In recent years, there has been an increase in turnover rates. As a result, companies are trying to think of ways they can keep their employees happy and engaged. One way is by offering benefits that better suit what new hires and young people want.
There are many different factors such as salary, work-life balance, and company culture that all play into whether an employee will stay with a company for the long haul or not. In order to know which benefits might be best it's important to ask them! Or better yet, read our blog post and get the inside scoop.
Flexible Work Hours
Flexible hours are popular among job seekers. According to a study conducted by the Harvard Business Review, flexible hours can persuade 88 percent of respondents to choose a lower salary over one with higher pay but a fixed schedule. Believe it or not, flexibility is the most requested benefit followed by health insurance.
Further, in a FlexJobs survey, 80 percent of parents and millennials (anyone born between 1981 - 1996) said that flexibility and work-life balance were the most important factors in evaluating potential job opportunities.
Employers who provide health insurance for their employees will benefit by attracting quality candidates. Employees carefully consider whether a company provides affordable, comprehensive coverage for them and their immediate family members as they make employment decisions.
But why do employees value health care coverage so much? Well, in 2016, the average American spent $10,345 on healthcare. This was an exorbitant amount five years ago, and that number is only growing. It’s the reason why employees rank health care benefits as their most requested.
In a 2017 LIMRA survey, nearly six out of ten employees believe that life insurance benefits are not only important but necessary for their jobs. Life insurance gives workers peace of mind that they have financial security should something happen to them and ensures that their families can continue living normally if they ever pass away.
Luckily, group life insurance is an affordable benefit employers can offer to round out their benefits package and attract top talent. For example, a healthy 40-year old employee costs just $36 per month for group coverage. This type of low-cost option helps employees supplement other medical or retirement plans already in place at the organization with something that matters most to them – being able to care for dependents if tragedy strikes.
Most employees say they are interested in their well-being and take their health seriously, and employers agree. This is why many of them have wellness programs as part of the benefits package for new hires. In fact, a Fitbit survey reported that 88 percent of CEOs said their company already has a health and wellness program on board.
As a small business owner, it can be difficult to provide your employees with an onsite gym like big companies like Google or SAS can provide, but there are still some things that you can do. These include:
- Providing healthy snacks
- Reimbursement for exercise equipment
- Yoga Classes
- Gym Memberships
Some of these may be too hard – like the gym membership – but you should keep these in mind for potential employees as your business expands.
There are many benefits that a new hire might be looking for in a company. For example, flexible work hours and health insurance top the list of priorities. We can help you find your perfect match by tailoring your organization’s offering with our Passport Unlimited program!
By partnering with us, we will provide tailored benefits – such as life insurance or wellness options – which may not have been on your radar before this blog post. If you want more information about how we can tailor these offerings for your business needs, contact us and request a demo today!