It is often difficult for organizations to find and retain competent employees. An educated employee expects more than just a paycheck from an employer. In order for companies to appeal to the highest quality workers, they must offer benefits along with a decent salary. It is helpful to understand which benefits are most valued by potential employees. There are a number of useful employee benefits that a business can offer. However, a few seem to weigh more heavily than others. Here, we will take a look at five of the most valued Employee Benefits.
- Healthcare – After salary, this benefit is absolutely critical to most workers. It generally incorporates medical, dental, vision and/or life protection for the employee and his family. Over the past several years, organizations have increased their benefit packages to encourage employee retention. Healthcare benefits are likely the most valued by potential employees.
- Paid time off – Employees value their time. They need days to handle personal issues, illnesses, and time for vacations. It is difficult for people to take the necessary days off work when they are not paid for these days. Paid time off allows employees to balance their busy lifestyles with work.
- Retirement saving plan – A 401(k) arrangement can be a superb approach to spur employees to put something aside for retirement. Offering to match commitments up to a specific sum is a major incentive, according to workers. It will often encourage them to stay with your company. Employees are interested in having more control of their investment funds. Employers are responding by offering more savings plan options. Regardless of a person’s age, planning for retirement seems to be a priority for many potential employees. With growing concern about the economy and the future, retirement planning makes the list of the top five most valued employee benefits…
- Maternity/paternity leave – Employees need to feel like they can accomplish career goals while developing their families. So, numerous organizations offer paid time off for new parents. This benefit is obviously more valuable to younger employees who are interested in having a family. However, for those individuals, it ranks high on the list of priorities when seeking a new job. In the past, this was primarily important only for women. But today’s modern men want to be available after the birth of a child. So, offering paternity leave is a growing trend.
- Professional development – Employees want to be trained and educated while on the job. This is particularly important to millennial’s. They expect to learn and grow while working for a company. This can be of great benefit to the employer, as well as the employee. As organizations are already strained to find qualified workers, it is logical to offer professional development to employees. This often includes a company paying for employees to take courses. With online classes widely available, it is a practical way to develop a strong, knowledgeable workforce.
If you are unclear about which employee benefits you should provide, consider speaking to your current employees. Every workplace is different, and the people within it will have varying values. The best way to acquire and retain high-quality workers, is to understand who they are and what they expect. If your workforce is older, retirement plans are probably more important than maternity leave. If you want to appeal to a younger group of potential workers, you might want to consider adding more professional development benefits. It really depends on your specific group of employees. Take the time to get to know them and offer benefits that have a meaningful impact on their lives. This is by far, the best way to keep qualified workers in your organization.
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