The Benefits Employees Truly Value
Offering employee benefits is essential for attracting and retaining top talent, but how do you know which perks they desire the most?
Offering employee benefits is essential for attracting and retaining top talent, but how do you know which perks they desire the most? From health insurance to financial assistance, there are a wide array of programs that you can offer your team to enhance their wellness.
Let's explore some of the most sought-after benefits you should be providing your employees:
Comprehensive health insurance
It may come as no surprise that the Harvard Business Review found that health benefits ranked No. 1 as the most important benefit to employees. In fact, 88% of survey respondents said they would give this perk consideration before choosing a job.
However, this doesn't just mean health insurance. This encompasses other coverage as well, namely vision and dental. When choosing a plan for your business, look for comprehensive wellness coverage.
The importance employees place on certain benefits varies by generation , per a recent study by Resourcing Edge. For instance, significantly more millennials desire student loan forgiveness programs as opposed to baby boomers. However, one category of benefits that ranks high amongst all groups consists of retirement programs, namely 401 (k) matching.
The study found that 56% of the total workforce place importance on retirement matching. And while baby boomers may find it the most appealing, 48% of millennials and 54% of Gen Xers would still value this option from their employers.
The importance of certain benefits differs by generation.
Financial literacy programs
There is a new trifecta for employee wellness, and it includes financial literacy or assistance. In addition to physical and mental health benefits, financial programs are widely accepted to be among the perks employees desire and need the most, and organizations should readily offer them.
Mary Mohney, a contributor to the Society of Human Resource Management, also points out that financially literate employees can be more effective at work because they have better focus and less stress. Lower stress can also mean reduced health care costs and employee absenteeism. Offering programs or support for your employees in this essential area can have long-lasting benefits.
Flexible working arrangements
Across all of these surveys and studies, flexible working arrangements always made the list of desired benefits. This category of perk includes being offered flexible hours, options to work from home and more or unlimited vacation days. All of these perks are things an organization must regroup on internally to understand if they're practical for the company's employees and operational structure.
Employee Management with Vectra Bank
If your business is looking to add exceptional and affordable benefits to your existing offerings, look no further than Vectra Bank's insurance coverage and pre-tax medical spending accounts.
Health care account services from ConnectYourCare can help you manage the rising cost of health care while providing value to your employees. Furthermore, flexible spending accounts give employees immediate funds for health care expenses and health reimbursement arrangements help them actively invest in their wellness.
Now more than ever, it's important to provide the members of your team with the benefits they need to remain healthy and productive. For more information on employee management solutions, contact your local Vectra Bank representative today.