Offering the benefits job seekers want in today’s hiring market gives your company a competitive advantage. You can attract and retain the best talent for ongoing business success.
Staying current with the benefits job seekers desire helps determine which ones to offer. The following trends can guide your decisions.
Affordable Healthcare
Job seekers want employer-provided healthcare. Therefore, consider offering health savings accounts, flexible spending accounts, or health reimbursement arrangements to help your employees and company save money on qualified healthcare expenses.
Health savings accounts
Health savings accounts (HSAs) let employees who meet specific criteria set aside tax-advantaged savings to cover copays, deductibles, and other qualified medical expenses. The account helps employees track their contributions, expenses, and reimbursements. Combined with a high-deductible health plan, HSAs are an appropriate option for healthy employees with infrequent medical needs.
Flexible spending accounts
Flexible spending accounts (FSAs) use pretax dollars to pay for qualified medical expenses. Employees submit a claim for reimbursement from their account. FSAs are an appropriate option for employees who anticipate out-of-pocket medical care costs.
Health reimbursement arrangements
Health reimbursement arrangements (HRAs) pay for medical expenses not covered by insurance for employees, spouses, and dependents. One option for companies that meet specific criteria is the qualified small employer health reimbursement arrangement (QSEHRA), which reimburses eligible employees for qualified medical expenses when the employer does not provide medical insurance.
Physical and Mental Health Programs
Job seekers desire wellness programs that educate employees on physical and mental health and encourage healthy behaviors. Feeling physically and mentally well elevates employee engagement and productivity.
Physical and mental health programs include:
- Stress reduction methods
- Behavioral health education programs
- Smoking cessation programs
- Addiction treatment
- Diabetes management tips
- Employee assistance programs (EAPs)
Financial Wellness Resources
Job seekers want resources that contribute to their financial security. Because many employees experienced pandemic-related anxiety and monetary concerns, they desire financial education and assistance.
Financial wellness resources include:
- A retirement plan with a company match
- Financial goal-planning assistance
- Budgeting assistance
- Debt management education
- Investment education
- Student loan assistance
Family-Friendly Benefits
Job seekers desire assistance with childcare, eldercare, and other family-related expenses. Examples include paid parental leave, paid adoption leave, and surrogacy support. These benefits help reduce employee stress, exhaustion, and burnout.
Professional Development Opportunities
Job seekers want learning and development opportunities. Upskilling and reskilling opportunities are especially important for career growth.
Enhancing employees’ skill sets increases their contributions to your organization. Also, taking on additional responsibilities qualifies employees for more senior roles. These factors strengthen employee engagement, productivity, and retention.
Professional development opportunities include:
- Seminars
- Conferences
- Industry events
- Lunch and Learns
- Stretch assignments
- Cross-training
- Coaching
- Mentoring
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