Sign up to our weekly newsletter for more great content and get 20% OFF our career test! To compile our new report, we surveyed approximately 5,000 participants aged 18 and older in the UK, Germany, and Sweden to discover what benefits are most important, what benefits they would consider changing employers, and how they access their benefits today. However, to do any of these things, the benefits offered must, of course, resonate with employees. For instance, if you have a large millennial and Generation Z workforce, they may prefer flexible work hours and help with student loan repayment over a 401(k) plan. Indeed, it effectively lifts a considerable amount of pressure off employees’ shoulders, and it helps them feel like they’re part of a company that cares for their overall wellbeing. While health insurance and 401(k) plans continue to be the most sought-after benefits, it’s amazing how effective the “little” perks and benefits can be. Choosing the most important benefits to employees in 2020. Your article was successfully shared with the contacts you provided. In Sweden, mobility benefits, such as cycling, public transport, or car benefits, are more important for those under 40 than over, while work-life balance is most important for employees between 30 and 39. Studies show that health insurance is the most important benefit to all generations, as demonstrated by Clutch, SHRM, Fractl, and others. Learn how to find the best paid leave policy for your business. Even if employees have to pay a portion of the cost, by banding customers together, you can get high-quality benefits and perks at lower costs. Being able to do meaningful work outside the office is a big plus for many employees. Equipping the office kitchen with tasty snacks will not only make your employees happy but also create a better sense of community within the office as it encourages them to engage with each other – and nothing can bring people closer than food! Can you think of any other important work perks? Voluntary benefits primarily focus on health, wellness, welfare, wealth management, and retirement. Many of these benefits would be extremely expensive for employees if they had to purchase them outside the group plans provided by their employers. In the UK, flexibility (e.g., working hours, the ability to work from home) is the most important benefit for all age groups except those over 60. Offering benefits that employees can’t access on their own is a great way to hire and retain more employees to grow your business. Copyright © 2020 ALM Media Properties, LLC. More on Trends in Employee Benefits. Instead of guessing which types of benefits are most valued by your employees, ask them directly via a survey. A good firm will set you up with a plan that fits your needs and see you through every step of the way. For employees, casual dress code means they can work comfortably in their day-to-day clothes without having to break their bank accounts to buy formal outfits they can only wear to work. Taking time off helps employees’ wellbeing, reduces stress and bolsters their performance at work. Perks and benefits have become an important factor for working professionals. Even if your employees aren’t fitness freaks, this kind of initiative will make them feel valued, as it shows that the company cares for their health and wellbeing. Changes to food, drink, work culture, and environment. But keep in mind that tuition reimbursement, training programs, and educational opportunities also appeal to older employees (AARP). Best Money Moves recently forecast the top 10 employee benefits for 2020 and we’ve developed a simple, three-step strategy to help you identify the benefits your employees want most … Today, offering the right benefits is more critical than ever when it comes to keeping employees happy. With heightened financial concerns, digital privacy and identity theft protection plans are essential employee benefits. Benefits are the programs used to support the cash compensation employees receive. This article contains paid-for content created in collaboration with the National Society of High School Scholars. According to Glassdoor’s Employment Confidence Survey, 4 out of 5 employees prefer benefits or perks to a pay raise. But which are the most important to employees and jobseekers alike? All rights reserved. Wellness perks range from on-site gyms, juice bars, sponsored gym memberships, healthy snacks or even fitness classes. According to a survey by the Society for Human Resource Management conducted last year, 63 percent of employees believe that quality benefits are very important … By Dylan Jackson | July 21, 2020 at 05:22 PM X As we write in our new report, To discover the findings from our ground-breaking survey, download, Digital Preboarding, Onboarding & Offboarding. A total transfer of $30 trillion to as high as $70 trillion may be coming to the generations following the baby boomers. Healthcare benefits, especially wellbeing benefits, rank higher in Sweden than in the other two countries. By keeping their workforce happy, companies can create a more positive, open and fruitful work environment for employees and employers alike. When SHRM asked a random sample of its members which benefits were most important to a majority of employees, the responses came back with similar results. Retirement benefits are important to one wage demographic; paid family leave is more important to another, but most agree on one benefit. Speak with a Certified Professional Employer Organization (CPEO) like Resourcing Edge for access to better benefits using our group’s buying power. In fact, it was the most important benefit for 70% of respondents in the National Society of High School Scholars’ 2018 Career Interest Survey. For more information on choosing the right benefits package that will drive employee hiring and retention, contact Resourcing Edge. And by meeting their needs as an employer, you not only keep employees engaged (effectively retaining top talent) but you also build your employer brand and make your company more attractive to prospective employees. The benefits of this are manifold: it helps them stay motivated, it secures their loyalty, and it gives them a stronger sense of purpose both inside and outside the workplace. Balancing a busy career with an even busier family life can be a difficult task, hence why childcare assistance is essential for many working parents. A Q&A with Shobin Uralil, COO and Cofounder of Lively on how HSAs can help employees prepare for an unpredictable future. Seek out a provider who can offer you guidance and expertise in every aspect of benefit plan design, implementation, and communication. Financial Wellness + Identity & Privacy Protection: A Winning Formula for Clients. Flexible schedule benefits that are most in-demand include flex days and hours. 4 Big Employee Benefits Trends for Family Planning. In Sweden, mobility benefits, such as cycling, public transport, or car benefits, are more important for those under 40 than over, while work-life balance is most important for employees between 30 and 39. hbspt.cta._relativeUrls=true;hbspt.cta.load(2798830, '4fe1cce0-8ad9-4cff-827d-242654587a97', {}); What Employee Benefits Are Most Important to Employees? HSAs for all: Unleashing the potential of Health Savings Accounts. Meanwhile, this incentive also gives them a sense of ownership and belonging in the company as it elevates their status from mere workers to partners. And while many companies are using flashy incentives to attract young talent, most jobseekers look for perks that can foster their professional growth and cater to their individual needs. Indeed, paid sick leave means that sick employees don’t have to worry about short-term expenses while they’re recovering. What Benefits Do Employees … The chart below shows the importance each generation places on various benefits. 10 Easy Ways to Improve Your Office Culture. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com, Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment. Development programmes are an indispensable perk for aspiring employees who want to advance their career. Help Clients Manage Benefits Costs Now and Post-Pandemic. What younger workers especially value the most is working within a company that encourages good work-life balance.
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