Development programmes are an indispensable perk for aspiring employees who want to advance their career. The benefits of this are manifold: it helps them stay motivated, it secures their loyalty, and it gives them a stronger sense of purpose both inside and outside the workplace. For more information on choosing the right benefits package that will drive employee hiring and retention, contact Resourcing Edge. Stipends are a great source of motivation for staff, and being encouraged to travel by their own employer is a dream come true for many! Read More: Employees pick perks and benefits over pay raises Tuition reimbursement has been shown to pay for itself by drastically reducing employee turnover. To add further complexity, don't forget that gender preferences also differ from country to country! Respondents (738 HR professionals) said the following were the benefits most important to most employees: Every organization is different. An effective benefits plan depends on a variety of factors, such as employee demographics, company size, and industry. Indeed, for 42% of the millennial workforce, development opportunities are a determining factor when looking for a job. The survey also found that 80% of employees would choose additional benefits over a pay raise. Your article was successfully shared with the contacts you provided. For example, flexibility and work-life balance rank highly in the UK. To find out, Benify surveyed more than 5,000 employees from various industries and age groups throughout Europe to find out what benefits are most important to them. Not only are there differences between countries, but there are also differences between age groups. So, what benefits are most important to employees? If you want a cost-effective way to recruit and retain top talent, a custom benefits package can provide high value for employees at relatively low costs for the company. But keep in mind that tuition reimbursement, training programs, and educational opportunities also appeal to older employees (AARP). Offering benefits that employees can’t access on their own is a great way to hire and retain more employees to grow your business. To achieve this, many companies have started offering a unique set of perks and benefits to their staff. Voluntary benefits, also known as discretionary benefits, are non-wage compensation that the employer chooses to offer employees. In Sweden, mobility benefits, such as cycling, public transport, or car benefits, are more important for those under 40 than over, while work-life balance is most important for employees between 30 and 39. While some benefits are considered important in all three countries we surveyed, each country is also unique. Small acts of kindness, such as offering free food, show employees that their company is invested in its workforce. Amazon launches digital pharmacy for Prime members, The great wealth transfer: What boomers and their families need to know, 2021 inflation adjustments for benefits plans, President Trump unveils two new policies targeting drug prices, TIAA’s Ferguson, possible Biden Treasury pick, faults wealth gap. Again, health care benefits topped the list. To discover the findings from our ground-breaking survey, download The Benefits and Engagement Report today! In fact, it was the most important benefit for 70% of respondents in the National Society of High School Scholars’ 2018 Career Interest Survey. 548227, reg. Employees today want more than just a paycheque at the end of the month. Keep in mind that offering employee benefits involves a lot of legal and financial responsibility. Equipping the office kitchen with tasty snacks will not only make your employees happy but also create a better sense of community within the office as it encourages them to engage with each other – and nothing can bring people closer than food! It is up to the employer to offer PTO to employees, which is why you will find a huge variety of policies, such as extra PTO for volunteer work. Instead of separate vacation, sick, and personal leave plans, a PTO plan simplifies things by bundling everything together. Unfortunately, health insurance is also the most expensive benefit to offer, averaging around $6,435 per employee with individual coverage, and $18,142 for family coverage. Contact us for benefits guidance and choose from a wide variety of fully-insured, ACA-compliant, national medical insurance plans. Share your thoughts in the comments section below! In fact, it was the most important benefit for 70% of respondents in the National Society of High School Scholars’ 2018 Career Interest Survey. If, however, an employer chooses to offer paid time off, it must comply with state law. They want to be engaged, do meaningful work and be part of a company they believe in. The results speak for themselves, as this not only makes employees happier but helps crank up and maintain productivity levels in the long run. To compile our new report, we surveyed approximately 5,000 participants aged 18 and older in the UK, Germany, and Sweden to discover what benefits are most important, what benefits they would consider changing employers, and how they access their benefits today.
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