Which Employee Benefits Are the Most Important?
There is no denying that finding and retaining the best staff for your business is an important element in long term success. So is balancing the cost of those employees with profitability.
Employees are becoming more savvy when it comes to benefits, but what you might not realize is that you may be missing out on the best staff out there because you’re not offering the right kind of benefits.
I have researched which non-salary based benefits are most important to employees, and I’m going to tell you what they are, and why.
It may seem strange, but these days, more and more employees are placing importance on longer term benefits such as a pension or retirement plan. In fact, in one US study, 91% of employees ranked these benefits as their number one priority.
Next on the list in the same study, with 89%, is some form of savings plan, such as a 401K. This may seem surprising, but when you consider that many employees are still wary of unexpected layoffs after the last recession, it’s not really unexpected that employees value a financial cushion.
The next several important benefits on the list relate to health. From regular health care benefits to benefits for retirees, disability benefits and long-term health care benefits, employees want to be sure their healthcare is covered.
This is good news for employers too, because there are countless studies that prove that employees who have health care benefits are absent from work less, and more productive. In fact, this is my number one benefit pick for employers.
The last on the list of benefits I recommend you take into account on employee benefit statements are the so called lifestyle benefits. These include wellness programs, flexible spending accounts, optional telecommuting and child care programs.
Employee Benefits Statements Can Help
The type of benefits you’re willing and able to offer your employees will vary, but there is no doubt that employee benefit statements can help you to find and retain the very best staff.
All of the benefits I have outlined briefly above are important to employees, and they all carry a monetary value. If you’re not sure what value your benefits offer, then I would strongly recommend you have a professional draw up comprehensive employee benefit statements before you hire again. Or consider doing it yourself with COMPackage employee benefit statements.