Retirement Plans & Employee Benefits
Monster.com, a popular job search site, published the results of a survey in 2012 where over 1,600 job seekers ranked common benefits by importance. The survey results ranked average importance by benefit as follows:
- Healthcare Plan = 32%
- Vacation Time = 25%
- Pay Raise = 15%
- Employee Benefit = 10%
- Performance Bonus = 9%
- Retirement Plan = 8%
When calculating the cost of each benefit, consider the value of retention. Can your business afford the expense associated with constant turnover? When you take into account the cost of recruiting and training new employees and the loss of productive time, it may be worth offering more competitive benefits. Keep these things in mind:
- A healthcare package that includes preventative care can improve the overall health and efficiency of your entire staff while helping to control costs in the future.
- A retirement plan demonstrates an investment in the future of your employees and their families and loved ones.
- Vacation time allows an employee to decompress and can prevent burnout.
- Bonuses and pay raises do wonders for morale and retention by giving employees validation and a sense of belonging.
Members of the workforce are increasingly transient, and are prone to changing jobs at a faster rate. To attract and retain the people who will help you find success, offering a competitive benefits package is critical.
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