-size-fits-all, here are our top ten offerings to keep your benefits package comprehensive and attractive.
- Improved health, dental, and vision insurance. Perhaps the most obvious and important benefit in the minds of American workers is health insurance, including vision and dental. Research shows that 88% of job candidates consider health coverage in their decision-making process, and 50% say it is the deciding factor. If you offer inclusive and affordable health coverage, you are more likely to attract and retain quality employees.
- Additional Health Benefits. Hand-in-hand with affordable healthcare benefits, employees look for organizations that allow them to keep themselves healthy. This can be anything from health incentive programs to gym memberships; many employees say that they would like to see these packages include on-site gyms or activities to promote wellness. Providing programs that encourage employees to be healthy is a win-win for employers; when employees exercise they are more likely to be satisfied in their personal and professional lives and to need less medical care, lowering healthcare costs overall.
- Leave Benefits. 42% of employees say more time out of the office would be helpful, specifically citing sabbaticals as a benefit they would like to see. Leave benefits do not need to be that extreme, but offering additional vacation time, sick leave, and other PTO can help to encourage employees to recharge their batteries and return to work feeling fresh, satisfied, and innovative.
- Paid Family Leave. Especially among Millennials, family leave benefits have become increasingly important. Employees seek maternity and paternity leave in the traditional sense when having children but also in situations of surrogacy, adoption, and foster parenting. While parental leave does exist at some organizations, employees say it is not enough — an attractive benefits package would offer above-average parental leave to assist in helping them to establish and grow their family.
- Student Loan Reimbursement. In today’s world, student loans are a priority for almost every American worker. Given the student debt crisis this, is something they are conscious of and seeking a solution to. A growing number of people are starting to look to their employers for the solution. Providing student loan reimbursement can make your organization stand out when competing for top candidates.
- Education and Professional Development. In addition to reimbursement for the skills that got them to your organization, employees look to continue their personal and professional growth. The desire for growth potential in the workplace is growing among workers. They look for mentorship as well as programs that enable them to develop their skills and professional relationships.
- Retirement Savings and Advice. Financial planning for retirement is a must, but more frequently than in the past, employees are looking for a way to educate themselves on how to successfully navigate their benefits and plan for retirement. Offering generous matching for retirement benefits and assistance in understanding how to use those benefits can make your company more attractive to responsible, quality job candidates.
- Flexible Hours and Remote Options. Research shows that remote working and flexible in-office hours can spark creativity, providing an opportunity to think outside the box and encourage innovation. In addition to the positive benefits that offering a flexible work environment can bring to your organization, employees are asking for this perk more and more. Since 2017 the number of employers offering remote options for employees has increased by 55%, meeting the demands of younger workers to fuel innovation and allow room for creativity out of the office.
- Relocation Benefits. Increasingly, Millennial and Gen Z workers are relocating, looking for cities where the cost of living is affordable and jobs are attractive. With that, they are looking for companies that offer relocation benefits. Particularly if you are looking to attract fresh, new talent, offering a relocation benefit can make the difference in getting the best candidates into your organization.
- Volunteer Opportunities. Increasingly, employees are looking for ways to give back to their communities, and they expect their employers to help. Depending on the demographics of your workforce this perk can vary. While some employees want employer facilitated volunteerism, events, and donation drives, others prefer a more open-ended volunteer opportunity. Requesting that their employer offer paid time off for volunteering, from once a month to once a year, employees want time to leave work and make a difference in their communities.
A comprehensive benefits package can take your organization from an option to the perfect option for job candidates and current employees. No benefits package will meet the needs of everyone, and it is important that employers understand the needs of their employees and select benefits based on what is the best fit for their workforce and the talent they are trying to attract. No matter the benefits package you choose to provide, the most important factor in your success is communication. Communicate to job candidates what benefits your organization offers and encourage current employees to use and understand existing benefits.