Review this list of popular benefits to see how your organization’s offerings compare.
A recent Employee Benefit News (ebn) article provides a list of in-demand benefits and summarizes data from the Society of Human Resources (SHRM) 2019 Employee Benefits Survey. The SHRM survey reports the percent of employers offering benefits to their employees.
Not all benefits can be offered by Texas education entities (e.g., payroll advances), but the list provides a perspective of what the private sector is able to offer to attract candidates and promote retention.
Most popular employee benefits
Among surveyed employers, the following list shows the most offered benefits and the percentage of employers providing the benefit:
- Paid vacation (98%)
- 401(k) plans (93%)
- Mental health coverage (83%)
- Employee Assistance Program (EAP) (79%)
- Healthcare and flexible spending accounts (68%)
- Wellness programs (58%)
- Heath savings account (HSA) (56%)
- Tuition assistance (56%)
- Long-term care insurance (32%)
- Fitness activities (30%)
- Paid parental leave (27%)
- Paid time off (PTO) for volunteering (26%)
- In-vitro fertilization (IVF) coverage (19%) and non-IVF treatments (18%)
- Payroll advances (15%)
- Pet insurance (15%)
- Student loan assistance (8%)
Leverage benefits when recruiting
SHRM data indicates approximately 41 percent of workers are feeling burned out and a quarter are experiencing symptoms of depression, so benefits that help employees balance work and life activities and support employee mental health and well-being are valuable recruiting and retention tools.
While salary is high on the list of a candidate’s consideration in accepting a job, the power of benefits shouldn’t be overlooked. Highlighting benefits in recruiting materials builds an employer’s reputation as a more attractive destination for job seekers and can make the difference in a decision to accept a position. It also helps build an organization’s reputation as an employee-friendly workplace.
HR should also ensure benefit offerings are clearly communicated to current employees and profiled throughout the year. Don’t wait until open enrollment, when an employee has a short time to make elections for the upcoming year and choices may seem overwhelming. Providing ongoing and easy access to information on the website or intranet will help employees understand and better use benefits provided. It also helps demonstrate a commitment to employees’ well-being.
Organizations looking to promote their current benefits should check with their third-party administrator for promotional materials that can be distributed to candidates and employees. If you’re looking to expand perks, check out the HRX article Attracting and Retaining Teachers Through Creative, Free Perks.
April Mabry is an assistant director at TASB HR Services. Send April an email at email@example.com.
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Tagged: Benefits, Recruiting, Retention