How impactful are employee benefits and perks when workers are deciding on a potential employer? Various studies have shown that benefits do play a critical role with job seeker decision making and can even cause employed individuals to seek new opportunities.
As the modern workplace continues to change, emerging employee benefit trends become necessities for employers looking to remain competitive for top talent.
But small employers often face greater challenges when exploring strategies to enhance benefit offerings, especially with determining which perks to add.
A survey explored the role that benefits play in an employee’s decision to seek new employment. 41% of small business employees said that benefits are crucial when accepting a job offer, while 75% said a good benefits package would make them choose one job over another.
Additionally, small business employees who looked for a job last year were asked to list the top factors they were looking for in a new employer:
· Better benefits package – 35%
· More PTO – 22%
· New job title – 16%
· Increased autonomy at work – 12%
· New job before the next recession – 11%
Not surprisingly, benefits are a major factor when a small business employee looks for a new job. However, a more eye-opening finding is that 87% of employees would take improved benefits over a 5% pay raise.
Employees were also asked what they would do if their benefits were taken away:
· Look for a new job – 39%
· Talk with my boss – 31%
· Ask for different benefits – 19%
· Ask for a raise – 18%
SMALL EMPLOYERS CANNOT OVERLOOK EMPLOYEE BENEFITS
Recruiting and retention are poised to once again be two of the biggest business challenges in the coming year, and small businesses are more susceptible to them.
But enhancing benefit packages are one way to boost recruiting and retention strategies and remain competitive for top talent.
Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.
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