What Are the Most Important Benefits to Employees?
The right benefits package can help employers attract more candidates. Companies that offer benefits experience lower employee turnover, have healthier and happier employees, and get to take advantage of tax credits and deductions. While large organizations can offer comprehensive benefits packages, smaller companies and start-ups have to be more selective. When choosing which benefits to offer, these companies could benefit from learning which are most important to employees.
2020’s Most Sought-After Employee Benefits
2020 was a strange year. As we get further into 2021, it doesn’t seem that much has changed as far as what employees want. The following were the most sought-after employee benefits in 2020:
Remote Work
Stay at home orders forced many employees to make the switch to working from home. Although this seemed like a novelty at first, employers and employees have discovered this option provides significant benefits. Remote work reduces operational costs. Another benefit, remote work completely eliminates barriers caused by physical location. Remote work allows employers to expand their talent pool to any location in the world. For employees, remote work improves work-life balance, health, and eliminates the stress associated with commuting to work.
Although it’s not clear whether remote work will become permanent for most companies, it’s definitely become more common, and not just during the pandemic. 69% of companies surveyed by Miro have at least one team member working remotely. Of these remote employees, 70% have been working remotely for over three years.
Health Insurance Benefits
Although employees have always rated health insurance benefits highly, they’ve never been quite as important as during the pandemic. Many people worry about affording healthcare for themselves or their loved ones. Offering health insurance benefits reduces employee stress and improves employee satisfaction.
According to a study by Employee Benefit Research Institute, around 7.7 million workers lost jobs with employer-sponsored health insurance last year. These employees are currently looking for work. Employers wishing to attract and retain top talent need to offer a good benefits package.
Paid Time Off
Everyone needs a break from work sometimes. Even remote workers agree that paid time off is important. By offering employees paid time off, employers show they care about their employee’s well-being and the future of their business.
Employee Benefit Specialists
At MEBO, we understand that many California small businesses worry about the costs associated with employee benefits. We work with our clients to evaluate their needs and develop a benefits package that fits their budget and provides the greatest benefits to both their team and their business. Please contact us to schedule a consultation.
