With employment rates at historic highs, getting the best talent has increasingly become more difficult.
In their quest to retain and attract top talent, companies are exploring different ways to attract potential employees. But beyond tangibles like employee remuneration and intangibles such as mentoring and inclusivity, what benefits are employees looking for today?
At the top of the list is a flexible schedule. Creating a good work-life balance is an increasing concern for both employers and employees, as it translates to greater productivity and increased engagement. A Huffpost article on flexible schedules reports on a PwC survey that found that two-thirds of millennials want a more flexible work schedule. These arrangements range from work-from-home benefits to output based metrics. In fact, a significant portion of surveyed employees would rather skip the 9 to 5 work hours than get a raise. By offering flexible work schedules, employers will be able to target a wider pool of talent.
New job seekers are getting worried about their future retirement plans. In fact, a 2019 Ameritrade investigation reports that 66% of millennials don’t feel on track for their retirement savings. That’s why competitive 401(k) matches are an increasingly attractive option for job seekers. An article by Marcus on the importance of a 401(k) details how much workers can benefit when their employers match their retirement plan contributions. For a dollar-to-dollar match-up, an employee could be matched for up to 4% of their salary. An employment benefit like this would be a huge factor in determining which employers candidates are drawn to. In return, having a solid retirement plan will inspire loyalty and stability among employees.
Student Loan Payment Matching
Many young Americans are entering the workforce with student debt. Time Magazine reports that more than 44 million of Americans have outstanding student debt equalling up to $1.5 trillion. This has become a top concern, especially for millennials who are trying to find ways to alleviate this burden. That’s why at least 8% of employers today have student loan payment matching programs. The good news is that by 2021, a third of employers are expected to follow suit. Other employers like Chipotle give their employees college tuition reimbursement to help fund their upskilling without the fear of incurring more student debt.
Health and Wellness Benefits
Aside from covering dental and health plans, which are part of Luttrell Staffing Group’s benefits program, wellness programs are also a key perk that today’s employees are looking for. When used correctly, wellness programs give employees incentives, tools, social support, and strategies to adopt and maintain healthy behaviors. While Twitter is known to have three fully catered meals at work, they also have in-house acupuncture and improv classes to help their employees de-stress. This extra step shows how they prioritize their employee’s wellbeing.
More paid leaves
Every employer knows that well-crafted paid leave programs are one of biggest attractions for job seekers. A Washington Post analysis of a Metlife report found that 72% put long paid vacation leaves as the most sought out benefit. While employers are naturally apprehensive of this, the same analysis also showed that a paid paternal leave was a perk that had a big impact on an employee’s job satisfaction. A company that values its workforce’s time outside of the office will be much more competitive when hiring the best candidates.
In today’s increasingly competitive job market, companies need to make sure that they are able to support their employees. By showing that they can do this through company benefits they will be able to attract and hire the best candidates.