Employees Prefer Benefits Over More Pay
If you are looking to hire new, qualified employees or intend on keeping your current workers happy, the latest studies show that a total compensation package including benefits can have a greater effect than higher pay. According to the American Institute of CPAs 2018 Employee Benefit Report, workers would choose a job with benefits over an identical job that offered 30% more salary with no benefits. This was the case by a four to one margin.
Employee benefits are a great way to add value to your total compensation package as an employer and draw in highly qualified candidates. Many times, Americans do not fully understand their benefits and could be leaving money on the table. Insurance brokers can help with employee communication throughout the year and set your company up for success during the open enrollment period.
Other key findings in the report included:
- 88% of employed adults are confident they understood all the benefits available to them when initially hired, however only 28% are “very confident” they are maximizing all of their benefits
- 56% of adults said a 401k match or health insurance would best help them reach their financial goals, with 33% citing paid time off and 31% citing a pension
- Millennials put the highest priority on work-life balance benefits, such as paid time off, flexible work hours, and remote work.
If you are interested in learning more about group health insurance or how benefits can add to your compensation package, Faison Group is here to help with all of your insurance needs.