Small business owners do not always have the resources to offer employees a full spectrum of competitive benefits. For this reason, smaller companies need to prioritize the benefits that matter the most. But, which benefits do actually matter most to employees today? More importantly, which benefits are going to attract the top talent in your industry?
The answer may surprise you. Therefore, you owe it to your organization to do your research to find out which benefits are going to attract and keep the best and brightest employees. Below we rank the essentials – today’s job benefits that are most important from the perspective of those that appreciate them the most: your team.
For over four decades, small business health insurance benefits have consistently topped the list of most coveted employee benefits. Nearly 50 percent of businesses with 3 to 9 workers offer health insurance benefits to their employees. The number grows to 71 percent for companies with 10 to 24 employees, and 89 percent for firms with 25-49 employees.
Chances are, if your business is not offering health insurance, you are being passed over by job seekers for companies that do offer these benefits. Fortunately, there are affordable small business health insurance plans that you can take out for your workers. How do you find these plans? Speak with a health insurance broker in your state.
2. Remote Work
For better or worse, the Coronavirus has changed the job landscape, causing many employers to send their employees home in order to continue operations. While this presented a shock to the system for many employees, it also created an opportunity for people to stay home instead of reporting to the office every day.
A recent study found that nearly 40 percent of workers enjoy working from home. Nearly 50 percent of younger job seekers entering the workforce view remote work as a perk. As such, it has quickly become a highly sought-after job benefit. Small business owners may want to consider hiring remote workers in positions that do not require an employee to be in the office.
3. Time Off (a.k.a, Work-Life Balance)
As the fearless leader of your organization, you spend a great deal of your time keeping your business going. You spend days, nights, and weekends moving your company forward. However, your employees do not. Instead, they are work-hard, play-hard people. You can depend on them to deliver results during working hours. But when it’s time to quit, they quit mentally as well as physically.
So, it should be no surprise that job seekers today value the work-life balance that many companies offer. More specifically, employees are looking for employers that offer paid time off. Whether it’s in the form of personal vacations, sick leave, or some other form of time off, more employees today are looking for that work-life balance.
Retirement Fund Matching
To be honest, retirement is not a top-ranking benefit. If you look at most lists today, retirement is not on them. However, we added this benefit, because if you ask the top one percent of job seekers out there, they will tell that they appreciate employers that are looking out for their future as well as their well-being today.
Most retirement plans come in the form of matching funds. The employee puts some aside for retirement, and the company contributes the same amount. If you can afford to provide some form of retirement plan, you will show your employees that you are interested in their future. This can change the level of talent that you attract when you are recruiting new team members.
Student Loan Assistance
Whether your small business helps employees pay off their student loans depends on several factors. First, do you see your employees as transient or are you invested in the relationship long-term? If you want to maintain loyalty in our workforce, then offering to pay a percentage of their student loans could keep your worker around.
However, student loan assistance is also a long-term commitment. The average student loan debt in the U.S hover around $36,000. If half your employees are fresh out of college, you may not afford to provide assistance. On the other hand, offering student loan assistance is definitely a perk that would attract the type of employees that could help you grow your business.
Fitness or Wellness Programs
Wellness programs are provided to employees as a preventive measure to help avoid illness while improving and maintaining the general health of the employees. This can be accomplished through education, communication, and a supportive work environment. Wellness programs are becoming more popular for several reasons.
For employees, a wellness program gives them the opportunity to address health issues without incurring a bunch of costs. They also perceive their employer as being more caring and concerned about them beyond the job performance. A wellness program may be a way for you to attract quality employees without incurring high expenses.
Contact Insurance Enterprise for Premier Health Insurance
If you have questions about group or individual health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.