Due to the rapidly changing demographics, businesses across various industries are forced to drastically revise their benefit plans. Offering generous and attractive benefit packages is essential for retaining the best talent. A survey carried out by Glassdoor revealed that 60% of employees consider perks and benefits to be a major factor during job selection.
A recent study carried out by Fractl further highlighted the changing employee preferences. It showed how – after health insurance – employees placed the highest value on benefits such as flexible work hours, work from home options, and increase paid vacation time.
In this blog, we take a look at some of the most valued employee benefits of 2019.
Flexible Work Hours
In light of increasing turnover costs, employers are faced with no other choice but to comply with their workers’ request for more flexible work hours. According to the Deloitte Millennial Survey, the number of younger employees working from offsite locations spiked up by more than 20% from 2016 to 2018.
Additionally, employees welcome benefits that are conducive to a healthier work-life balance. Perks related to fitness centers and on-site child care saves employees’ time and allows them to dedicate more hours to their friends or family.
Unemployment rates hit their lowest in 2018, the lowest in over 50 years. While this is great news for the workforce, it isn’t so great for employers who now have a harder time securing top talent. Not only are businesses expected to offer core benefits but also offer extra perks on top of that to set them apart from the competition.
After all, if your organization has the same standardized perks as the rest, what’s stopping the top talent from switching to another place that offers better packages? It may not make sense, but even small perks such as standing desks, sports and video game facilities, and music rooms play a significant role in improving the employee experience. 2019 will be the year businesses will have to step-up their generosity game or get left behind.
Promote Financial Wellness
Despite recent economic growth, employees today have significantly lower purchasing power when compared with the past few decades. Although there are a number of reasons for this, the primary one is attributed to rising healthcare costs.
Whatever the case, a large number of workers find themselves in tight financial conditions. The situation is worsened by the fact that many graduates are now coming out of universities with large sums of debt on their shoulders.
Businesses that offer better financial security and assist with loan repayment programs are bound to stand head and shoulders above the rest and are bound to attract a skilled workforce. JS Benefits Group offers employee benefits services in Pennsylvania helping companies come up with the most lucrative benefit plans and attract the best talent. Contact us today for more information.