With an increasing number of people quitting their jobs and employers having difficulty filling some positions, many companies have begun offering more incentives to attract and retain employees. While the desire to work remotely or make more money are among the top motivators for leaving jobs, employee benefits are playing a growing role in what’s being called “The Great Resignation.”
In a recent survey of 20,000 job seekers, 67% of the respondents say that benefits are more important to them now than before the pandemic. Fifty four percent said they would even consider taking a lower-paying job with a better benefits package.
Standard employee benefits include non-monetary compensation, such as health insurance, retirement benefits — often 401(k) accounts — and paid time off for vacations, sick days, and personal days. Although benefit packages vary, features may include life insurance, accidental death and dismemberment coverage, dental, vision, and flexible spending accounts (FSA).
Tags: benefits • employee engagement • Recruiting