What 3 employee benefits are most valued by job seekers

Monday, March 6, 2023 09:15 Posted by Admin

Employee benefits are an important part of any kind of work, and also, they can make a substantial difference in a job candidate’s decision to approve a job offer. In today’s competitive job market, job seekers are looking for the best possible benefits packages. According to a recent survey conducted by Glassdoor, 57% of job seekers stated that benefits and perks are among their top considerations before accepting a job offer.

In this article, we will discuss the three most valued employee benefits that job seekers look for in an employer’s benefits package.

Health Insurance

Health insurance is one of the most desirable employee benefits that job seekers look for in a job package. In fact, health insurance is so important that it can make or break a job offer. According to the Kaiser Family Foundation, around 49% of people get their health insurance through their employer. This means that job seekers value health insurance more than any other benefit.

The cost of healthcare has risen dramatically in recent years, making health insurance an essential part of an employee’s benefits package. Providing comprehensive health insurance benefits to employees not only helps them stay healthy but also ensures that they have access to affordable healthcare when they need it.

Employers can provide health insurance benefits in several ways. One common method is to offer a traditional health insurance plan, where the employer and employee split the premium cost. Another option is a high-deductible health plan (HDHP), which has lower monthly premiums but higher out-of-pocket costs. Employers can also offer health savings accounts (HSAs) or flexible spending accounts (FSAs) to help employees save for healthcare expenses. Here are some of the benefits of health insurance coverage for employees.

1. Access to Affordable Healthcare

The primary benefit of health insurance for employees is access to affordable healthcare. With health insurance coverage, employees can access preventative care, such as check-ups, immunizations, and screenings, without having to worry about the high cost of healthcare services. This can help employees maintain their health and catch any issues early on before they become more serious and costly to treat.

2. Financial Protection

In addition to access to affordable healthcare, health insurance also provides financial protection for employees. With health insurance coverage, employees can avoid the high costs of healthcare services, which can be financially devastating without insurance coverage. Health insurance can protect employees from financial hardship caused by unexpected medical expenses.

3. Peace of Mind

Having health insurance coverage can provide employees with peace of mind. They know that they can access affordable healthcare services if they need them and do not have to worry about the financial burden of unexpected medical expenses. This can help employees focus on their work and overall well-being without the stress and worry of healthcare costs.

Work-Life Balance

Work-life balance is another employee benefit that job seekers value highly. In today’s fast-paced work environment, employees want to balance their work and personal life. They seek a job that allows them to work flexible hours, telecommute, or work part-time. They want to have time for family, hobbies, and self-care.

Providing work-life balance benefits to employees is not only good for their well-being but also for the employer’s bottom line. Employees who have a better work-life balance tend to be more productive and engaged at work. They are also less likely to suffer from burnout and turnover, which can be costly to the employer.

Employers can provide work-life balance benefits in several ways. One common method is to offer flexible hours, where employees can choose their work schedule within a set range of hours. Another option is to allow telecommuting, where employees can work from home or other locations. Employers can also offer paid time off, including vacation days, sick days, and personal days.

Student Loan Assistance

Student loan assistance is a relatively new employee benefit that has become increasingly popular in recent years. According to a recent survey, around 86% of job seekers would consider a lower paying job that offered student loan assistance over a higher paying job that did not offer such assistance.

Student loan debt is a significant burden for many young professionals. According to the Federal Reserve, the total student loan debt in the United States is over $1.7 trillion. Providing student loan assistance benefits to employees can help alleviate this burden and attract top talent.

Employers can provide student loan assistance benefits in several ways. One common method is to offer student loan repayment assistance, where the employer makes monthly payments toward the employee’s student loan debt. Another option is to offer tuition reimbursement, where the employer pays for a portion of the employee’s continuing education.

Other Sought-After Employee Benefits

In addition to the top three most valued employee benefits discussed above, job seekers also value other benefits such as dental and vision insurance, paid time off, and mental health benefits. We will discuss these in detail below:

Dental and vision insurance

Dental and vision insurance is an essential benefit that job seekers look for in an employer’s benefits packages. These benefits can help employees save money on routine dental and vision care, such as check-ups and eyeglasses.

Here are some of the benefits of dental and vision insurance benefits for employees:

1. Affordable Access to Care: Dental and vision care can be expensive without insurance coverage. By providing dental and vision insurance benefits, employees can access affordable care and save money on routine check-ups and procedures.
2. Improved Health and Well-Being: Regular check-ups can help prevent dental and vision problems and detect any issues early on. By providing dental and vision insurance benefits, employees can maintain their health and well-being and detect any issues early on before they become more serious and costly to treat.
3. Peace of Mind: Having dental and vision insurance coverage can provide employees with peace of mind. They know that they can access affordable care if they need it and do not have to worry about the financial burden of dental or vision problems.

Paid time off

Paid time off is another essential benefit that employees value. It provides them with the opportunity to take time off work for vacations, illness, or personal reasons. Some employers offer a combination of vacation days, sick days, and personal days, while others provide a set number of paid time off days.

Paid time off (PTO) is a highly valued employee benefit that gives employees the chance to take time off work for various reasons without losing income. Here are some of the benefits of PTO for employees.

1. Work-Life Balance: PTO can help employees achieve a better work-life balance. It provides them with the flexibility to take time off work to attend to personal or family matters, such as childcare, school events, or personal appointments, without having to worry about losing income. This can help employees maintain a better balance between their work and personal life, which can lead to improved well-being and job satisfaction.
2. Reduced Stress and Burnout: PTO can also help reduce stress and burnout among employees. Taking time off work can help employees recharge and come back to work feeling refreshed and energized. This can improve their overall job performance and reduce the risk of burnout, which can have negative effects on both employees and employers.
3. Increased Productivity: Providing employees with PTO can also improve their productivity. When employees have the opportunity to take time off work to recharge and attend to personal matters, they are more likely to be productive and focused when they return to work. This can benefit both employees and employers, as it can lead to better job performance, increased job satisfaction, and reduced turnover rates.
4. Competitive Advantage: Offering PTO can also give employers a competitive advantage in attracting and retaining top talent. Many job seekers prioritize work-life balance and value employers who provide flexible time off policies. By offering PTO, employers can attract a wider pool of candidates and retain their current employees.
5. Compliance with Labor Laws: Finally, offering PTO can help employers comply with labor laws. Many states and localities have laws requiring employers to provide employees with a certain amount of paid time off each year. By providing PTO, employers can avoid legal issues and ensure that they are compliant with labor laws.

Metal health benefits

Mental health benefits are also becoming increasingly important to job seekers. According to a recent study, over 40% of employees reported that their job negatively impacted their mental health. Providing mental health benefits, such as counseling services or an Employee Assistance Program (EAP), can help employees manage stress and mental health issues.

Here are some of the benefits of mental health benefits for employees.

1. Improved Mental Health: The primary benefit of mental health benefits is improved mental health for employees. Mental health issues such as depression, anxiety, and stress can have a significant impact on employees’ overall well-being and work performance. Providing mental health benefits, such as counseling services or an Employee Assistance Program (EAP), can help employees manage these issues and improve their mental health.
2. Reduced Absenteeism and Presenteeism: Mental health issues can also lead to absenteeism and presenteeism in the workplace. Absenteeism occurs when employees miss work due to mental health issues, while presenteeism occurs when employees come to work but are not productive due to mental health issues. By providing mental health benefits, employers can help employees manage their mental health issues and reduce absenteeism and presenteeism in the workplace.
3. Improved Job Performance: Mental health benefits can also improve employees’ job performance. When employees have access to mental health services, they are better equipped to manage their mental health issues, which can lead to improved work performance. This can benefit both employees and employers, as it can lead to increased productivity and job satisfaction.
4. Attraction and Retention of Employees: Offering mental health benefits can also help employers attract and retain top talent. Many job seekers prioritize employers who provide mental health benefits, and offering these benefits can give employers a competitive advantage in attracting and retaining employees.
5. Compliance with Legal Requirements: Finally, offering mental health benefits can help employers comply with legal requirements. Many states and localities have laws requiring employers to provide mental health benefits to their employees. By providing mental health benefits, employers can avoid legal issues and ensure that they are compliant with these laws.

Conclusion

In today’s competitive job market, employee benefits are critical to attracting and retaining top talent. The most desirable employee benefits that job seekers look for in a job package include health insurance, work-life balance, and student loan assistance.

These benefits can make a significant difference in a job seeker’s decision to accept a job offer. Employers can also offer other sought-after employee benefits, such as dental and vision insurance, paid time off, and mental health benefits, to attract and retain top talent. By providing a comprehensive benefits package, employers can create a positive work environment and improve employee satisfaction and retention.