In recent years, the job market has experienced significant improvements. The unemployment rate continues to decline and job seekers are entertaining multiple offers. In this post-recession job market, employers need to be competitive to land top talent. One of the most important things employers can do to attract and retain highly sought-after professionals is offer an attractive benefits package.
If you don’t think solid health benefits will help you recruit the best people, think again.
According to the 2016 Aflac Workforces Report, 60 percent of job seekers are likely to take a job with lower pay but better benefits. And 43 percent say improving their benefits is one thing their employers can do to keep them from leaving — second only to a pay raise but more important than a promotion.
What employees expect from their benefits package
- 81% expect major medical
- 75% expect a 401(k) plan or another pension program
- 75% expect dental
- 68% expect vision
- 54% expect disability
- 27% expect voluntary
The survey also found that employees who are satisfied with their benefits are:
- More likely to be satisfied with their jobs (96% vs 68%)
- Less likely to look for a job in the next 12 months (22% vs 45%)
- Less likely to avoid going to the doctor (22% vs 45%)
- Less likely to have been distracted at work by a personal issue (23% vs 33%)
While employees are focused on receiving better benefits, some employers are reducing the benefits they offer. According to the survey, 26 percent of employers have increased their employees’ copayments and 25 percent have increased their employees’ share of premiums.
As the job market continues to improve, job seekers will have more and more options available to them. They’re concerned about health benefits, and many expect their employer’s to offer competitive packages. Many are even willing to take a job with less pay if it offers better benefits.
Employers are concerned with staying competitive, even though some are reducing the benefits they offer. If you’re thinking of eliminating parts of your benefits package, or if you don’t already have a competitive benefits package, you could be missing out on top talent.