Employee benefits are important to attract quality employees. As the economy continues to improve in 2017, Florida’s small and mid-sized businesses must recognize that a competitive benefits package is necessary to attract and retain the right employees and fill critical positions. If your company is not a high tech company and not trying to hire code writing millennials – do you need to even consider things like unlimited vacation, professional chefs, onsite massages, haircuts and free snacks and energy drinks? In mid-February 2017, the Havard Business Review (HBR) reported on a survey that asked 2,000 U.S. workers, in a variety of age groups, to provide their level of importance for 17 common employee benefits. How heavily would each benefit weigh on their decision between a high paying job and a lower paying job with more perks and benefits. Survey respondents were asked to say whether the specific employee benefit had “some consideration” or “heavy consideration” when taking a new job.
Here are the top fourteen (14) most valued benefits (based on the total % of heavy and some consideration from respondents) to convince a job candidate to choose a company:
- Better health, dental and vision insurance – 88%
- More flexible hours – 88%
- More vacation time – 80%
- Work from home options – 80%
- Unlimited vacation – 68%
- Student loan assistance – 48%
- Tuition assistance – 44%
- Paid maternity and paternity leave – 42%
- Free gym membership – 39%
- Free day care services – 39%
- Free fitness/yoga classes – 33%
- Free snacks – 32%
- Free coffee – 30%
- Company-wide retreats – 26%
In summary, employee benefits that impact a person’s lifestyle and finances (vacation, time off, insurance) are the most coveted by employees, while the in office freebees and goodies (food, snacks and drinks) are nice but do not drive decisions. The survey organizers also determined that women were more likely to prefer family benefits like paid parental leave and free day care. Men were more likely than women to value team building events and office snacks. Both genders valued fitness related perks – but women preferred free fitness and yoga classes and men preferred on-site gyms and free gym memberships. Overall, women (more than men) rated employee benefits as having a heavy impact on their employment decision, especially on insurances, flexible hours and work from home options.
Read the article from the Harvard Business Review.
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