Employers already know that employee benefits are key to remaining competitive in the talent marketplace. But did you realize that specific benefits can have quantifiable impacts on employee retention and recruiting? MetLife’s 15th Annual (2017) U.S. Employee Benefit Trends Study identified four benefits that can significantly increase an employee’s loyalty to their employer – or, in their absence, make them more likely to accept a job with a new employer who does offer them.
Health and Wellbeing Benefits
With rising healthcare costs, employer-sponsored health programs – ranging from health insurance coverage to other wellness programs – are increasingly valuable to employees. The numbers prove it: 59% of employees will be more loyal to their current employer if such benefits are offered. On the other hand, 61% of respondents would be more likely to accept a job with a new employer who does offer such benefits if their current employer does not.
The ability to shift workday hours as necessary has gained steam as a benefit. According to the Society for Human Resource Management 2017 Employee Benefits Report, 57% of employers offer employees the ability to choose their work hours within limits established by the employer. Employees love it: 74% will remain more loyal to a current employer who offers flextime; otherwise, 75% would be more likely to accept a job with a new employer.
Flexible work arrangements can mean locations too, not just hours. Despite recent headlines suggesting that telecommuting programs may be waning (“The End of Remote Work?” wonders CIO Insight), SHRM found that 62% of employers allowed some type of telecommuting. Employees appreciate this form of flexibility as well. Two-thirds of employees will be more loyal to their current employer if they can enjoy this benefit; a similar number would be willing to jump ship in its absence, in favor of an employer who does offer it.
Flexibility seems to be a theme here. Employees don’t necessarily appreciate benefits programs that may not meet their needs. Employees like a menu of potential benefits and perks that can be customized and chosen selectively to meet individual needs. 72% of employees will be more loyal to their current employer if they can customize their benefits; otherwise, 74% will be more likely to accept a job with a new employer who does allow this.
Does your own organization offer the benefits that will have the biggest impact on recruiting and retention?
CoAdvantage, one of the nation’s largest Professional Employer Organizations (PEOs), helps small to mid-sized companies with HR administration, benefits, payroll, and compliance. To learn more about our ability to create a strategic HR function in your business that drives business growth potential, contact us today.