How competitive are your Benefits?

BenefitsHave you enhanced your employee benefits lately? If not, you may be getting left behind.

Employers are looking for ways to attract and retain employees.  In fact, according to a recent 2018 Society for Human Resources Management (SHRM) survey, with over 3,000 respondents, 34% of organizations increased their overall benefits package this past year to remain competitive.

Employers understand that benefits play an important role in their ability to recruit and retain employees. According to survey results, 29% of employees cited that inferior benefits was a top reason they considered leaving their job. On the flip-side, 32% of employees stated they are unlikely to leave their current employment because they are satisfied with their overall benefits. Simply put, providing a robust employee benefits package helps organizations retain top talent in this competitive market.

The SHRM survey also revealed other strategies that employers are deploying to remain attractive, including:

  • 69% of employers offered two or more medical plans to meet the needs of the various demographics within the workforce (baby-boomers, generation X, Y, and Z).
  • 40% offer consumer driven health plans (up from 30% in 2014). These type of plans typically provide a lower price point for the employees and allows them to contribute funds on a tax-free basis into a Health Savings Account (HSA) to pay for future healthcare.
  • 35% offer paid maternity leave (up from 26% in 2016). Additionally, 29% of employers offer paid paternity leave (up from 21% in 2016)
  • 55% offer one-on-one financial advice (up from 41% in 2014) to encourage workers to save for retirement and make sure their savings are invested properly
  • 70% offer some type of telecommuting (up from 59% in 2014) allowing employees flexibility when choosing their work locations.
  • 62% of organizations allow casual attire one day a week. 50% of employers allow casual attire every work day.

If you haven’t reviewed or changed your benefits offerings recently to see how you “stack-up,” you should. Otherwise, your organization may have a hard time finding and keeping top talent. Benefits continue to evolve, and providing enhanced options and flexibility is becoming increasingly popular with the tightening labor market. Your benefits consultant can help you compare your benefit offerings with similar businesses in your industry, region, and size range. Find out what funding arrangements are being implemented, how other companies are managing costs, and what benefit offerings they are using to bring in new employees and keep the ones they have. For more information, contact us today.