It’s no secret an attractive employee benefits package is vital for both attracting and retaining top talent. In fact, some surveys show 89% of employees would keep a job with benefits as opposed to taking one without benefits. Not only that, 60% of employees would take a lower paying jobs if it offered better benefits and perks.
Therefore, it’s important to know what matters to employees when designing your benefits package. While you may not be able to provide every single benefit possible, knowing the most attractive options can help you put together a competition package with the resources you have.
Below, we’ll go over the most important benefits to employees.
For companies with over 50 employees, you are required to provide medical benefits. However, not every health benefits package is created equal. Therefore, if it’s within your budget, it’s a good idea to offer variety when it comes to health insurance.
A competitive health benefits package helps you stand out on the market. You can offer a multitude of choices between PPOs, HMOs, and more so employees can make the best decisions based on their needs. Working with an insurance broker can help you identify an affordable but comprehensive plan and even negotiate for a lower price.
Adding dental and vision on a voluntary basis can also help. Many employees will be swayed by this added perk on top of basic medical insurance.
Paid Time Off
Paid Time Off is different from vacation days in that it can be used for anything, not just vacations. Employees can use PTO for any variety of reasons, from family emergencies to volunteer work. Offering paid time off in addition to a set number of vacation days is becoming increasingly popular.
Unlimited paid time off is also becoming the norm. While many employers fear employees will take advantage of the system, some studies show unlimited PTO actually increases employee productivity as it helps employees avoid burnout and recharge with necessary rest and relaxation.
During current times especially – when people around the world are experiencing unprecedented levels of stress – flexibility and a strong work/life balance are becoming increasingly important for many. In addition to offering paid time off, consider adding in flexible work hours so employees can set a schedule that allows them to be the most productive.
Wellness benefits are becoming increasingly enticing for employees during these trying times. Wellness benefits can cover a comprehensive range of perks designed to help your employees live healthier, happier lives.
Wellness benefits can include things like a stipend for mental health services, in-office yoga or meditation classes, programs that offer guidance for weight loss or smoking cessation, and free gym passes. Offering benefits like this – not typically part of a standard package – is a great way to help you stand out from the crowd when courting top talent.
Student Loan Assistance
As the work force becomes increasingly dominated by millennials and members of Generation Z, student loan assistance programs are becoming increasingly enticing. Many people are now entering the workforce owing thousands in student loans.
Student loan assistance programs allow you to pay a set amount per month or year toward an employee’s loan payments. This kind of perk can really incentivize valued employees to stick around for the long haul. The longer they stay at your company, the more money they’ll get to pay down their loans.
Student loan assistance can also help reduce stress, thereby increasing productivity and boosting employee morale and loyalty. It can make for a happier workplace overall, so it’s definitely a benefit worth considering if it’s within your budget.
Worksite (Voluntary) Benefits
Worksite benefits are a way of offering a more comprehensive benefits package without any extra cost to your own company. They give your employees the freedom to essentially create their own custom benefits package based on personal needs.
Worksite benefits can include anything from hospital indemnity to critical illness insurance to things like identity theft protection and pet insurance. Employees often like worksite benefits as they can access these perks at a cheaper cost through their employer. If you’re building a competitive benefits package on a budget, worksite benefits can be a great option for your company.
Maternity and Paternity Leave
Maternity leave is required to some degree in every state, and some states also require paternity leave. In California, for example, new mothers generally get up to 12 weeks of maternity leave, and fathers are entitled to up to six weeks of leave.
State disability and baby bonding only provide up to 60% of new parents’ income. Your company can offer to pay 100% of employees’ income for maternity and paternity leave instead, a perk that may appeal to employees looking to start families.
Employees of all ages plan for retirement. Even young employees are often thinking ahead in this respect, especially now that the age of retirement is ticking upward. Offering a retirement savings program can attract a wide range of prospective employees.
The most popular type of retirement savings plan is a 401(k) plan. Workers who opt-in can contribute a portion of their pre-taxed earnings to their 401(k), and employers can offer to match contributions on a tax-deductible basis.
Providing a 401(K) plan is currently optional, but they will be required for any company in California with over five employees by June 30th, 2022.
The Bottom Line
Knowing the most important benefits to employees can help you create an attractive package. Not only is offering a wide range of benefits a good way to attract talent, it can incentivize your best employees to stick around long term. While you don’t necessarily have to include every single attractive benefit, prioritizing what matters to employees can help your company stand out on the market.
Need some help? At UBC Insurance Solutions, we work for you – not insurance companies. We work one-on-one with every one of our clients to develop a cost-efficient benefits package to meet their unique needs. If you need some extra help, reach out here and someone will be in touch shortly.