Employers in American need to tap into the growing number of employees sacrificing pay for health & retirement plans. There are many reasons employees are shifting their concern from simple salary increases to better benefit plans. Understanding this shifting mentality can help employers find and keep valued employees.
The experts at Program Business states that employees increasingly find benefit packages with better benefits outweigh bonuses and pay raises. Americans seem more interested in improved security through retirement packages and quality health insurance than simply more money. Benefits packages have become important for businesses to maintain quality employees.
Not all employees want a comprehensive benefits package. Entry-level employees fresh out of college may not be as interested in some benefit options. On the other hand, older employees may feel the increasing need to have a variety of benefit options including life insurance and short-term disability insurance. A flexible benefits plan can help employers address the variety of employee needs.
Offering benefits to employees that meet or exceed their needs shows them that the company values their health and well-being. This helps build trust and keeps employees interested in staying for the long-term.
With the fluidity of the marketplace, retaining high-quality talent is paramount. Take advantage of employees sacrificing pay for health & retirement plans by giving them what they want.