Benefits packages are one of the most important things companies can provide for their employees. Things like health insurance, retirement planning, sick leave and paid time off are some of the most popular offerings, but there are a number of others that the modern employee looks for when making the decision to accept a position. If your company wants to attract the top candidates, you need to understand what these skilled individuals are looking for.
"The average employee in today's workforce will change job at least four times by the time he or she is 32."
A snapshot of the modern employee
According to CNN Money, the average employee in today's workforce will change job at least four times by the time he or she is 32. This practice is called job hopping, but it does not mean that millennials workers are flighty or unreliable. They are simply self-driven. They understand that some positions do not offer the growth opportunities or job training that they seek, so they move on. Additionally, if companies cannot give these workers the benefits they have come to expect, the businesses will lose out on the top, fresh talent.
Why benefits can attract strong employees
Many companies cannot offer large salaries to all their employees, but they can offer great benefits in exchange. A highly skilled worker may choose to stay with a company who pays less over a business that offers a raise if the current employer offers better benefits. Therefore, companies whose benefits packages are more competitive may be more likely to see better retention and attract stronger workers.
What benefits do candidates look for?
Now that you understand the importance of offering benefits, you may be unsure which ones will attract the most valuable employees. To begin, top-of-the-line health, dental and vision insurance are highly important to employees, especially those over 26. One less thought of benefit is tuition reimbursement, but as the cost of higher education continues to rise, many candidates seek out companies who offer this as part of their package. Another highly sought after benefit is an ample amount of paid time off, sick leave and family leave. Employees want to feel like they have a good work/life balance, and time off allowances can help fulfill this need. Finally, commuter compensation is often important to employees in larger cities.
By including competitive and desired benefits in your packages, your business could increase the number of highly skilled candidates that apply. Knowing the benefits employees seek and working those into your offerings can make your company much more desirable to employees who may have been considering a move. Remember, if you are at a loss for which benefits to incorporate in your packages, you can always poll your employees to see which ones matter most to them.
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