Benefit plans are a key component in today’s HR and hiring marketplace. From trendy fringe benefits to extensive health care coverage, a comprehensive benefits plan makes a huge difference in attracting and retaining talented professionals. In fact, most employees would choose better benefits over a pay raise . Let’s examine what the most popular employee benefits are in today’s workplace.
What benefits are the most popular for employees?
The most popular benefits for today’s employees are health insurance and flexible work hours. Comprehensive health, dental, and vision insurance ranks as the top priority for both younger and older working generations. While not a trendy fringe benefit, it’s easy to understand why working people of all ages value health insurance. It’s also the most expensive to employers.
The next most popular benefit is flexible work hours.
Flexible work hours allow for a better work-life balance and can take the form of working from home, working around the standard 9 to 5 schedule, or four day work weeks. Contrary to what some may think, millennials aren’t the only ones bucking the rigid 9 to 5 rules of the past; parents are quick to see how flexible working hours can benefit their hectic schedules.
Unlike health insurance plans, flexible schedules and remote work options are typically of no cost to an employer. In fact, they lower overhead costs.
Why offer more than standard benefits to your employees?
Health insurance, PTO, and 401(k)s are relatively standard in today’s marketplace. So why should you implement the likes of volunteer time off, free lunches, or unlimited PTO? A mix of standard and fringe benefits attract and keep the best workers. Benefits keep employees happy, increase productivity, and reduce turnover rates. Plus, the right combination of benefits keeps employees healthy. Healthy employees are not only happier and more productive, but they ultimately reduce an employer’s health insurance costs.
What does an employer gain from an attractive benefits plan?
A lot of employers offer health insurance and retirement options begrudgingly. However, if an employer offers the bare minimum they’ll lose out on the most talented employees. Conversely, if a business truly cares about the well-being of their workers they’ll want to keep them satisfied to attract and keep top performers. By offering great benefits, these businesses create a company culture that thrives in productivity and engagement.
The newest generation of professionals seek out companies with a thriving company culture and attractive benefits. Distinguish yourself in the marketplace and it won’t be long until you see a strong ROI on a comprehensive benefits plan.