57% of job seekers today assign top priority to their employee benefits packages before accepting a job. In fact, 4 out of 5 workers prefer a new benefits package over a pay raise. As more job seekers place emphasis on comprehensive benefits, businesses need to adapt their current offerings to accommodate these needs.
Your business will find it challenging to attract top talent without providing popular benefits that most job seekers desire. Here are some core components of an employee benefits package that will resonate among the current workforce and attract/retain top talent to your business.
- Comprehensive health insurance
Due to the high volatility that surrounds healthcare in the United States, more workers are seeking out stable and comprehensive health insurance packages that offer quality care. This health insurance should be available for employees as well as their families.
Health insurance is a popular benefit because the laws surrounding the U.S healthcare system have been changing. More workers are also expecting their health insurance plan to cover dental expenses, some cosmetic procedures, and long-term care. While there may not be many new developments this year due to the 2018 midterm elections, after November we expect to see further changes in employer insurance laws.
- Flexible vacation and time off
Providing employees with time off is one of the best ways to keep a workforce productive. Many workers are looking for a company where they will not experience burnout while at work.
Vacation time is a popular and essential employee benefit to provide to workers. Most businesses offer 15-20 days of paid vacation time per year. However, some businesses have implemented more lucrative vacation packages.
For example, AirBnB provides its workers with a $2000 stipend every year to travel and stay in any AirBnB in the world. Some companies also provide up to a week of paid volunteer time to encourage employees to engage in charitable activities.
- Parental leave
As businesses recruit a younger millennial workforce, they are bound to experience new parents among their workers. A popular benefit for employees is to provide a comprehensive parental leave package that allows workers to take time off in order to cater to a newborn child.
Netflix offers a full year of paid parental leave to their employees, while Spotify offers 6 months of paid leave with a flexible return period.
- Bonuses for performance
Many workers desire recognition for outstanding-work done for their employer. Performance bonuses don’t just come in the form of money or gifts: Opportunities for personal development have become popular components of an employee package. Workers want to be rewarded for their efforts and to have opportunities where they can rise through the ranks and realize professional development.
For example, Asana provides executive and life coaching services to their employees outside of work time. Twitter also provides its team with personal development courses during their employment tenure, plus opportunities to learn from big-name celebrities and thought leaders.
Need more information about these and other employee benefits? Contact the team at Senior Providers Network to learn how we can help you incorporate elder care benefits into your existing package of perks.