What Benefits Do Your Employees Really Want?
Posted on: January 12, 2018 by Signature Insurance Group
Today’s talent pool is aggressively pro-employee, and employers – especially those with small businesses – have to be creative when trying to recruit and retain the skilled workers they need. One of the most common ways to bring in the best and brightest workers – and keep them – is by offering a robust benefits package.
A 2016 survey done by Glassdoor found that more than half (57%) of the employees surveyed said that benefits and perks are among their top considerations before they accept a job. In addition, four out of five respondents agreed that they would prefer to be given new or increased benefits rather than a raise in pay. With benefits being so important in the eyes of employees, it’s important to stay on top of benefit trends and listen to what your employees and potential employees really want. Here are a few of the most valued benefits from the perspective of employees:
Across the board, the top benefit that nearly all employees want is a health insurance plan. High out-of-pocket healthcare costs and uncertainty surrounding the state of the healthcare industry make this benefit highly valuable to the majority of employees. While health insurance is clearly the top benefit you can offer employees, it’s also the most expensive to provide. Signature works with clients to find healthcare solutions that shift some of the costs to employees and also minimize costs for everyone, to make it a little bit more affordable for business owners.
Vacation or Paid Time Off
Many studies have shown that workers – especially those with families – are less likely to take time off if it’s unpaid. This can lead to overworked, unhealthy, unhappy, and most of all, unproductive employees. Paid time off is the second most important benefit to employees, keeping them happy, healthy, and productive.
Supplemental benefits are a great way to give your employees more peace of mind, providing extra protection in addition to what is offered by primary insurance for health and other life events. Supplemental benefits can help your employees with extra costs related to an unexpected medical event such as deductibles or co-pays, transportation to and from medical service providers, and even lodging and meals during extended medical-related trips. Plus, they help ease the stress and financial worry that can come from unexpected medical expenses from such events.
Plans You Can Customize
Another enticing benefit for employees is an offering of an array non-medical benefits that they can pick and choose from, like a buffet of benefit. Most employees are okay with paying a portion of the cost of their own benefits in order to have more choices that meet their needs. Options such as vision coverage, alternative medicine, legal services, and both Short and Long Term Disability Insurance are among the list of ideal customizable benefits.
About Signature Insurance Group
Signature Insurance Group has been working since 1969 to provide comprehensive insurance solutions to individuals and businesses across the United States. We offer a range of insurance products and services in risk management, employee benefits, business insurance, and personal insurance, and we pride ourselves on our commitment to creating “Signature Relationships” with our clients where we commit to providing the best, most comprehensive service possible. To learn more about our goods and services, contact us today at (800) 464-3606.