The survey also found that 80% of employees would choose additional benefits over a pay raise! Adding benefits can increase loyalty, focus and productivity, attendance, and recruiting. . That’s according to research by EBRI, who found that in fact 78% of employees agree and say that it’s very or extremely important in their decision. Do You Possess the Top Two Most In-Demand Skills? They may actually want benefits that don’t cost a lot of money. Benefits, such as flexible work arrangements, can reduce the amount of work employees miss for family matters. Different age groups or generations in the workplace currently include: Given this diversity in employee population, HR professionals need a thorough understanding of what each of these segments generally perceive as valuable, necessary, and optional when evaluating an employee benefits package. Many employees make savings on their weekly shop with employee benefits which can lead to big savings in the long run. When we asked participants which employee benefit would make them consider changing employers if their offering was better, 42% cited flexibility. The first thing you need to do is to calculate the amount of money you want to spend on each of your employees per month (or year). The flexibility of being able to differentiate between those two things is really important to people.”. We can help you tackle business challenges like these, Paying Restaurant Employees in a Changing Payroll Landscape, 5 Emerging Trends in Retirement Plan Design, Top Takeaways from the EEOC COVID-19 Guidance, Effectively Managing Unemployment with Modern Payroll Services, 7 Actions You Need to Take to Gain Every Advantage of the SECURE Act. Offering these shows that the company cares. Benefits tend to drive employee engagement while providing a sense of security, encouraging workers to stay on the job, even during tough times. Employee benefits are significant in an employee’s decision to accept or reject a job. Is Buying an Existing Business Right for You? This is the key! Good wages are important, but so are good benefits. Would it communicate that you as an employer recognize the importance of employee benefits? While no organization has been unaffected by COVID-19, the nature of the impact varies widely; some industries are experiencing large declines, while others are experiencing increased demand. A survey found that 55% of employees are at least somewhat likely to accept a job with slightly lower pay if it has better benefits. Have you ever wondered if employee benefits are worth the cost and extra administrative tasks? ✅. However, only 41% of employers surveyed offer health insurance as part of their benefits … Make it easy for your employees to learn how your employee benefits program works and educate them on the different benefits you offer. When people are looking for a new role, they... Benefits can help employees focus more on work while they are at work.. According to Glassdoor’s Employment Confidence Survey, about 60% of people report that benefits and perks are a major factor in considering whether to accept a job offer. They may not want yoga classes at work. Recruitment Chatbots: Is the Hype Worth It? The key to recruitment and retention The 2018 Paychex Pulse of HR Survey revealed that 33 percent of HR professionals surveyed ranked offering competitive benefits among the top five biggest HR challenges, followed by retaining talent (31 percent). Para garantizar que brindemos la información más actualizada y de mayor precisión, algunos contenidos de este sitio web se mostrarán en inglés y los proporcionaremos en español una vez que estén disponibles. Meanwhile, most employees (92%) say that benefits are important to their overall job satisfaction, according to the Society of Human Resource Management .Employee benefits and perks continue to play a major role in reducing employee turnover, which can cost employers tens or hundreds of thousands of dollars.According to a GlassDoor survey, nearly 3 in 5 people (57%) say benefits and … Get them excited about and engaged in the process of learning about and selecting the benefits that work best for them. The emphasis on flexibility may come as a surprise when many workforces around the world are operating remotely and are already likely to have greater flexibility than before COVID-19. With more companies increasingly accommodating for employee demands. Try Patriot’s accurate payroll software for free. To continue reading HRD Connect content we ask that you register your details or login using your email if you are already a subscriber or member of the HRD Connect community. And, 77% of employees are at least somewhat likely to purchase voluntary insurance if offered the benefit. The reality is each one of … Gene Marks examines how employers can prepare for and effectively manage the burgeoning group in the workforce that is Generation Z. Employee benefits can be deciding factors Get the latest analysis and reports delivered to your inbox daily, Supporting Manager Wellbeing in Times of Pressure. Learn the pros and cons of buying an existing business, and examine the process you should follow to determine if buying the business is right for you. However, as Katie Goodwin, Head of Client Relations International at Benify explains, the meaning of flexibility has changed with the onset of the pandemic. Okay, so the extensive research I went through shows that employees care the most about meaningful benefits such as healthcare insurance and flex work options than some cool office perks. However, it’s not just flexible working hours and increased remote working that employees want today; it’s also flexibility around employee benefits. Businesses go through lengthy processes to recruit and hire qualified and suitable staff, but often the emphasis on caring about employees stops there. So, make sure to ask about your candidate’s benefits preferences during the job interview - it may help you win over a great candidate without raising your salary offer! You may also consider benefits like 401(k) retirement savings plans, life and disability insurance (note that some states mandate employers to provide short-term disability leave), education assistance, wellness programs, and child care assistance. Offering benefits can reduce the number of financial errands employees must make. Another survey of 1,000 full-time employees indicated that employees rank regular bonuses, health care, dental insurance, 401(k) plans, casual dress days, and free snacks as top job incentives. She said: “Flexibility pre-COVID-19 meant making sure your work could fit around your life, and that’s even more relevant now. ✔️ According to Glassdoor’s survey, employees prefer these top 5 benefits: On the other hand, there are many other surveys that stress the importance of low-cost benefits such as flexible working hours and work-from-home options. 88% of respondents said the quality and options of health benefits were important. Businesses looking to stay competitive in today’s tight labor market should understand why employee benefits are important. Our research shows that 50% of employees in the UK and Sweden under the age of 30 say they would like their employer to offer them access to digital tools such as an employee benefits platform. ✅ According to a recent Society for Human Resource Management’s survey, companies that use benefits as a tool for recruiting and retaining talent reported better overall company performance and above-average effectiveness in recruitment and retention compared with companies that do not. All your existing employees, as well as potential employees (job candidates and even just curious job seekers) need to know that benefits at your company are something special. Do Not Sell My Personal Information. Your company probably offers certain benefits already, but are you offering the right ones?