What Your Employees Really Want in Employee Benefits
1. 61% of Americans have health insurance
Employees are most interested in desire-experience.com in health insurance, which is the number one benefit they desire. The most important benefit offered to employees is health insurance, even though it may be overlooked by many. Healthcare costs are continuously on the rise, which contributes to this importance. Approximately $9,990 a year is spent on healthcare in the U.S. per individual in 2015.
Healthcare costs are higher than ever for your employees. Affordable, quality healthcare coverage will become even more important as these costs rise.
2. 54% of bonuses are monetary
Bucks, cash, stacks. Money is what your employees want, whatever you call it. Money bonuses came in second on the list of desired benefits. We have already discussed profit-sharing as a type of monetary bonus. In addition to piece rates and pay raises, you can also offer monetary bonuses to employees through contests or other means.
3. Vacation paid – 53%
Vacations are also paid leaves. In spite of the fact that most businesses offer their employees some type of paid vacation, these days of leave are often unutilized. According to Project: Time Off, Americans wasted 662 million vacation days in 2016.
Therefore, offering paid vacation isn’t enough. It is important for organisations to encourage their employees to take advantage of their vacation days. The benefits of taking a paid leave include:
- Engagement of employees
- Recruitment that is more effective
- Creativity increased
- A higher retention rate, as well as
- Productivity can be improved
4. 51% Defined Benefit Retirement Plan
Employees are worried about their retirement and money, as previously discussed. Retirement plans with defined benefits can alleviate these fears. Employees receive a defined benefit, also known as a pension, based on a formula established by the plan.
Employees receive a specific monthly pension benefit under these plans, which are usually funded solely by the employer. Defining benefit plans do not provide individual accounts, and money is held in a trust fund until it begins paying out at retirement age (generally 65).
5. The percentage of people who work flexibly is 51%
Fifthly, flexible time is a highly desired benefit. Your staff can choose when to work with flexible time. Providing your employees with flexible time allows them to work around other obligations and at their most productive times. You can benefit from flexible work options, such as flex-time, in many ways, including:
- Cost reductions
- A higher retention rate
- Recruitment improvements
- Businesses that are more environmentally friendly
- Productivity is increased
6. 50% employer match on retirement plans/401(k)s
Money likely negatively affects a significant portion of your staff, whether you are aware of it or not. Among employees, 46 percent cite finances as their main source of stress, according to a Bankrate study from 2018. According to a BenefitsPro survey, 65 percent of employees worry about running out of money in retirement. You can also explore How Many Jobs are Available in Industrial Machinery Components?
An employer-sponsored retirement plan with employer matching is one way to help financially stressed employees. Social Security will also pay out more than it takes in this year for the first time in many years. Plan for a retirement without Social Security now. Employees should prepare for retirement now.