As most HR professionals know, it is a job seeker’s market today. The U.S. Bureau of Labor Statistics (BLS) reports an unemployment rate of only 3.7 percent as of July 2019. Savvy employers know that to attract and retain top talent, they need to offer an enticing group benefits package, in addition to competitive salaries. The following are some sought-after group benefits your company might consider to boost hiring and improve employee retention.
Employer-sponsored health benefits are essential to the workforce. especially given the rising cost of healthcare. However, the cost per employee can be high. Most employers today are offering two or more types of healthcare plans to their employees. Many have opted for high-deductible health plans (HDHPs), often linked to health savings accounts (HSAs) or health reimbursement arrangements (HRAs) instead of traditional health insurance plans, or as an additional option. Preferred provider organization plans (PPOs) are the most popular type of employer-sponsored health plan, followed by HDHPs linked to an HSA or HRA.
Dental insurance ranks among the top benefits employees and job seekers want. A good group dental plan typically covers a range of services, including preventative care (such as cleanings and exams), basic dental services (such as fillings), and major procedures (such as root canals).
Vision insurance is also an attractive addition to a group benefits package, with many employees using some type of corrective lenses. Most vision insurance plans cover eye exams and provide discounts on glasses and contact lenses. Some programs will cover part of the cost of eye surgery, such as LASIK.
Student loan reimbursement could sway a large percentage of job seekers to choose your company over another. Many employers will contribute $100 per month toward the payment of an employee’s student loans. On average, a payment of this size could reduce the time it takes to pay off student loans by two years.
Employees today are placing a higher value on their personal time. Work/life balance may be an even more significant concern for many people than monetary compensation. More companies are allowing telecommuting and offering flextime, which allows employees to determine their own work hours. Many companies are now also allowing their employees to dress casually for work.
Most job seekers and employees want a 401(k) or some type of employer-sponsored retirement plan included in their group benefits. Companies can stay competitive by offering matching employer contributions, a benefit that is important to prospective employees. As life expectancy increases, a growing number of employers are also offering long-term care insurance.
Group benefits are an essential aspect of overall compensation to attract and retain the best employees. To be cost-effective in the long run, your group benefits package must be carefully designed and regularly reviewed, to ensure it remains competitive. Meet with our knowledgeable agent for professional assistance with your company’s group benefits package.