The saying “An honest day’s work for an honest day’s pay” has been around for generations. And it works pretty well. Workers agree to put in a a full day of work for an agreed upon amount of pay. After all, most people work to support their lifestyle or cover their living expenses. Sometimes a high salary is viewed as career success. A paycheck is still an appealing aspect of having a job, but its influence is starting to wane. That’s particularly true with the young adults now entering the workforce. In fact, a 2018 survey by the American Institute of CPAs (AICPA) shows that workers favor benefits over additional salary four to one.
Offering high-quality benefits will help employers attract top talent. Here are some of the benefits workers seek:
- Retirement plan. Helping employees save for retirement engenders loyalty and is simply the right thing to do. Setting up a 401 (k) plan allows employees to put money aside for retirement on a pre-tax basis, which reduces their taxable income. Companies can also match employee contributions and get their own tax benefit.
- Insurance. Health insurance coverage is a huge topic in discussions from the water cooler to Washington, D.C. There are several insurance options that will benefit your employees, including a high-deductible plan, group health, vision and dental. Life and accident insurance will be there for employees’ families when they need it most.
- Flextime. Today’s workers, especially millennials who are raising young children, need the ability to balance work and home responsibilities. The old 9-5 workday isn’t so popular anymore.
- Mission. Employees often seek positions with organizations that support their personal values.
- Paid time off. Getting away from the office increases productivity and promotes good health. Paid time off will also alleviate the concern of getting sick or having to miss work to care for a loved one.
The workforce is often a company’s largest expense. Offering employee benefits will keep workers motivated and loyal.
