Time To Review Your Benefits Package?

Researchers at Oxford University discovered that happy workers are 13% more productive. Additionally, a study by the job search firm Indeed, "Classic Employer Benefits Still Drive Job Seeker Decision," reported that 49% of US job seekers say "better benefits" motivate their search—second only to higher pay. These figures alone might encourage you to review your benefits package. But there's more to consider.

Make New Friends, But Keep the Old

Another Indeed study shows that both "newer" and "traditional" benefits can work together to attract and retain the best employees for your needs. Traditional benefits are the standard offerings most employees expect: health insurance (including dental and vision), paid time off, and retirement plans. These essentials top the list of benefits workers seek, along with one newer benefit: flex time.

Regarding newer benefits gaining popularity, consider flexible work schedules, remote work options, student loan reimbursement, paid parental leave, and mental health days. These perks have become especially significant in a post-pandemic world where work-life balance is a top priority for many employees.

Offering flexibility shows your staff that you trust them to manage their own time. Plus, it helps you appeal to a wider talent pool, especially younger generations who prioritize work-life balance.

The Interplay

When traditional and newer benefits are combined, they create a well-rounded package that's more likely to help you attract and retain qualified employees. For example, if you offer solid health insurance and a retirement plan along with flexible hours or remote work options, you're not just checking boxes; you're sending a message that you care about both their professional and personal lives. It shows potential hires that your business values stability and adaptability—two qualities that resonate in today's workforce.

Putting it Together

You face financial constraints, and each company's workforce is unique. The effectiveness of benefits can differ by industry, so it's important to customize your approach to meet your business and employees' needs.

Review your workforce demographics and the benefits other small-business owners offer. Then consult your benefits advisor to see how you and your employees can maximize your benefits package.