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May 24, 2016

What Benefits Employees Are Really Looking For

Employee benefits tend to be thought of as the standard medical coverage and a bonus at the end of the year. But do employees really understand their company benefits packages? Do they take the time to see what they’re really getting to utilize with those benefits? What about candidates you’re trying to recruit — will your company benefits make them consider you? And let’s face it, isn’t there more that employees want than just a bonus?

Maybe. Maybe not.

Most employees spend roughly 30-45 minutes reviewing annual benefit packages and of those, a majority don’t fully understand them. Most employees choose the same benefit plans as previous years because it’s easy and they don’t have to slog through paperwork. So what’s a Human Resources department to do to ensure that their employees are well taken care of and to attract candidates to their company?

Invest in your employee’s futures. Great benefits will show that as a whole you value their time and service to the company and want to keep them in good health and in sound financial states so that they can continue to work. Often times, great benefit packages are what keep employees both engaged and working full time. To candidates, a great benefits package may be the deciding factor between you or a competitor too. In the economic environment of the past decade, in industries across the board, people are choosing to accept lower compensation for better benefits. When it’s time to renew, setup seminars that go through the basics of the various plans and perks, and make sure that people have a chance to ask questions and get clarification.

So what are people looking for?

Benefits, or non-wage compensation:

  • PPO insurance and/or supplements like dental and vision
  • 401(k) matching and retirement plans
  • Paid training and tuition reimbursement
  • Paid vacation

Perks, or non-work add ons:

  • Fitness programs (gym memberships, weight-loss programs)
  • Remote work location flexibility
  • Concierge services (most can’t run errands until the weekends)
  • Transportation/ parking reimbursement or RideShare
  • Company discounts at local businesses and restaurants

With these expanded benefits packages employees and candidates feel that they are both valued as a part of the company and are assured that their health and financial future are being considered. Standard medical coverage and an annual bonus don’t cut it anymore, so what types of things are you offering?

Innovative will match candidates with companies within their large network that have benefit packages they’re seeking. For employers, Innovative can inform them of the trends of desired benefits from those they recruit. Let us know what you’re looking for, and we’ll help you find it! Check out the benefits offered by Innovative and see what companies are hiring here.

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