Many factors go into attracting talent, including a fair salary and a positive company culture, but younger employees entering the workforce understand the value of a competitive employee benefit plan, especially with health care, wealth and income protection, and growth opportunities. Attract talent with a competitive employee benefit plan Paid time off ensures that they can donate their time and skills without burning out or losing much needed income. Balancing the demands of work, education, or family on its own can be challenging, leaving employees with limited time to devote to volunteer opportunities. Candidates want to work for companies that give back to the community or take part in regular charitable events.Īlong with that, candidates are looking for opportunities with companies that provide paid time off or flexible scheduling specifically for volunteer work. Though less of an employee benefit than an element of company culture, community service is important to younger job seekers. Flexible schedule optionsĮncourage your team to keep up a healthy work-life balance. Thus, student loan repayment assistance is a big competitive factor in talent acquisition. A similar share of Gen Z and millennial borrowers have a larger balance of $50,000 or more. Speaking of, on average, Gen Z has about $20,900 in student debt, which is 13% more than millennials. Training and learning opportunities, either through the company or through tuition reimbursement, help them advance their skills and reach their career goals without taking on a lot of debt. Tuition reimbursement or student loan repayment assistanceĬandidates want opportunities to learn and grow in their careers. Voluntary plans also take deductions pre-tax, so both the employer and the employee get tax benefits for ancillary benefits. It won’t cost you anything, but employees can take advantage of better pricing through an employer program than the individual market. If your company doesn’t offer these benefits as part of the standard benefits package, you can offer them on a voluntary basis without an employer contribution. While the first two may be part of your health insurance plan, life insurance usually isn’t. Ancillary benefitsĪncillary employee benefits include coverage for dental, vision, and life insurance. This employee benefit is also more tangible, especially for a younger workforce, because they can use it immediately. When employees prioritize self-care, they can be less stressed and more productive at work. Wellness plans provide access to health and wellness programs like gym memberships, personal training, and other wellness opportunities to encourage employees to care for themselves. Similar to 401(k), employee wellness programs show an investment in employee well-being. Companies are proving themselves as stable workplaces with an opportunity for growth. When a company offers a 401(k) plan, it shows that they’re working to attract and retain talent, not just contribute to high turnover. These accounts are viewed as an investment in the future, and many candidates are looking for them. This also demonstrates an interest in an employee’s future after they’ve served the company. 401(k) and retirement plansĬompanies that offer a tax-advantaged 401(k) with employer match can help employees reach their retirement goals and keep them motivated and satisfied. For example, employees with bereavement leave won’t need to use up all their vacation time or sick time in case they need some time off to mourn a loss. In addition, having different types of time off and leave ensures that employees don’t have to use designated time for different purposes. A combination of paid time off, sick leave, vacation time, sabbatical, or bereavement leave helps employees create a balance between work and personal life and combats burnout. Paid time off is part of most employee benefit plans.
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