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According to Glassdoor’s 2015 Employment Confidence Survey, about 60% of people consider benefits and perks as a major factor in considering a job offer. And, if given a choice, 80% of employees would choose additional benefits over a pay raise.
In a February 2017 Harvard Business Review article, employee benefits were evaluated and their related effects on influencing a candidate’s decision to accept job offers. In the article, a survey of two thousand employees conducted by Fractl was referenced. It is probably no surprise that the #1 most desired benefit is health insurance. Health insurance is also the most expensive benefit that a company generally provides. Yet, the good news is that there are several low cost benefits that top the list under health insurance.
Top 4 Employee Benefits:
1. Better health, dental, and vision insurance
2. More flexible hours
3. More vacation time
4. Work from home options
Many smaller companies cannot afford to offer health insurance to their employees. Yet, lower cost benefits such as flexible hours, vacation time and home based work could be the answer to competing with companies that offer robust health insurance plans. And, unlike health plans that require similar coverage for all, you can customize these low cost benefits to a particular individuals or position level.
Offering these low cost benefits could benefit your company in the long run. Employees who have good work ethics generally do not abuse these perks as long as you set realistic job expectations and hire the right people who have a sense of responsibility.
In our experience in interviewing thousands of candidates, quality of life benefits such as flexible hours, vacation and work from home options are very important to many candidates. You can use these benefits to your advantage when recruiting new employees. Implement a good interview process to reveal a candidate’s desired benefits and their associated motivations. Then you can design a job offer that will entice your desired candidate.
If you need help evaluating the benefits that will drive a candidate’s decision your way, give us a call at 317-578-1310.