Employee benefits can be the final determining factor when a potential new hire is making a decision between two locations. Now, more than ever, new employees and long-time workers are seeking paths of employment that offer more than just your basic dental package.
Now that 2019 is officially in full swing, your business might be crafting a new benefits plan to appeal to employees seeking better compensation. After all, nearly half of employees are currently stressed about their finances while more than two-thirds of Americans fear their savings won't be able to support future retirement plans.
According to a recent Gallup Poll, nearly six in 10 employees are a part of the Millennial "job hopping" generation, meaning that almost 60% of employees are ready to abandon ship at any given time. Should a job with a better benefits package come around in their line of work, having a great work culture may not be enough to keep experienced employees around.
Here are some of the most popular job benefits that employees are searching for in 2019 -- and how feasible it may be for your company to implement the changes.
A variety of bonuses
Who doesn't like free money? If you have long-term employees in your wheelhouse, they deserve to be recognized for their commitment to your company. A new report claims that incentive bonuses have fallen by 9% for executives while other bonuses are on the rise. This includes anniversary bonuses, employee referral bonuses, and offer-spot bonuses with employee referral bonuses leading the charge. According to Fast Company employee referral bonuses increased by 10% since 2014.
Healthcare benefits have increased by around 28% to accommodate the rise in healthcare costs and chronic illnesses over the last 14 years. If your business hasn't modified your budget in the last decade to account for these factors, it's time to rethink your healthcare plan.
Keep in mind that this plan should also incorporate other aspects of wellness. In 2015, it was estimated that nearly 20% of U.S. adults suffered from anxiety because of their oral health.
Providing a simple dental benefits package can make or break a potential hire.
In the increasingly competitive job market, however, employers have gotten even more creative with their benefits package. Some office jobs are offering gym memberships to combat sitting at a desk all day. Others are incorporating travel benefits. If your business has the ability, try collaborating with local businesses to see what discounts you can obtain for your employees.
Expand to part-timers
It's estimated that 88% of full-time employees receive access to a variety of employee benefits. Part-timers on the other hand? Only 21% receive any form of medical benefits.
If you're looking to expand your workforce and open the doors to part-time employees, this might be a great option to consider. This might also pave the way for full-time advancement down the road, saving you money and gaining a quality team member in the process.
When you're looking to improve your business in 2019, try giving your business an edge by incorporating these benefits in your compensation package.