Employee expectations for benefits evolve along with the job market. As a result, your employee benefits packages must be competitive enough to attract and retain talent.

According to PeopleKeep’s 2024 Employee Benefits Survey, 81% of employees said an employer’s benefits factor was an important factor in whether they accepted a job offer. Therefore, providing benefits most employees desire helps your organization stay competitive.

Discover the most in-demand benefits to determine whether your employee benefits packages are competitive enough.

Health Benefits

The survey found that 92% of employees desired health benefits from their employers. Health insurance lets employees receive quality medical care and helps protect against unexpected medical expenses. Therefore, offering health insurance shows dedication to your employees’ well-being.

You might offer a health reimbursement arrangement (HRA) instead of a group health insurance plan as a cost-effective method to offer employee health benefits. An HRA lets you reimburse employees tax-free for their healthcare expenses. Qualifying out-of-pocket expenses can include medical care premiums and services, premiums for dental and vision insurance, and related costs.

Dental Insurance

According to the survey, 91% of employees ranked dental insurance as an important benefit. Having insurance encourages employees to take care of their dental needs.

You could consider offering an HRA rather than a group dental plan. This option offers employee dental coverage at a lower cost.

Paid Time Off

The survey found that 90% of respondents valued generous paid time off (PTO). Vacation time, personal days, and sick leave let employees rest and recharge while maintaining their income. These factors strengthen employee morale and reduce burnout.

Retirement Benefits

According to the survey, 89% of employees rated employer retirement benefits as important. An employer-sponsored plan such as a 401(k) or a pension plan helps employees save for the future and provides income after they stop working.

Wellness Benefits

The survey found that 80% of employees rated wellness benefits as important. As a result, you might offer an HRA to reimburse employees for mental health counseling, chiropractic care, acupuncture, or other wellness activities. You could also offer discounted yoga classes or a discounted gym membership to encourage exercise and stress reduction.

Life Insurance

According to the survey, 77% of respondents ranked life insurance as a desirable benefit. Employees want to cover funeral expenses, pay off debts, and cover other financial needs if they pass away earlier than anticipated.

Education Benefits

The survey found that 52% of employees desired education benefits from employers. Examples include:

• Tuition assistance or reimbursement programs
• Student loan assistance programs
• Employer-sponsored scholarships
• Assistance with or reimbursement for professional exams and licensing
• In-house training programs
• Professional development courses
• Industry-related conferences

Offering skill development opportunities demonstrates a commitment to employee growth and development. These factors strengthen job satisfaction, employee morale, and attraction and retention rates.

Are You Looking for Guidance on Your Employee Benefits Packages?

Offering competitive employee benefits packages supports talent attraction and retention. The top benefits include health benefits, dental insurance, and paid time off.

Talk with Arlington Resources for additional guidance to determine whether your employee benefits packages are competitive enough. Reach out today to get started.