For small and growing businesses, it is a common dilemma ?: offer lavish benefits and give up profits, or penny pinching and risk losing your best employees.
With escalating health care costs and a workforce increasingly mobile, finding the right balance is difficult. You want to offer great benefits, but you can not afford to waste money on benefits that do nothing to recruit and retain a competitive workforce. Investment to work, you have to offer employee benefits want.
So that are the most important benefits for employees?
most sought benefits
Benefits As we have written about previously, the most sought after are:
- Health
- retirement
- paid leave
- Workplace Flexibility
- wellness Program
- Courts repayment
- flexible and favorable times for the family
- salary increase or performance award
- life insurance
- telework
- Workplace Perks
- professional development and training
the top benefits probably will not come as a surprise
After all, there are basic employee benefits that most experts say are needed to attract industry competitive talent :. health care, paid vacations, and perhaps a retirement savings options. And then there are special advantages and benefits in the workplace that help businesses - even small businesses - become an employer of choice. But as tempting as it is to follow the "Googles" the business world, here's a word to the wise.
Do not invest in benefits if your employees do not value!
it sounds simple, but often we get wrapped up in the latest trend benefits or workplace. Pause, take a step back and ask employees why they like the benefits and compensation. The answer may surprise you.
More and more employees Value Choice
To add to the mix, studies show that employee's value changing. For example, a recent study by MetLife found the choice of employee value and the ability to customize benefits. According to the survey, more than three quarters (78%) of employees want greater variety of benefits to choose from and 80% of employees evaluate customized benefits to individual circumstances and age.
And, more than ever, employees say they are willing to share responsibility for this variety: the survey found 60% are willing to bear more of the cost to have a choice of services that meet their needs
in other words, employees are. more to tell us, "We greatly appreciate the contribution, but we want to choose how to allocate the dollars."
It is this mentality that pushes many small and growing businesses use a defined contribution approach with benefits. instead of offering a plan or retirement healthcare specific plan, for example, companies offer a contribution to a 401 (K) or personal insurance reimbursement. It is the kind of approach that leads to business savings and employee choice. - a win-win
Conclusion
the benefits are a tool for make your team feel valued, appreciated, and faithful. Ranging from health benefits, retirement savings, flexible hours employees want to work for a company that makes them feel safe and satisfied.
for small businesses, though, to find the right combination of benefits to create a positive return on investment is a challenge. To attract and retain excellent people to represent your company, consider the types of benefits that employees really value. Then look for cost effective ways to deliver the greatest benefits for employees.
What do you think are the most important benefits for employees? We would like to hear from you. Leave a comment or question below!
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