How Benefits Work Together to Attract & Retain Happy Employees
Employers today are facing a competitive landscape when it comes to attracting and retaining top talent. In order to stay ahead of the curve, it’s important to offer a benefits package that meets the needs of your employees. A comprehensive benefits package can help to not only attract top talent, but also to keep a talented and engaged workforce.
One of the most important aspects of any benefits package is finding the right mix of benefits that fit both the employer’s budget and the needs of employees. While some benefits are required by law, others are seen as helpful additions that can make a big difference in employee satisfaction. A good benefits package will strike a balance between these two factors, offering a mix of essential and additional benefits that together create a comprehensive package.
So, what does a comprehensive benefits package include?
Four layers make up a well-rounded and competitive benefits package: ENSURE, ENHANCE, ENRICH, and ELEVATE. These four layers of protection cover the mind, body, and finances.
1. Required benefits ENSURE compliance with laws. This includes:
- Workers’ comp: if your employees get hurt or become sick due to their job.
- Unemployment insurance: if your employee involuntarily loses their job.
- Social Security and Medicare payments: that share costs with your employees.
- Healthcare insurance: to help cover doctor bills and other medical expenses.
- Family/medical leave: if you need to take unpaid time off for health- or family-related reasons.
2. Expected benefits ENHANCE well-being.
- Dental insurance: About 90% of employers with 500 or more employees and about 50% with any number of employees offer dental benefits.
- Vision insurance: 87% of employees say they are likely to stay with an employer that offers high-quality vision benefits.
- Mental health coverage: 73% of U.S. workers want mental health coverage.
- Disability insurance: 25% of all 20-year-olds will become disabled and unable to work sometime before reaching the age of 67.
- Health spending accounts: According to the Bureau of Labor and Statistics, employee access rose from 36% in 2012 to 43% in 2021.
- Retirement plan: 52% of employers offer a 401(k) or similar type of retirement plan.
- Life insurance: Aside from employer-paid basic life, more employees are considering voluntary life insurance in the wake of COVID-19.
3. Flexible benefits that ENRICH work-life balance.
- Remote work arrangement: 70% of employees prefer to work remotely.
- Flexible work schedules: 8 out of 10 workers say a flexible work schedule is important.
- Unlimited PTO: At least 70% of Gen Z and Millennials say it’s key to staying or leaving a job.
- Dependent care accounts: A care.com survey reports 56% of employers offer child care benefits.
- Fitness offerings: 53% of employers offered more on-demand fitness options.
4. Extra benefits that ELEVATE job satisfaction.
- Tuition reimbursement: 86% of workers who say their employer offers tuition benefits are generally happy at their job.
- Learning and development: 57% of workers are interested in upskilling opportunities.
- Giving programs: About 70% of employees say it’s important or very important to work for a company that supports giving and volunteering.
- Stock purchase plans: According to Morgan Stanley “The State of Equity Plan Management in 2022”, 43% of public companies and 35% of private companies provide this benefit.
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When it comes to hiring and retaining the best employees, nothing is more important than creating a workplace that encourages them to stay. But finding and creating the perfect benefits package is not always easy. What works for one organization might not work for the next. That’s why it’s important to speak to a benefits broker who understands your individual needs. Get in touch with the Burnham Benefits team to learn more.