No matter the size of your business, employee benefits are a crucial factor in the job market. A QuickBook Payroll study shows that 87% of employees of small businesses would rather get additional benefits instead of a pay raise. If your benefits package isn’t up to par, employees will feel under-appreciated, leading to low morale and, possibly, desertion.
Benefits help employees feel supported and understood in their workplace. Fun perks like free food and drinks, remote work options or flexible work schedules go a long way in keeping morale high and employees satisfied. However, your company doesn’t need to offer all these “fun” benefits. 38% of employees just want an extra week of paid vacation.
In the current job market, 39% of respondents say they are not satisfied with their current benefits offering. Not only did 35% of people looking for a new job in the past year place a heavy focus on better benefits, but also 41% said they wouldn’t want to work for a company that offered no benefits such as health insurance, paid vacation and sick days, retirement plans or dental insurance.
The study also reported the following:
- 93% get at least one benefit from their small employer, but what they get and how much varies greatly.
- While 57% get paid time off for vacations, only 48% get paid sick leave and 37% get paid personal time.
Employees highly value a good benefits package. 26% of employees said they would recommend their company to others only if they were offered the right benefits package. Another 21 percent said a great benefits package is what makes them love their job. If you are a small business considering whether or which benefits to offer, it is important to remember that benefits are the key to retaining and attracting productive employees.
Reach out to CorpStrat to learn how we design and manage employee benefits at competitive rates so your company can attract, reward, and retain your employees.
