Although the economy is currently an employer’s market, that doesn’t mean that every employee is willing to accept a job without some careful consideration of what the employment opportunity means for them. Quality employees carefully vet their options by measuring the salaries, work environment, and involuntary and voluntary benefits of each job before making a final decision. A recent study by SimplyHired unearthed some ideas about what employees are looking for in a job, identifying benefit opportunities as a leading attraction and retention opportunity.
With a stagnant economy, employees are counting on their job’s voluntary benefits to help reduce some of the financial pressure they’re experiencing. With a majority of employees concerned about having enough money to make ends meet, benefits help to close important gaps throughout numerous industries. Younger workers especially are looking to employers whose benefits help achieve financial goals. The situation goes beyond insurance and retirement planning options, however.
Only a small percent of employers found it critical to offer a choice of voluntary benefits, but employees highly valued these optional benefits, like legal services. Employer and employee valuation of other benefits, like salary, company culture, and health benefits are much more closely aligned, according to the SimplyHired study. More employees than ever are asking questions about benefits and carefully evaluating benefit options prior to accepting a job offer. There is a huge opportunity for voluntary benefits to help attract and retain quality employees with a high sense of company loyalty. The reality is that every person is going to need legal assistance at some point in their life. Those same people concerned about making ends meet would certainly benefit from have a legal support structure in place- whether it be to help them draft a will or to prepare for a small claims court issue.
Since many benefits are generally standard throughout different fields and industries, offering voluntary benefits is one way to set a company apart. It not only provides tangible benefits but demonstrates that the company is committed to the employees beyond their performance at work. Investing in your employees also helps to develop a sense of community and increases employee loyalty through job perks. Employees sincerely value options in their benefits, so consider incorporating these into your plans sooner rather than later. Current employees will appreciate the inclusion and new employees will value your efforts to go above and beyond the minimum.
This disconnect provides an opportunity for employers to attract the cream of the crop in the employee pool. Voluntary benefits are an incredible driver for employee attraction and retention. Recruiting new employees can be a taxing process that can easily be refined with a better understanding of what employees look for in a long-term position. Contact us today to learn more about the ease of offering legal benefits for your employees.