Posted June 6, 2017
Most employers place a high value on employee benefits for recruitment and retention of talented associates. As the economy grows, businesses are expanding operations. Employers recognize the importance of keeping employees engaged with their jobs, so they are providing more perks and benefits to encourage them to stay while also attracting new top talent. Consider three benefit trends that enhance recruitment and retention programs:
Employees want more flexibility at work so they can balance family commitments and personal interests. Employers are adjusting work and vacation schedules and adopting well-being programs to allow employees to focus on pursuing their personal, community, financial, social and work goals. Research shows that 62 percent of employees value assistance from employers in realizing financial security through employee benefits. Find out more about financial well-being benefit programs by reading this blog.
Student-loan repayment assistance
Employees appreciate jobs with opportunities to increase their salaries and health benefits to help them take care of themselves and their families. However, about 20 percent of employees, or 44 million people, are burdened with student-loan debt, with many owing $35,000. A new benefit some employers are offering assists employees in repaying student loans.
An American Student Assistance survey revealed:
- 76 percent of prospective employees would accept a job from employers offering this benefit.
- Employees prefer assistance in repaying their student loans over receiving matching funds for a 401(k) retirement plan.
Currently, only 4 percent of employers assist employees in repaying student loans, making it an excellent benefit for employee recruitment and retention. Ameritas offers a student-debt repayment program called BenefitEd, through its joint-venture with Nelnet. With BenefitEd, employers can customize the program to employees’ needs, such as payments toward student- loan debt or, for employees without student loans, payments to a 529 college savings plan.
The Gig Economy is an emerging employee trend that is changing recruitment and retention programs. Employers are creating talent pools of on-demand workers who assist with specific projects and needs. These talented professionals often have many work opportunities, so as a recruitment strategy, employers are offering them flexible benefits packages with access to voluntary coverage at lower rates.
Voluntary plans also are important to regular employees. They value medical insurance along with dental, ortho, vision, LASIK and hearing coverage, along with newer voluntary benefits that help them address other concerns in their lives, such as:
- Identification theft protection
- Critical illness insurance
- Pet insurance
Research shows that employees with access to voluntary benefits are more satisfied with their jobs.