Workers prefer benefits
Over the past decade, power within the job market has shifted dramatically from employers to candidates. This change in the recruitment ecosystem has led employers to take a deeper look at the benefits being offered to employees. Rather than simply touting better wages, employers are increasingly offering unique benefits packages to better attract potential candidates.
Here are 5 key employee benefits trends to continue to watch in 2019:
1. Better health, dental and vision insurance
While non-insurance benefits are gaining in popularity, health, dental, and vision insurance plans remain the most popular employee benefit. In fact, 88% of workers surveyed reported that they would consider or heavily consider a position with good insurance options for these three segments. Not to mention the 55% of employees that consider health insurance to be the most important benefit when rating job satisfaction, according to the U.S. Chamber of Commerce.
2. Flexible work hours
The rise in the millennial workforce has changed the culture of the working world. Increasingly, employees are prioritizing positions that permit work hour flexibility, meaning that they have more options as to when and where work is done. The "new office" may be a coffee shop early in the morning or a late evening spent in the office, and work hours are oftentimes arbitrary. By offering employees more autonomy over their work schedule, employers increase overall employee satisfaction and are much more likely to retain the employee.
3. More vacation time
Employees typically express greater interest in positions in which they are provided a larger amount of vacation time off. Some employers even offer unlimited paid time off that can be used for additional vacation days — another extremely popular benefit.
If you're an employer, you're probably wondering how allowing employees to take more vacation time off will benefit your business. According to a CNN interview with expert Brigid Schulte, those who forgo vacation time are, "sicker, less productive, stressed, and more anxious and depressed." In general, vacation allows employees time to rest and restore which in turn makes them more productive workers when they return to the office. Increasing employee vacation time can actually benefit you and your employee.
4. Option to work from home
With technological advancements, more employees are able to perform daily work tasks outside of the office, introducing the rise of the remote workforce. The option for employees to work from home or telecommute allows more flexibility in their personal lives resulting in an increase in worker productivity. In addition to increased productivity, employees working from home also exhibit greater peace of mind, better physical health, and improved interpersonal relationships.
5. Student loan assistance
More frequently, employers are offering student loan assistance as a benefit opportunity for employees. This benefit is particularly popular with the younger demographic transitioning into the workforce. While this benefit type is not currently prevalent, the Consumer Financial Protection Bureau anticipates a significant increase in employer coverage of student loan repayment in the near future. So keep an eye out on this trend!
Other popular employee benefits
- Tuition assistance
- Paid maternity and/or paternity leave
- Free or discounted fitness memberships and/or classes
- Free daycare services
- Free snacks and/or coffee in the office
- Company-wide retreats
- Weekly employee outings
- On-site gym for employee use
- Team trips or events
Learn more about how a custom designed employee benefit plan can help your organization attract and retain key talent in a tight labor market. Contact Blackrock Benefits. Visit: www.BlackrockBenefits.com