4 Things Employees Think About When Choosing Benefits Packages
One of the first things that employees think about when switching jobs (other than salary) is the intangible payoffs such as culture, the overall work environment, and most of all, benefits. In order to continue to bring top talent into your business, it’s important that, as a business owner, you put yourself into their shoes and consider what employees think about when choosing benefits packages.
Here are 4 things employees tend to think about when choosing their benefits packages:
1. What do I consider a good work-life balance?
A good work-life balance is becoming increasingly popular for those in the workforce. Separating personal and professional lives not only improves overall mental health but also increases productivity. A good work-life balance is different for everyone, as it depends upon their current career goals, future plans, and lifestyle. Benefits that provide a good work-life balance include:
- Option to work remotely
- Unlimited (or generous) paid time off
- Flexible work schedules
- Casual dress code
- Gym membership reimbursement
2. How will these benefits help my family?
When choosing benefits packages, those with families often take into consideration the needs of their entire family rather than their own personal needs. Family-friendly benefits allow employees to do their best work without sacrificing the importance of family time. Some family-friendly benefits include:
- Dental and vision packages
- Tuition savings
- Life insurance
- One work-from-home day per week
3. How much do I value personal/career development?
Many employees value career development. As an employer, providing opportunities for personal and professional development is a win-win. Not only does it give employees what they’re looking for, but it gives them the tools and knowledge they need to enhance their skills, ultimately enhancing your workforce. Some career development benefits include:
- Upskilling or retraining programs
- Tuition reimbursement
- Networking event stipend
4. Will these work with my current lifestyle and priorities?
The fact of the matter is that the workforce is becoming increasingly multi-generational. This means that you can easily have 3-5 generations of employees working in your business. Each of these generations has different priorities at their point in life and will need benefits that match those needs. The best way to offer benefits that will match their needs is to ask for input. A guessing game never works out well for either party in the end.
Having benefits that matter to your employees is a win-win for both of you. A better workplace experience translates into higher employee satisfaction and greater productivity. Interested in seeing how your current employee benefits compare to your competitors’? Get started with our Milliman Benefits Benchmarking Survey here.