Once you put together the right team of professionals, the question that arises is: how do you retain them?
So many small-scale businesses believe that they can retain employees by offering better salaries. While monetary growth does play a significant role, 54 percent of job candidates admit to giving benefits a heavy consideration when applying for a job.
In fact, nearly 3 in 5 people report benefits as one of their top considerations before accepting a job offer.
Fringe benefits have always improved employee engagement and productivity. More and more businesses are recognizing the value of offering benefits.
But if you’re planning to incorporate employee benefits into your policies, it’s important to keep up with the latest research. Here are a few key elements to be aware of:
Job Candidates Prefer Benefits Over High Salaries
Contrary to popular belief, more than three-quarters of people seeking jobs recognize benefits as either “very” or “extremely” important.
In fact, a survey conducted by Glassdoor shows that 4 in 5 people prefer benefits than a raise. Benefits empower employees and help them make well-informed decisions.
From healthcare to vacation plans, the type of benefits your organization offers will be the determining factor for job candidates whether they want to apply or not.
4 Types of Benefits Preferred Over Salary Raise
The same Glassdoor survey further states that there some types of benefits job candidates prefer more than a raise. Some of these are:
- Dental and Vision (40 percent votes)
- Paid Time off/Vacation (37 percent votes)
- Paid Sick Leaves (32 percent votes)
- Wellness Programs (16 percent votes)
It’s no surprise that dental and vision insurance tops the list since more and more individuals are becoming aware of the benefits of a better healthcare program.
Furthermore, dental and vision insurance can be customized according to individualistic needs.
Wellness Programs Matter
Along with healthcare, employees also take into consideration wellness programs. Health and wellness is also crucial to ensuring your employees are always performing their best.
Over the last few years, companies have started spending more on wellness programs.
This is because wellness programs teach and educate employees about the importance of staying healthy. They also make employees feel valued and appreciated.
It shows that employers take the measures needed to ensure that their employees are taken care of, and know what to do when faced with health problems.
Managing Costs Is a Top Priority
Managing costs has become a top priority for employers. Educating and guiding employees to make better decisions can help your employees help improve morale and productivity.
Voluntary benefits and high-deductable health plans are becoming increasingly popular, thanks to the important role they play in helping employees make better decisions.
These are just a few things to keep in mind when keeping up with the latest employee benefit trends.
If you are collaborating with an employee benefits service like Pennsylvania-based JS Benefits Group, whose HR consultants commit to planning on your behalf, make sure to ask for a timeline of the new changes, and ask for guidance on how to manage your employees’ questions regarding claims, medical payouts, choosing plans and more!
Reach out to us to learn how we can help!