In the ever-evolving landscape of talent acquisition, employers are realizing that to be an employer of choice, it takes more than just competitive salaries. The key? A robust benefits package. According to a recent Forbes study, a significant 40% of employees leave their jobs in search of better benefits. As we navigate the changing dynamics of the job market, it's crucial to understand the benefits that truly matter to job seekers.
Benefits Job Seekers Want:
Employer-covered Healthcare: In a 2023 SHRM Benefits Survey, 67% of employees and 68% of employers emphasized the importance of employer-covered healthcare. Preferred Provider Organization (PPO) plans and High-deductible Health Plans (HDHP) are popular choices.
Life Insurance and Retirement Plans: Life insurance (45%) and retirement plans with matching contributions are attractive benefits for forward-thinking employees.
Paid Time Off: Mandatory paid time off is a high priority for employees seeking a healthy work-life balance.
Diversity, Equity, and Inclusion (DEI) Initiatives: Workers increasingly consider DEI initiatives, such as inclusive healthcare coverage and employee resource groups, when evaluating job offers.
Family-Friendly Benefits: Expanded parental leave, paid adoption and foster child leave, and childcare assistance are gaining attention.
Stress Management and Mental Health Care: Benefits supporting stress management and mental health care are crucial in reducing turnover.
Pet Insurance: The rising cost of pet care makes pet insurance an attractive benefit, offered by nearly 20% of employers.
Fringe Benefits: Flexible hours, work-from-home options, employee discounts, and professional development are highly valued.
How Small Businesses Can Stand Out:
For small businesses aiming to compete with larger companies in attracting top talent, understanding and adapting to current benefits trends is essential.
Rethinking Benefit Options:
Small businesses can rethink traditional benefits offerings, providing HSA contribution matches or incentive programs to attract new talent.
Seeking Outside Expertise:
Partnering with a White Label Advisors (WLA) instead of a traditional PEO can provide the necessary leverage for small businesses. We provide insights into what is important to your workforce demographics based on 'phase and stage' correlations and generational preferences that you do not get anywhere else.
Benefits of Working with WLA:
Cost Savings and Stability: WLA provides stability with reduced rate volatility, allowing for better budgeting and expense management.
Access to Corporate-level Benefits: Through WLA's bargaining power, small businesses gain access to sustainable benefits typically available only to large corporations.
Reduced Administrative Tasks: WLA simplifies HR-related administrative tasks, freeing up time for small businesses to focus on growth.
As we approach 2024, the competition for top talent is set to intensify. Ensure your company is prepared by partnering with White Label Advisors. Elevate your benefits package, stand out as an employer of choice, and create a workplace that attracts, supports, and retains the best talent.
Contact us today to learn more: firstname.lastname@example.org