Key Takeaways:
- Potential employees are seeking premium benefits packages rather than salary.
- Employers offering benefits that allow a healthy work/life balance are more likely to gain new employees.
- Businesses should re-evaluate their current benefits package and make improvements to attract new talent.
It is no secret that job seekers have more leverage than ever in the current labor market. Employers are still struggling to fill open positions and finding the right talent has become a challenge for many organizations. Job seekers know the value of their skills, and have become fastidious about accepting the right job offer. So, what can help employers find the right candidates to fill a role? Offering a stellar benefits package. According to joblist.com, 67% of employees value benefits more than before the pandemic. Learn more about what job seekers are looking for companies below.
Remote and Hybrid Work Benefits
The pandemic has proven that work can be done outside of an office environment. Work/life balance has become increasingly important in today’s job market, which is why it comes as no surprise that employees want the option to work remotely or a hybrid schedule. Offering this benefit to your employees and working around their schedule will surely be a way to secure a dedicated, organized, and happy employee.
Health Insurance Benefits
This is typically a given benefit for any employee, but job seekers are no longer interested in the run-of-the-mill health insurance plans. If your current insurance plan has sky-high deductibles and copays, and is taking more than 6% of their income, it may be time to consider a different provider. It may seem costly, but it is a simple way to both attract and retain hardworking employees.
Childcare Benefits
Going hand in hand with work/life balance is the option for childcare benefits. If you as an employer can provide onsite childcare for employees or cover all of or a portion of childcare costs, you are more likely to secure a great worker. Providing childcare benefits allows employees to be more present in the workplace when needed, and feel their personal lives are valued just as much as their professional lives.
Retirement Benefits
Providing an excellent 401k shows employees that you care about them and their future. Consider matching at least 5% of your employees’ income. This may seem like a large amount, but the benefits for the employer are great with generous tax benefits for all matched contributions.
Student Loan Repayment Benefits
The majority of young workers in today’s market are still paying off high student loans. It is important to not only compensate your employees properly, but also to consider helping them with paying back the loans that offered them the education and skills needed for your business. You can also consider offering assistance with higher or continuing education.
Most importantly, employees want employers who care. They don’t want to be seen as just another face in the organization. They wanted to be valued, appreciated, and have the ability to advance in their careers.
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Greenwich.HR clients are using our high-definition data platform to take their workforce analytics efforts to the next level and gain insights on skill trends, competitors’ talent practices, and total rewards. Learn more about how our comprehensive data platform can benefit your company when searching for the right candidates!
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