We Help Businesses Attract and Retain Top Talent
Are you noticing that it is becoming harder and harder to attract and retain talented employees? With the average employee going to work for a different company every 4.1 years (according to the Bureau of Labor Statistics) we have to scratch our heads and wonder what we are doing wrong.
While it is impossible to know for sure why an employee will leave your company, there are certain things that we can do as business owners to at least make sure that we are competitive when it comes to employee benefits.
Some of the most popular employee benefits offered by companies include, Health Insurance, Disability Insurance, Life Insurance, Retirement Plans, and Paid Holidays and Vacations. While most employers know that it is important to offer these benefits to be competitive with other businesses in attracting and retaining employees, it may come as a surprise which the these benefits are actually the most important to the employees themselves.
According to the National Compensation Study conducted by the Bureau of Labor Statistics in March 2006, the following is a list of the most common benefits offered in the workplace today.
| Benefit Type | Employers Offering |
| Life Insurance | 90% |
| Vacation Pay | 77% |
| Holiday Pay | 76% |
| Medical Care | 71% |
| Retirement Plans | 60% |
| Education Assistance Programs | 49% |
| Non-Production Bonuses | 46% |
| Employee Assistance Programs | 40% |
| Healthcare Reimbursement Accounts | 32% |
| Dependent Care Reimbursement Accounts | 30% |
| Wellness Programs | 23% |
| Job-Related Travel And Accident Insurance | 22% |
| Employer Assistance For Childcare | 15% |
| Fitness Centers | 13% |
| Long Term Care Insurance | 12% |
| Adoption Assistance | 10% |
| Stock Options | 8% |
| Subsidized Commuting | 5% |
| Flexible Workplace | 4% |
| Employer Provided Personal Computer | 2% |
But when we look at what what employees said that they actually valued the most we see a different story. According to a survey conducted by the United States Office of Personnel Management or OPM, employees ranked how much the actually valued benefits being offered. The following table contains the percentage of respondents indicating a particular benefit was “very important or important.”
| Employee Benefit | Percent Rating |
| Retirement Annuity (Pension Plan) | 91% |
| Thrift / Savings Plan (401k / 403b) | 89% |
| Employee Healthcare Benefits | 89% |
| Retiree Healthcare Benefits | 87% |
| Life Insurance | 71% |
| Long-Term Care Insurance | 63% |
| Health / Wellness Programs | 53% |
| Flexible Spending Accounts | 45% |
| Tele-work / Telecommuting | 40% |
| Child Care Subsidies | 31% |
As you can see, most companies believe that insurance and paid leave is the most important benefit that their employees are looking for, and as a result only 60% offer any type of retirement plan to their employees. While when we look at what the employees actually say that they value the most, 91% say the value a Defined Benefit Pension Plan the highest and 89% say that they value a Defined Contribution Plan such as a 401k or 403b Plan the most.
As a result, a Qualified Retirement Plan can be one of the easiest and most cost efficient benefits an employer can offer, while at the same time it is the primary benefit that current or prospective employees are looking for in a company.
** Source: http://www.money-zine.com/Career-Development/Finding-a-Job/Top-Employee-Benefits/
