In today’s competitive hiring market, a generous benefits package is a crucial part of attracting and retaining talent. This sentiment is quickly becoming common knowledge and is, in fact, a statistic that is echoed by numerous studies, including a 2015 Glassdoor survey that found that 80% of employees would opt for better benefits over a pay raise. This same survey also reported that 60% of people consider benefits to be a key factor in deciding whether or not to accept a job.
This, of course, raises the question: what are these benefits that employees are after? Professional chefs? Yoga classes? Life insurance? Health insurance? In today’s blog, we at Sensible Benefits are going to answer this question and look at some of the most sought-after benefits. As insurance brokers specializing in employee benefits, we help businesses and organizations navigate insurance policies and packages, and we help them optimize their employee benefit packages. Contact us today for your free consultation.
In no particular order, here are five benefits that are among the most valued by job seekers.
Allowing your employees to define their schedule and work hours is a highly valued benefit. This is a perk that greatly improves work-life balance. Not only is this a benefit that employees love, but it is also a benefit that is believed by many to help decrease the gender wage gap, create more job engagement, productivity, and overall job satisfaction.
Contrary to what we might expect, providing employees more vacation time doesn’t equate to less productivity and more time out of the office. In many cases, productivity is actually positively impacted. In recent years, some companies like Netflix and LinkedIn have even gone as far as experimenting with unlimited vacation policies. Though it may seem like an unsavvy business move, it has shown signs of building happier, more engaged, and loyal employees. And overall, employees report feeling more recharged and, therefore, able to produce better work.
Similar to the freedom of flexible hours, the option to work from home is quickly becoming a top employee benefit. With technology allowing us to seamlessly stay connected, this option is becoming a win-win for both employees and employers. When you offer this benefit to your employees, you signal to them that you trust them, their judgment, and work ethic, which is a gesture that can be a great incentive for improving productivity and overall happiness.
Student Loan Assistance
With student debt being at an all-time high and the cost of college continually skyrocketing, it comes as no surprise that student loan assistance and tuition assistance are becoming some of the most valued benefits. Though only 3% of companies offer loan assistance to employees, nearly 52% of companies offer a form of graduate educational assistance. This perk could be the benefit that separates your organization from the rest.
This is the employee benefit that is consistently at the top of most employee-based surveys, for obvious reasons. Unsurprisingly, it is also the most expensive benefit to provide. While better health, dental, and vision insurance are expensive, not providing this to your employees shoulders them with a burden that can be both nightmarishly costly and stress-inducing. Offering health insurance gives them peace of mind and ultimately creates a healthier, more productive workforce.
Looking for experienced health insurance brokers to help you optimize your health insurance package? We work with the nation’s most recognized carriers to provide core and supplemental health insurance. We help employers provide protective coverage to their employees while also protecting their bottom line. We also offer life insurance, disability insurance, professional employer organization services, and more. Learn more about our products and services here! Contact us today to schedule your free consultation.
These benefits are in no way a comprehensive list of the most sought-after perks. Nowadays, employees aren’t just simply looking for health insurance, but they are also wanting other non-traditional forms of compensation. As we’ve mentioned before, providing your company with health insurance and other employee benefits helps improve hiring opportunities, happiness, productivity, and engagement.
Curious about employee benefits? Check out this past blog to read about how employee benefits can affect your organization.