As a business owner, offering employee benefits is critical to the longevity and financial success of your company. The modern workforce is increasingly placing more significance on perks and benefits when job searching and making employment decisions. We're here to help you understand how benefits attract and retain employees – including how to offer the most sought after perks without breaking the bank.
Highlight benefits in your job posting to attract talent
Offering employee benefits that go beyond the standards, like basic health insurance, shows an organization's commitment to their employees' well-being. It's not enough to simply talk about creating a culture that promotes wellness. Employees expect to receive a program they can interact with and see how the benefits improve their lives.
When looking for a new position, Glassdoor found 63% of candidates want to see benefits included in a job posting. This is only surpassed by information on salary, which 67% of applicants want to find while looking at job ads. As you can see, benefits are nearly as important as salary for job applicants. If your company offers unique or popular benefits, make sure to include that information on your website or job listing to appeal to candidates. This can set you apart from the competition and create excitement around the prospect of working within your organization.
Keep existing employees engaged
A recent survey on job satisfaction and engagement conducted by the Society for Human Resource Management found that 92% of employees believe benefits are important to their overall job satisfaction. Existing employees will also be using these benefits and employers should wield them as a tool to increase retention and engagement.
The same SHRM study reported 32% of employees who were unlikely to look for an external position were content in their current place of work due to their benefits package. On the flip side, a poor benefits package was the reason 29% of employees surveyed were looking for a different job outside of their organization. Though it can be difficult to offer benefits that appeal to every employee, understanding some of the most important perks to include in your package is ideal for keeping employees happy and engaged at your organization.
The most appealing employee benefits
A strong benefits and perks package clearly has the ability to attract and retain employees, but what are the most appealing privileges? On-site gyms, office bars and pool tables are interesting perks, but many small to mid-sized businesses don't have the money or space to dedicate to these flashy accommodations.
Interestingly enough, while unique in-office perks are novel and fun, most employees actually want benefits that contribute to their long-term well-being outside of work. Health-related benefits, like wellness programs and telehealth services, have become increasingly desired by employees. In fact, the 17th Annual U.S. Employee Benefit Trends Study conducted by MetLife found that 69% of employees are interested in wellness programs that reward healthy behavior. These emerging benefits, as their called, help employees demonstrate a deeper level of care for employees.
A "holistic benefit program" is also becoming a popular term for perks packages that can be personalized to an employee's individual needs. Many of these assistance and well-being offerings focus on setting up employees for success, outside and inside of the workplace. Health incentives, retirement plans and financial literacy are just a few examples.
The Exectras solution
When you sign up for an Exectras Membership, not only do you receive access to outstanding business services at discounted rates, but also a unique menu of employee benefits and perks. At no extra cost to your company, employees can access some of the most sought after benefits, including:
- Home & Auto Insurance: Exclusive savings on auto and home insurance from Liberty Mutual
- Interest-Free Credit: Gain access to credit without worrying about credit scores
- Discount Prescription Program: Save on prescription drugs for families and pets
- Physical Wellness Program: Join challenges and track your health progress in a fun and interactive format
- Financial Literacy Program: Understand financial principles and improve decision making for long-term success.
- Telehealth: Receive on-demand care while avoiding the costs of ER services
- ID Theft Resolution: Assistance to resolve identity theft and protect confidential information
Your employees can choose to utilize the perks they want and you don't have to worry about benefits going to waste. One monthly fee gets you access to a one-of-a-kind portfolio of business services and employee benefits, at rates most small to mid-sized companies can't find elsewhere.
Our attentive team is here to help you get started with an Exectras Membership so you can begin reaping the benefits of a cost-effective and comprehensive perks program for your employees. Reach out today for more information.