The variety and quality of benefits your company provides play a significant role in attracting and retaining top talent. Here are four of the most important benefits employees want to receive.
Health Care Benefits
Part- and full-time employees appreciate having employers cover part/all of the costs associated with a health insurance plan for themselves, their spouse/domestic partner and children. Employees also enjoy the convenience of having access to the same doctors in the plan. Having the same primary care physician means health-related behaviors and treatments can be addressed for everyone in the family rather than on an individual basis.
Because employees value wellness benefits, many companies have been making improvements to the ones they offer. The most common wellness benefit is providing wellness resources and information. For this reason, companies have been providing wellness tips at least quarterly in the form of a newsletter, email, column or social media posts. Many businesses also offer a general wellness program. Some provide employees with standing desks to avoid sitting for long periods and reduce the risk of obesity, cardiovascular disease and early death. Eating healthy foods, regularly exercising and taking frequent breaks are encouraged as well. Many companies even provide fitness tracking bands or organize fitness competitions for employees.
Almost all HR professionals agree that taking vacation is important for increased morale, wellness, performance, retention and productivity. Most also believe that providing adequate sick leave encourages employees to stay home when they are ill to reduce the spread of germs in the workplace. Many companies provide paid personal leave and let employees roll over their unpaid vacation days to provide increased flexibility while incentivizing them to take time off. Many employers also provide paid maternity or paternity leave or time off for adoption or surrogacy.
Retirement Savings and Planning Benefits
Because employees want help saving and planning for their financial future, the majority of companies offer retirement plans. Defined benefits contribution plans are most common, with most of the companies offering a traditional 401(k) or similar plan and many offering a Roth 401(k) or similar plan. Most companies offer an employer match for their 401(k) plans while some match Roth 401(k) contributions. Many employers also offer a traditional defined benefit pension plan open to all employees. Other companies have a pension plan frozen for current employees or not open to new hires. A small number of companies offer an in-plan annuity option or out-of-plan annuity with in-plan assets for their traditional 401(k) or other defined contribution retirement plan.
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