Benefits: The Other Kind of Compensation

October 8, 2019by Michael Kelfer

Your employees may not regularly think about compensation aside from salary, but good benefits can truly impact their lives. Paid-time-off may give someone a chance to travel and see the world. Flex hours might allow another person to spend an afternoon volunteering in their child’s classroom. Health insurance can save a life. It’s no surprise, then, that our survey of 1,000+ full-time workers in the U.S. found that benefits really do make up a large part of the employee value proposition. Almost 49 percent of respondents said the benefits their companies offer – things like health insurance, child care or flex time – are why they stay at their jobs. What are the most important benefits for employees? Of course, the answer to this question varies across demographics and individuals. A 35-year-old parent of two will have different priorities when it comes to their benefits package than a 22-year-old recent college graduate. That said, certain benefits rise to the top of numerous surveys about what employees want from their benefits package. Here’s a look at some of the top benefits employees look for when they’re deciding on a new job. Health, dental and vision insurance In 2016, the content marketing agency Fractl gave 2,000 people a list of 17 benefits and asked them how heavily they would weigh each when deciding between a high-paying job and a lower-paying job with more benefits. Better health, dental and vision insurance topped the list with 88 percent  of respondents saying they would give this benefit “some consideration” (34 percent) or “heavy consideration” (54 percent). This should come as no surprise considering the cost of healthcare. There is no one-size-fits-all solution. Most employees want larger provider networks, consumer-driven plans to lower their out-of-pocket expenses and more robust coverage. Flexibility According to a 2017 Gallup poll, 53 percent of employees indicated greater work-life balance and personal well-being are “very important” to them when considering whether to take a new job. To truly enjoy their jobs, employees need to feel that their employers will provide what they need to be successful in both their personal and Read More »

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