Benefits account for approximately 30¢ of every paycheck dollar, and the right benefits package can be a powerful tool for attracting top talent–but are you retaining that talent? Employee turnover can be costly, and with 30% of your paycheck on the line, how can you be sure you’re providing the right benefits, those your workforce wants most?
According to recent research, 54% of employees would be tempted to take a new job if the benefits were better than their current job. So, what are those better benefits that are so tempting?
According to ResourcingEdge, 4 of out 5 employees would prefer more comprehensive benefits over a pay raise. The most popular benefit is healthcare, with 88% of employees ranking it as very important. Typically, employees are looking for:
Health care benefits: 95%
Retirement benefits: 71%
Leave benefits: 50%
Flexible working benefits: 29%
Professional development benefits: 17%
Wellness benefits: 11%
Financial benefits: 6%
Family-friendly benefits: 3%
These preferences may vary by organization, which is why measuring employee benefit satisfaction and gathering input about new benefits or even missing benefits is critical.. Now is a great time to start collecting input ahead of your next open enrollment period.
The Betterment research also suggests 48% of employees are looking for better engagement when it comes to their benefit options–what they are and how best to optimize them. Decision support tools like SelectSmart™ provide education and guidance for employees facing complex benefits choices, which can lead to less stress about finances, in turn boosting employee confidence and productivity.