Let's begin with the basics. Employee benefits are extra perks provided by employers for their employees. Finding the right combination of benefits that will have the best impact while not costing you a small fortune is critical for your business’s success. There are a multitude of offerings, but we are going to focus on the top five benefits that employees seek in their job hunt benefits package.
Number 5: Tuition reimbursement for professional development opportunities
A Bureau of Labor and Statistics data chart shows that employees with a college degree make around $60,000 a year. This same data found that those with only a high school diploma earn an average annual income of $37,000. Many employees know and understand this and appreciate an employer who is willing to pay to further their education.¹
Number 4: Short-Term Disability (STD) and Long-Term Disability (LTD) insurance
Many employees understand that their most important asset is their ability to earn an income. This layer of insurance helps to bring peace of mind knowing that there is income to cover the mortgage or rent, and that the lights remain on if you lose the ability to earn an income, whether it is temporary or permanent.
Number 3: flexible work schedules and paid time off (PTO)
Coming out of the pandemic it became apparent that many people could do their job from a remote location. Many people find this flexibility important and even more important is paid time off, or PTO. A common PTO offering is two weeks.
Number 2: Retirement Benefits
Let's be real...most people don't want to work forever. Employees are concerned about having enough assets to retire at some point in the future and want an employer to provide a benefit that helps them get there. An employer needs to find a plan that works for their number of employees and their scope of business and budget.
Number 1 Health Insurance Benefits
Group health insurance is the most traditional way that employers offer health insurance. The quality of this insurance may have a direct correlation to employee satisfaction in the workplace. This benefit in and of itself can be a key factor for an employee in deciding to stay with this employer or seeking one with better health insurance.
Offering a comprehensive benefits package is an excellent way to retain and attract top talent in your industry. When you are ready to get your business to that next level, let us help you build a plan to make your business the most desired place to work in your town. Call us now.