The Benefits Package: What Matters Most To Job Seekers
In the past, many people would look for a job based on what they liked to do and the pay associated with it. However, today more than ever before, people are looking for benefits packages that can enrich their life and makes things better for them. According to the 2014 Aflac WorkForces Report, 47 percent of employees said a better benefits program will make them less willing to leave their job. Some candidates may even completely look over a job if the right benefits are not in place. In fact, 57 percent of employees said they would be likely to accept a job that had better benefits even if there was slightly lower compensation.
Does Money Talk or Do the Benefits?
The salary for a role is definitely something that is taken into consideration but it is not the deciding factor anymore, at least for people who are looking for a long term role and a company they will be happy with. Not only are candidates more likely to take a job with a good salary backed by good benefits, but it can also lead to higher work satisfaction and better production once they start working for you. The two components work together and whether or not you offer benefits may be the new deciding factor.
What Benefits Matter the Most in Today’s Market?
There are many different kinds of benefits available in the market, but there are some that are more coveted by job seekers than others. Among all of the types of benefits you could possibly offer, there are five main benefits that people look for when they are in search of a job. If you do not offer most of these, then whether you like it or not, you are at a disadvantage in the market.
- Health Insurance. Of course, the benefit that is at the top of everyone’s list is health insurance. People want to be able to not only have access to a good health insurance plan but they also are looking for a company that will help them pay for part of it. Even if a company does not offer a health insurance option, at the very least they should offer a defined contribution plan to help employees pay for their health insurance separately.
- Dental and Vision Insurance. Next in line for what is most desired are dental and vision insurance options. While this is not as important as health insurance is for most people, it is still something they think about. Most people want to have a vision checkup once per year and if they have vision impairments, they are looking for discounts on contacts or glasses. For dental, people go for regular checkups twice per year and they want to know that is covered. In case they do need dental work, they want to know they have some help with the expensive fees that come along with it.
- Time Away from Work. There are many different types of time off and at the very least, you need to offer vacation time. This is part of work-life balance and it is something that people look for. Other types of time off to consider are holidays, parental or maternity leave, and even flex time or working from home. There are so many things you can do and it will only ensure your employees are happier and will do better work for you as a result.
- Wellness Programs. If you want to really show you care about their values, you should consider a wellness program. This doesn’t mean you need to create a committee for monthly events but you should consider looking into getting discounts for local gyms, weight loss programs, and even cessation programs.
- Investment Options. More and more people are concerned with saving for retirement and you want to be able to provide a good way for your employees to do that. You should consider an employer sponsored 401(k) plan and even think about offering a match. This is a great incentive for people because it allows them to save even more for retirement.
What Your Benefits Package Says About Your Company
At the end of the day, if you offer a great benefits package to your employees, then it shows how much you care for them. At the same time, if you do not offer a benefits package to employees, it sends the message that you do not care about your employees beyond the work they are doing for you. This, in turn, has a huge impact on how you’re perceived as an employer to potential new employees. Because if you’re not going to take care of your most valuable resources (your people), how could you possibly expect great talent to want to work for you?
The bottom line: if you offer a rich benefits package that at least includes these top five benefits above, you will attract and keep better candidates than you would without one. So, if you haven’t given your sparse benefits package some thought, then it’s about time you do!