The benefits consulting industry was worth $215.2 billion in 2019. Considering that benefits consultants help employers design and administer employee benefits programs, that’s no wonder.
Employee benefit packages are a company’s #1 tool for attracting top talent. The majority of interviewees will place heavy consideration on the benefits you offer. And in today’s employees’ market, you can’t afford to lose contenders to your competitors.
You need to hire employees and keep top talent to ensure your company operates efficiently. That’s why it’s so important to design a well-rounded benefits package prospective employees will love.
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6 Stellar Employee Benefit Packages Your Company Should Offer
Are you wondering which benefits are important to your prospective and current employees these days? You’ve come to the right place. Keep reading to learn about the top six most desirable employee benefits of 2020.
- Health Benefits
In a Fractl survey of 2000 US employees, researchers found that 88% of people consider a company’s health benefits before accepting a position there. And more than half of these people say they place significant weight on health benefits.
Among benefits, young and healthy employees prefer the option of a high-deductible health plan. These plans offer the flexibility of low monthly premiums and the stability of coverage if disaster strikes.
Many employees also place a high value on health savings accounts (HSAs). HSAs allow employees to save pre-tax dollars to pay for medical care. These dollars never expire, so healthy employees can rack them up to offset a high deductible.
Don’t just settle for traditional health insurance, though. Your employees will expect dental insurance to help pay for things like periodontal service. Vision insurance is also becoming increasingly popular with prospective hires.
As young employees invade the market, they’re demanding new health services, too. From fertility to mental and behavioral health benefits, employees won’t settle for the old standard in health benefits anymore.
- Paid Leave
Whether it’s paid leave for caregivers of elderly parents or for new moms and dads, employees want to see more paid leave benefits in 2020.
According to the Fractl poll, 80% of respondents want more vacation time. 68% of them want that vacation time to be unlimited.
At the same time, 42% of employees want more paid maternity leave. Some of these people would like to see additional leave given to new fathers, too.
Caregiver leave is a new trend in employee benefits, and employers should take notice. Companies like Wellthy are making it easier than ever to implement and manage caregiver benefits for businesses.
- Student Loan Assistance
43 million US adults are in debt because of student loans. In the first quarter of 2020 alone, the nation’s total student loan deficit hit $1.54 trillion. And sadly, this isn’t just an issue for millennials: $86 billion of the total deficit comes from people 60 and older.
It should be no wonder, then, that nearly half of the Fractl study’s respondents said they considered student loan benefits before accepting a position at a company.
Student loan debt is a crippling burden for the majority of the population. With little federal oversight on the matter, it’s become an issue for employers to address. Address this issue the right way, though, and you’ll have talent spilling through your doors in no time.
- Retirement Benefits
Retirement benefits are particularly vital for small to medium-sized companies. That’s because employees of these companies put 401(k)s, 403(b)s, and other employer-sponsored retirement schemes in high priority.
Savings accounts for retirement have always been a top priority for Americans. Retirement plans reduce their taxable income, help grow income, and defer taxes. Plus, retirement plans means your employees can actually retire on time.
Yet, more and more people are pushing off retirement due to a lack of savings. Why the disconnect? Many employees believe their contributions aren’t enough to make an impact.
That’s why the importance of an employer-sponsored 401(k) is perhaps more important than ever before. Make sure you aren’t missing out on this trend with an attractive retirement savings benefit.
- Flexible Work Hours
Want to know the #2 benefit on every employee’s wish list? Maybe surprisingly, it’s more flexible work hours. In fact, Fractl found that 88% of employees polled wanted more flexible work hours, right on par with better health benefits.
The trend toward more flexible work hours likely comes from Americans’ desire for a better work-life balance. The desire for more time at home is an especially big trend with parents who have children at home.
- Work From Home Options
Even in 2017, 80% of people said they wanted more work-from-home options. And more than half of these respondents said the choice to work from home was a heavy consideration before taking the job.
In 2020, this employee benefit may have actually risen to the top of employees’ wish lists. Whether people fear getting sick in the office or have to stay home to teach their kids, working from home is more attractive than ever.
Already, 25%–30% of the US workforce is or will be working from home before the end of 2021. Even when the pandemic is over, this trend will likely remain strong. And if employee demand isn’t enough, consider this: employers who do allow staff to work from home at least part-time save $11k per year per employee.
Employee Benefit Packages
Health care, retirement, student loans, and the work-life balance are at the top of every employee’s benefits wish list in 2020. Give your prospective and current workers what they deserve with the most competitive employee benefit packages on the market.
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