Employee Benefits: The Competition is Fierce

Job seekers and the benefits they want have changed. Recent studies have shown applicants would be willing to take a decrease in pay to work for a company that has better employee benefits. But what constitutes better benefits? That varies, depending on the generation of the workforce.

Those who have been in the workforce for quite some time want competitive health insurance benefits and a robust matching 401K plan. Entry-level employees who may be entering the workforce for the first-time following graduation have a much different perspective on what they view as important and competitive benefits.

Can Your Company Keep Up?

competition for employee benefits

Companies now are tailoring to the latest trend in offering unique benefits to their employees. Large companies such as Google and Amazon offer free food, games, and other perks to their employees at no extra cost.

Game rooms with ping pong tables, foosball tables, and pool tables are becoming more and more popular. Larger companies have upped the competitive benefits game even more and have begun offering paid sabbaticals for their employees, a house cleaner to clean their home once per week, a nanny to accompany them on company trips so they can bring their young children along with them and food all day every day!

While those benefits may be amazing and awesome to some employees, not all consider those type of perks competitive or beneficial to them. Businesses are doing a great job at appealing to all levels of workers when it comes to employee benefits with other competitive perks such as flexibility in their work schedule, ability to work from home, and daycare options on-site at work.

Attracting Top Talent

For companies to attract and retain the “best of the best”, it is critical for them to make certain that the benefits that they offer are competitive and what the employees want. This can be easily measured by polling the current workforce and compiling the top answers. While costs can escalate when adding on new benefits, productivity can also greatly increase due to the happiness in the workforce.

Companies, both large and small, must weigh the pros and cons to the benefits that they offer their employees. While it is important to be current in the wants, a company shouldn’t be expected to lose money or impose a financial hardship on itself just to ensure that employees receive benefits that are truly out of reach for the company to obtain and sustain.

 

Today’s employees want more than a paycheck, training is a valuable perk you can offer as a recruiting incentive. KnowledgeCity offers a range of digital courses for employees of all levels.

View KnowledgeCity’s courses below:

Handling Customer Complaints HIPAA Rules and Compliance Management Essentials
Go to Handling Customer Complaints Go to HIPAA Rules and Compliance Go to Management Essentials

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