Top 3 Employee Benefits of 2018
posted Oct 22, 2018 by Guest post from KLR Executive Search, Edward Blum in the Business Blog
In 2018, attracting and retaining employees to your company depends on more than just competitive salaries. A recent study by Glassdoor shows that 57% of employees would choose additional benefits over a pay raise. So what exactly are employees looking for?
Top 3 benefits
Beyond health insurance (medical, dental and vision) and retirement benefits, there are three benefits that employees in 2018 value most.
Work life balance- Many companies have found that enticing talent and increasing retention depends on expanding your benefits package to include things like flexible scheduling, work-from-home opportunities and unlimited paid time off policies. A recent survey by the Harvard Business Review cites work life balance as the second most valued employee benefit following medical benefits.
- Our tip: Consider offering employees the opportunity to work from home once a week, allowing them to take every other Friday off, or letting them choose their own hours as long as they meet deadlines and get things done.
Student loan assistance- 44 million Americans struggle with student debt, making student loan repayment assistance a highly valued employee benefit. Employer sponsored student loan repayment programs are often structured to contribute (typically) $50-$150 each month towards student loan debt on top of employees’ salaries.
- Our tip: If your company isn’t able to offer monetary loan repayment assistance, there are other options. You can still offer your employees guidance on refinancing options, providers they should trust, lending options available, etc.
Additional professional development- People want to work somewhere where they can grow professionally and learn new skills. Offering enhanced, niche training not only improves retention rates and attracts new hires, it also allows employees to perform better and prepares them for jobs of greater responsibility.
- Our tip: Some companies offer tuition reimbursement or cover the costs associated with acquiring industry certifications. More simply, you can invest in an e-learning training site, allow employees to view educational webinars during work hours, or have your in-house experts teach courses throughout the year as necessary.
The benefits you decide to offer, or not to offer, could be the reason you’re not retaining or attracting the best employees. Making your workplace a place where people want to work and stay depends on paying attention to these wants and needs and adjusting accordingly.
Questions? Contact us today.