In today’s tough market where employers are competing for quality employees, employer-sponsored benefits play an important role to attract and retain talent. When a company invests in a good benefits program, it shows it cares about the employees.
Job candidates may look at the benefits each organization offers and take those into consideration along with salary when deciding where they want to work.
And once hired, employees may be more likely to stay – when they feel valued, and their needs are being met. Candidates and employees today are looking at the entire picture in their decision-making process. In many instances, the presence of excellent benefits, company culture, and core values can outweigh the importance of pay when deciding on their next job.
A recent survey from the Society of Human Resource Management1 (SHRM) of more than 3,100 U.S. employers identifies healthcare, retirement plans, and time off as the top three benefits as important to their employees.
Forbes magazine also reported a survey done by Remote2, an HR/Payroll company, which asked 10,000 employees about their top ten most important benefits.
Both surveys reveal the same or similar results as the top benefit concerns:
- Healthcare Insurance
- Access to telehealth benefits
- Reimbursement for medical expenses
- Retirement savings plan offerings, including a company match
- Dental Insurance
- Paid time off
“Employer-offered benefits provide organizations with a key opportunity to improve the employee experience and directly make a difference in their employees’ lives,” said SHRM Chief Knowledge Officer Alex Alonso, Ph.D., SHRM-SCP.
It has never been more crucial for employers to realize the correlation between benefits and job satisfaction – and work towards improving the employee experience. The current job market trends continue to show the fight isn’t over yet for employers to find those quality candidates and then keep them!
Besides the fundamentals of taking care of its employees, employers should consider these other value-added factors.
- Job satisfaction: A happy and positive team is likely to be more productive and work well together. Also, job satisfaction from good benefits leads to reduced turnover rates by creating a stronger, more stable workforce
- Work-Life Balance: The harmony between work and home life has become a top concern for employees in recent years. Benefits such as generous time off, flexible hours, and working from home can help reduce employee burnout, stress, and fatigue. Other ways employers can help with the work-life balance is by modifying attendance policies for more flexibility and providing clear expectations on work schedules and overtime requirements.
- Increased Productivity: Employees can be more productive when they are focused on their job. Benefits such as paid time off, health insurance, and income protection plans provide employees with peace of mind from worrying about things like finances or medical expenses.
Those reasons alone show employee benefits are a vital component of workplace morale. But when combined with desirable company culture and core values, it makes any organization a preferred place to work.
Marcus Paint recognizes the heart of its success is the employees. Our values and culture reflect our commitment to meet the employees’ needs throughout the various life cycle stages with comprehensive benefits, training, and resources.