Today’s strong job market is giving employees and job seekers an edge while putting pressure on employers and their benefits managers. Because they’re in the driver’s seat, employees and job seekers are expecting more from employers. The message is clear: benefits make a difference.
Benefits are all-important to today’s empowered employee. Having benefits customized to meet their needs increases employees’ loyalty to their employer. According to Gallup’s research, at least one-third of workers say they would leave their job for specific benefits and perks.
the current talent battle, employers are finding it takes more to retain their existing employees and attract new ones.
According to this Employee Benefit Adviser article, employees are ready and willing to jump ship — if the benefits are right, according to new research from Gallup.
While there has been a shift in the “cool” and extensive amenities coming from the tech titans in Silicon Valley, the article points out that employers need to know exactly what matters to workers when making their employment decisions so they can make informed decisions about how to best compete for top talent.
The Gallup research shows that while great health benefits definitely are a plus, employees have expanded their benefits wish list. The following are the percentage of employees who say they would leave their job for another when that offered the following perks:
Full-time flexible working locations - 35%
Part-time flexible working locations - 37%
Profit sharing - 40%
Paid leave (sick days/medical/personal leave) - 48%
Insurance coverage other than health (dental/vision/etc.) - 48%
Retirement plan/401(k) with employer matches - 50%
Flex-time - 51%
Retirement plan with defined benefits - 51%
Paid vacation - 53%
Monetary bonuses - 54%
Health insurance - 61%
While the Gallup research identified a combination of perks and traditional benefits, many companies aren’t able to provide some of these options for a variety of reasons, including the nature of their business or cost. Voluntary benefits can be a solution to fill some of these gaps and add extra incentives.
So don’t let the next employee leave because of bad benefit options. Reach out to your broker to talk about the different voluntary benefit options available to you.