According to a recent poll, employees place the most importance on relatively low-cost perks for employers. For example, flexible hours and work-from-home alternatives are attractive benefits. The research discovered that specific benefits might sway particular job searchers competing for higher-paying jobs with fewer perks. The survey involved 2,000 U.S. employees, ranging in age from 18 to 81, and how they would evaluate the possibilities when picking between a high-paying job and a lower-paying position with more perks.
Which Benefits Are the Most Attractive to Employees?
Better health, vision, and dental insurance were at the top of the list. With 88 percent of respondents stating they would give this perk some thought (34 percent) or heavy consideration (54 percent) when choosing a job. The most expensive benefit is health insurance, which costs $6,435 per employee for an individual and $18,142 for family coverage.
Benefits that provide flexibility and encourage work-life balance were ranked second and third, respectively. According to most respondents, flexible hours, and more work-from-home choices, may make lower-paying jobs more attractive than higher-paying jobs with fewer benefits. For the critical workforce sector: parents, flexibility and work-life balance are crucial. A new Flex Jobs study put flexible hours and work-life balance over money and health insurance in future employment.
Eighty-eight percent of respondents said they’d consider a job with flexible hours if it paid well. Additionally, 80 percent said they’d consider a job that allowed them to work from home if it paid well.
Flexible hours and work-from-home arrangements are cost-effective bonuses for businesses that want to offer enticing benefits but can’t afford an attractive health benefits package. These perks usually come at no cost to the company and often save money by reducing overhead expenditures.
For 80 percent of the respondents, more vacation time was a desirable benefit. Paid vacation time is a complex expense since it includes more than just the cost of an employee’s income for the days they are away. Liability is also factored in. Americans are infamous for squandering their vacation time. Every year, Americans waste $224 billion of available vacation time. The trend poses numerous risks for businesses frequently required to pay out this unused vacation time when employees depart. Offering limitless vacation time is a win-win situation for both the company and the employee.
Student loans and tuition aid were also high on the list of desired benefits, with just under half of those polled saying that these perks may tempt them to choose a lower-paying job. According to an SHRM benefit study, just 3% of firms presently give student debt aid, while 52% provide graduate educational support.
Although academic help may appear pricey, businesses may take advantage of a tax credit by providing tuition reimbursement up to $5,250 per employee per year.
Which Benefits Are the Least Attractive to Employees?
In-office perks like food and coffee, which have no direct influence on an individual’s lifestyle or money, were the least desired by poll respondents. Company-sponsored events such as team-bonding activities and getaways also ranked poorly. It doesn’t imply that workers don’t enjoy these advantages; it’s just that they aren’t likely to be enough to persuade a job seeker to pick a firm on their own.
For benefits providers, it’s important to understand the types of benefits employees value. Helping clients build an effective benefits program leads to:
- Better talent acquisition
- Higher employee retention
- Greater employee satisfaction.
- More annual premium
A mobile benefits app that captures engagement insights is a great way to add value to clients. Not only does it connect employees with benefits, but it also gives an inside look at which benefits employees value most. Do you want to learn more? Contact us for a demo.