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Attracting and retaining the best employees goes beyond competitive pay. In the modern job market, employees set out to achieve work-life balance with the help of a supportive health and benefits package. A 2018 study found that over half of employees consider their employer-sponsored health benefits when making a long-term commitment to their company. How do you design an attractive insurance package? Flexible health plans can be the key.
With unemployment at 3.9 percent in July 2018, it’s clearly a job candidate’s market. If you can find qualified candidates, they’re probably considering several employment options. While competitive salaries are still crucial, the benefits you offer are growing in importance. According to research by Glassdoor, “57 percent of US job candidates say benefits and perks are among the top things they consider when accepting a job offer.”
By now most of us know the Millennial generation is the largest portion of the US workforce. And their numbers are only going to grow as Baby Boomers and even Generation X workers age and retire in ever-greater numbers.
As a millennial who has just graduated from college and been through the job search process, I’ve realized a few things about which company benefits are truly important. Throughout my four years as a business student, I’ve heard some big talk about the amazing benefits at companies such as Google and the studies that prove their effectiveness. All of this buzz gave me extremely unrealistic expectations. Sure, companies like Google exist and yes, the studies don’t lie. Offering employees unlimited vacations, nap pods, free food, on-site medical facilities and a plethora of other extreme benefits does affect employee happiness and productivity. However, the expectation that every company can provide the same benefits as Google is absurd. The reality is that while many companies may want to offer their employees all these benefits, the price tag is far too high. I learned this quickly in my job search and my priorities shifted. While flashy benefits would be amazing, I came to understand that the benefits that are most rewarding and beneficial are the ones that help me save money and plan for my future.
2018 is coming fast! Are you paying attention to the changes and deadlines that are right around the corner? Our tips will help you navigate changes to tax and wage rates and stay compliant with the Affordable Care Act.
Identify theft is a problem we've been hearing about for years. Maybe it's happened to you or someone you know. But just how big is the problem these days?