The benefits included in a company’s compensation package can be deciding factors for employees looking for a job. According to the survey by SHRM, 92% of employees say that the benefits package is essential to their overall job satisfaction. Moreover, nearly 3 in 5 respondents say benefits and perks are a top priority when it comes to accepting an offer.
In a tight job market, knowing what benefits are valued by employees can help HR managers provide more comprehensive packages to find and retain talented candidates. In this article, we list the top benefits employees value the most in 2022. Some of them are tried and true, while others have only recently gained popularity. If there are any benefits on this list that you don’t offer, adding them could significantly increase your retention rate.
Healthcare Benefits
The pandemic has shone a spotlight on employee wellness nationwide. A study by America’s Health Insurance Plan (AHIP) revealed that 46% of employees said health insurance was either the deciding factor or a positive influence when choosing their current job.
Healthcare benefits to employees are more valuable now than ever, including more than just offering sick leaves and health insurance. Providing health benefits allows employees more affordable access to therapy and mental health resources to avoid burnout. Healthy workers are more productive at work because they feel valued and motivated to work hard.
Retirement Benefits
A retirement plan is a valuable benefit that impacts the future lives of employees. According to a Multi-Country Survey, 62% of workers seriously consider the availability of retirement benefits when deciding whether to accept an offer or remain in a job. Moreover, 76% of people are likely to search for a job in another company that cares more about their financial well-being. These facts make a tax-advantaged 401(k) plan an essential factor to consider when adjusting your hiring strategies to meet the needs of current and potential employees.
To satisfy the general requirement, a retirement plan must be a well-planned permanent program that is clearly communicated to all employees. Make sure you work with a financial adviser whose business model is focused on retirement plan services.
Leave Benefits
Whether it’s for illness, vacation, or bereavement, purchased leave is highly valued by workers. Offering leaves is a great way to combat employee burnout as it reduces stress and creates better work/life integration. One way to offer more leaves is by paying employees for 48 weeks of their salary across 52 weeks, which means employees, instead of having the normal four weeks of annual leave, can get eight weeks of leave per year, four of which are unpaid. Employees will benefit from time off and not feel it financially because the four weeks of unpaid leave are spread throughout the year.
Flexible Working Benefits
One more benefit consideration that will become more valuable than ever is flexible working. When the pandemic forced people to work from home, many found that they enjoyed the flexibility of remote work. Allowing employees to work on a hybrid model or remotely full-time will keep them happy. Flexible working eliminates transit and gas costs and commute times, allowing employees to live and work where they want. Satisfied employees are more productive and dedicated to their work. Flexibility does not cost you anything, and it helps create a work culture that values individual schedules and rhythms.