The Five Most Desired Employee Benefits
The importance of employee benefits is something that can't be overstated. Most employees value their benefits as much as they do their salary, so much that one survey found that almost ninety percent of employees said their employee benefits meant as much as their salary. Obviously not all employee benefits are created equally and certain ones are more valued than others. Surprisingly, some of the most desired employee benefits aren't what you might think. Looking at the employee benefits that the workforce desires most will help you formulate a benefit package that will help keep your current employees happy and attract the best new hires when openings appear.
- Retirement Plans – One of the top two most desired employee benefits are retirement plans. Over ninety percent of respondents to one survey rated this as the most important of all employee benefits, while a separate study found that over sixty percent rated it at the top of their list. The reason is obvious – people want to know that their future is secure. Having a great retirement plan ensures that they know that.
- Health Insurance – A lot has been said about health insurance in America, and the future of employee health insurance is still somewhat unknown. But for now health insurance ranks among the most wanted of any employee benefits a company can offer its workers. Various options exist and even seven out of ten small businesses offer health insurance as part of their employee benefits package. With health costs continuing to rise, insurance is one aspect of employee benefits that will never go out of style.
- Life Insurance – Right behind the top two most desired employee benefits is life insurance. There's certainly something to be said for knowing that your loved ones will be taken care of after you're gone, and life insurance is that peace of mind that many employees desire. Most employee benefits packages offer some form of life insurance – twenty nine percent, in fact.
- Paid Leave – Almost eighty percent of businesses offer paid leave of some form as part of its employee benefits package, making it the most common type of benefit available today. This could include vacation leave, sick days, or holiday pay. While not as desired as some of the other employee benefits, studies still suggest that it matters a lot.
- Tele-Commuting – Surprisingly, forty percent of employees surveyed in a recent study rated the ability to work from their home computer as their most desired out of any employee benefits. The reasons are, like most others on this list, obvious. The chance to work from home provides numerous benefits including tax breaks, saved money on transportation costs, and much more. And many companies are taking note. The number of businesses offering telecommuting options as part of its employee benefits package is growing steadily.
There are many other employee benefits that workers included on their list, including discounted home loans, child care subsidies, flexible spending accounts, and even company discounts. Creating a great employee benefits package is important for your business and Unicorn HRO can help make implementation and management of your employee benefits easier than you can imagine with outsourcing options and employee benefits management software.