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 new survey by QuickBooks provided insights into which benefits small business employees want and how they currently view workplace perks.
WHICH BENEFITS DO SMALL BUSINESS EMPLOYEES WANT?
The results show that the most common employee perk is paid time off, with 57% of workers using PTO for vacations. However, just 48% get paid sick leave and only 14% are allowed paid time off to bond with a new child.
Another interesting finding is that among small business employees, it appears years of service play a role in PTO offerings. Employees 39 and older were more likely to get PTO perks than those who were 18-38 years old.
Next, the survey reveals some of the more popular benefits offered by small employers:
· Health insurance – 56%
· Dental insurance – 41%
· Vision insurance – 35%
A majority of employees (66%) say they enjoy the health benefits their employer offers. However, many wish they had access to retirement benefits. According to the survey, just 41% of small business employees were provided with a 401(k) or pension.
Adding retirement benefits are one strategy that small business owners can explore to help stand out to job seekers and boost recruiting strategies.
The survey also showed the modern benefits and perks that employers are offering to keep up with employee expectations:
· Free food and drinks – 36%
· Flexible hours – 23%
· Remote working – 13%
· Childcare assistance – 12%
· Paid expenses and fitness stipends – 9%
· Student loan reimbursement – 4%
The reason this is important for employers is that 61% of small business employees said they feel cared for by their employer if provided these types of benefits and perks, which helps to lower turnover.
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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