In recent years, many firms have been struggling to find employees. This contributes to difficulties with service, delays in production, and decreased hours in their businesses.
When there are more than 10 million job openings throughout the United States, employers have to offer more to potential hires to give them more incentive to work. When looking for a job, many individuals have become more deliberate and want to know what benefits a position can offer beyond income.
In fact, 10% of workers said that they would be willing to take a pay cut for better employee benefits.
The following is a list of the top five benefits that attract most employees, and what they look for before applying for and accepting a new job. By incorporating some of these benefits into your employee package, you can incentivize job acceptance and retention, and ensure your company combats the “Great Resignation.”
1. Family Benefits
Better family benefits are among the most sought-after perks among employees. These can include more flexible hours for working parents which allow them to select days when they can work from home.
About 83% of millennials said they would change their job for better family benefits. Other family benefits include parental leave for the birth or adoption of a new child.
In addition to this time off, employers found that when they included employee lactation benefits in partnership with The Lactation Network, they were able to increase their post-maternity leave retention rates from 59% to 92%. This lactation program has resulted in 83% of employees being more satisfied with their company, because they partner with new parents to help support their lactation journey at home and work.
Furthermore, TLN’s Newborn Families program seamlessly integrates into existing benefits, making it convenient and accessible for parents. TLN’s program covers lactation care through self-insured health plans, ensuring that employees have the necessary resources and support to navigate their lactation journey at home and in the workplace.
By providing inclusive and comprehensive lactation support, employers not only demonstrate their commitment to employee well-being but also foster a supportive and family-friendly work environment.
2. Insurance
Both health and life insurance are great benefits for employers to offer. Even if you are not fully covering their insurance, helping to supplement it will offset the cost for workers, and ultimately increase employee job satisfaction.
In fact, 67% of employees say health insurance is their number-one most prioritized employee benefit. By comparison, 45% of employees believe life insurance is an essential employee benefit.
3. Pension and Retirement
When a business matches employees’ 401K contributions, they are able to save more money for retirement, and the contributions are tax-free. If this option is too much for your company, consider offering different retirement options, such as IRA or Roth IRA contributions. Supporting an employee’s retirement account helps your staff feel more confident about their future.
4. Tuition Reimbursement
Firms that offer tuition reimbursement show they care about their employees, their development, and their job skills. Tuition costs for colleges have increased 20% in the past decade, and almost 70% in the past 20 years.
These rising costs have made it more difficult for students to get an education without burdening themselves with large amounts of debt. By offering support to their efforts to increase their job skills, a company can not only develop a more competent workforce, but one that is also likely to be more loyal.
5. Mental Health Services
When they apply for a new job, one-third of potential candidates value mental health services when offered by the employer. An estimated 84% of employers believe that mental health programs, including mentorships and counseling, result in higher productivity and performance. When you are focused on the overall health of your employees, this will lead to less burnout and better retention rates.
Conclusion
When companies value their employees, they will typically see greater retention, and happier, healthier, more loyal, and better equipped individuals that help the business succeed. A focus on better employee benefits can also trickle down to your customers, who will appreciate your focus on worker satisfaction.
