Benefits that Tomorrow's Talent are Looking For - Ardith Rademacher & Associates

With the unemployment rate at an all-time low and the economy doing so well, businesses are finding themselves in the position of having to stay competitive in regards to employee benefits. In order to attract the best talent and retain them, companies need to be sure they are offering inviting perks to prospective hires.

While standard health and retirement benefits are a great perk, most organizations offer them to every employee. In order to stand out, job seekers are looking for organizations that are willing to go beyond the standard offerings. Four day work weeks, student loan payment assistance or flextime are a few incentives that companies have instituted in order to keep their employees from looking for better options.

Here are a few other options that companies may want to consider offering in order to retain quality talent and acquire future top hires.

Retirement Savings – A 2017 Aon Hewitt survey found that the majority of employees surveyed were saving for retirement, however less than 40% of them had saved less than $50,000 towards their retirement. Companies should offer 401K plans that include some type of matching contribution from the employer. This gives employees incentive to contribute as much as possible to their account in order to take advantage of the “free money”.
Work/Life Balance – With Millennials coming into the workforce, this benefit is especially important. Technology allows us to constantly be connected which often means being connected to your job. Trying to find a way to balance your personal life and work life can be difficulty. Companies can offer four day work weeks, telecommuting or flexible schedules where employees can set their work schedule. Research shows that benefits that allow for flexibility in a work schedule is more important to job seekers than salary.
Health and Wellness Benefits – Whether it be offering standing desks or healthy food options at the workplace, many people are looking for perks from their employer when it comes to health. With health care costs continually rising, people are trying to curb those costs by living a healthier lifestyle. Health insurance is also a factor when considering employment and many companies are now extending their coverage to opposite and same sex spouses.

Just like a company needs to market their services, they also need to market their benefits to prospective hires. Offering benefits is useless if employees aren’t aware of them and utilizing them.