The Importance Of Employee Benefits

830 Words 4 Pages
As the job market continues to climb, employers are faced with a job seeker 's market. This means that candidates with desirable work experience are able to be more selective than they were in years prior. Companies interested in courting candidates with phenomenal skill sets have to offer competitive compensation packages. Today, the importance of employee benefits is higher than ever before, as indicated in a recent Glassdoor study reporting 57 percent of respondents agreeing that benefits and perks were among their top considerations before accepting a job. With Gen Y comprising majority of the workforce, it 's critical that organizations focus on getting competitive with the benefits that matter most.

Top employee benefits
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Now more than ever, workers are looking for careers that offer work/life balance— health, flexibility, and time off all play a factor. Consider this; with 70 percent of indexed cities becoming less affordable, employees are looking for assistance with healthcare expenses. Staying healthy is a priority for employees, but getting some down time is almost as equally important as vacation, paid time off, and sick days are seen as more valuable than pay. Let 's not forget about monetary compensation in the form of bonuses. While younger employees are willing to skip salary bumps, they still desire to be rewarded for their contributions. Moreover, future planning such as retirement and pensions are growing on the list of priorities for workers. To remain enticing to candidates and employees alike, employers have to make the right …show more content…
According to our status quo infographic 30 percent of healthcare spend is wasted annually. With US enterprises spending a whopping 620 billion dollars on healthcare annually, it 's important they are getting a return on their investment. Employers have to make meaningful and strategic decisions when selecting benefits to draw top talent.

—Navigating rising employer healthcare costs: As the healthcare industry continues to reshape, employers are left footing the bill on certain costs. We 've found that typical healthcare costs increase around 5-7 percent annually. The rising costs of healthcare can have employers feeling the pinch, which can lead to not revamping their employee offerings, complicating the need for offering competitive benefits. To stay ahead of the game, companies have to figure out a comprehensive, user-friendly approach that does not break the

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