If your company is looking to hire and wants to entice the best candidates, you should know that in a recent survey almost 60 percent of those who responded indicated that they would give serious consideration to benefits and perks before accepting a job offer. That same survey also showed that 80 percent of workers would choose additional benefits over a bump in pay.
Today’s crop of younger workers have clear priorities and employers cannot assume that the same benefits that satisfied the retiring Baby Boomer generation will fulfill their wishes and needs. The results of a study published in the Harvard Business Review offer some surprises that can help companies to lure top talent. Here are the preferred benefits in the order of their popularity:
Medical, Dental & Vision Insurance
The high cost of health care makes insurance the most sought-after benefit of candidates. Employers who offer medical, dental, and vision coverage to their employees and their families will have a better chance of attracting a more substantial number and higher quality of candidates.
With businesses paying upwards of $20,000 annually to insure an entire family, many smaller companies cannot afford to shoulder the whole premium. Most are now paying a portion of it with the employee contributing the remainder. It’s still a valuable benefit, potentially saving workers thousands of dollars in health care costs.
Flexible Working Hours
Many younger workers, particularly millennials, will choose a job that offers a flexible work schedule over one with higher pay and fixed hours. Parents of young children are also drawn to roles that present opportunities for a work-life balance and flexibility. While employer-provided insurance is still the most requested benefit, companies that are looking to attract the best young workers should consider adding flexibility to their schedules if possible.
Financial services giant Merrill Lynch recently issued a report showing the total cost of retirement to be over $730,000. Companies can enhance their brand and increase the number of qualified applicants by offering a retirement plan. As many young workers become aware of the tenuous position of social security, plans such as the 401(k) become even more important to candidates. Plans in which the company matches some portion of the employee’s salary are the most popular.
Today’s workers are paying particular attention to their overall well-being, and many businesses are responding with wellness programs as part of their benefits packages. Larger companies might include onsite fitness centers as part of their package, while others offer discounted gym memberships, healthy snacks, and yoga or meditation classes. More and more employers are starting to realize that fit and healthy workers are also more productive workers!
Are you looking for more ways to attract top talent?
We can help. The experts at 365RSS understand the need for experienced professionals and highly-skilled workers in the light industrial and power generation industries. And we are committed to providing the most dependable, knowledgeable, & skilled staffing within the industry.