Those who say that benefits offered by companies seldom impact the job satisfaction of employees clearly haven’t been paying attention. A growing number of employees are basing their job satisfaction and company loyalty based on the benefits on offer. Employee benefits statistics have shown us that now more than ever, companies need to ensure their offerings are in line with the needs of the 21s century workforce.
The importance of health benefits to employees makes this the most offered option by far. Other benefits that feature prominently in company offerings include employee assistance initiatives (29%), company discounts (21%), parking subsidization (20%), caregiver time off (18%), gym memberships (16%), and discounts on recreational activities (16%).
Employee benefit statistics reveal companies that offer subsidies or programs to help out financially are far more likely to have a happy and productive workforce. Money problems are one of the biggest sources of stress for people from all walks of life. These concerns significantly impact employee wellbeing, and subsequently, their performance.
Employee wellbeing can take a quick dive because of stress which affects people’s ability to be productive and even present at work. Voluntary benefits statistics suggest that any financial assistance as part of a benefit plan can give employees the stability they need to perform.
Around 3 hours a week are lost on employees needing time off and take 1.6 sick days a year to deal with their money problems. Without the appropriate benefits for employees, these mental health issues can cost companies millions of dollars a year in lost revenue. Organizations with a history of employee benefits enjoy significantly reduced staff turnover rates and improved loyalty overall.
As our understanding of people’s needs continues to evolve and the impact of an unhappy workforce is felt keenly across all organizational levels, companies are being urged to create mental health policies to align with employee benefit trends. These would run parallel to the medical benefits offered and could impact job satisfaction and productivity.
Creating an open and honest dialogue about mental health is the first step to ensuring that plans are put in place to deal with a problem largely swept under company rugs for years. Gen Z and millennials already make up most of the workforce globally, and heeding their calls for mental health policies can only benefit both parties in the long term. Employee benefits data suggest that the adoption of mental health plans could very well be just as important as plans focussed strictly on medical assistance.
Some companies have already begun this process in earnest, recognizing how important wellness benefits will become in the employment sector. Financial wellness offerings are at the forefront of these initiatives, which is promising given the impact money stress has on the workforce.
When unemployment rates show signs of improvement and more people are secure in their positions, health insurance becomes a critical factor in retaining staff members. Most millennials agree that the best way to ensure talent stays put is to offer flexible health care benefits or insurance. Employee health benefits statistics give valuable insights into an ever-diversifying workforce’s needs and can help companies shape their offering for years to come.
The growth in healthcare spending looks set to continue its meteoric rise over the coming years, with 10% of that coming from prescription drug costs. Companies can help to subsidize these costs by introducing healthcare benefits to employees and keeping them in good health, both mentally and physically.
One trend that has started to pick up steam in recent years is companies integrating various healthcare benefits into their benefit proposals. In addition to standard healthcare benefits for employees, companies have diversified their offers to include dental, vision, and life insurance.
By opening up the options available to employees, companies can better tailor added-value plans for staff. Small business employee benefits statistics show this might be more difficult to achieve, with budgetary concerns being a major stumbling block.
Though more than half of firms offer health benefits for employees, the organization’s size often determines the extent to which they can provide cover. Only 47% of companies with a single-digit workforce offer health benefits, while those with 1,000+ almost always offer some kind of plan.
Employee bonus statistics show that there is every chance of employees becoming disgruntled if their company offers benefits that they have no use for or are difficult to understand. Companies should be aware that there is a 12-month period wherein employees need to be enlightened or convinced about the benefits they’re receiving before choosing to move on.
While some staff might head for the door if they feel their employee benefits packages aren’t up to scratch, others may well decide to stay with a company if those benefits suit their needs. Not only are these employees less likely to leave, but they are more productive and feel valued. According to employee benefits statistics, healthcare options are by far the most sought-after.
In recent years, fringe benefits have been decreasing in importance and should alert companies that they need to have a strong, core offering designed to keep talent.
Examining employee retention statistics and planning for staff needs can give companies an edge in keeping critical team members over the long term. Corporate perks, free parking, and the odd golf trip aren’t the kinds of benefits that will win the hearts and minds of a workforce dominated by Gen Z and millennials.
While employee benefits trends suggest that most companies are aware of the need to double down on their staff well-being efforts, they still need to catch up to their workforce.
Deloitte’s latest human capital trends report shows that improving worker well-being is the third most important outcome for employees in their work transformation efforts, trailing behind improving quality and increasing innovation. Executives meanwhile place this as their eighth priority.
Job satisfaction statistics show that benefits are a major factor for employees and can even influence a decision about staying in a company. Employees who feel valued are incredibly loyal to companies that provide the benefits they want or need. Increasingly, benefits are playing a major role in the recruitment and retention of talent.
While some employees may want something more tailored, some benefits are universal in their appeal, employee benefit statistics show. According to studies, the best company benefits by order of importance are health care (95%), retirement plans (71%), paid leave (50%), flexible working schedules (29%), investment in professional development (17%), and wellness (11%).
With healthcare costs on the rise year-on-year, companies are concerned with how much it costs them both at present and further down the line. Most companies offer healthcare benefits, and if their costs continue to spiral, it could affect them in a big way.
Employee benefits statistics show some employees would be far more likely to take a less well-paying job if certain benefits were on offer. Most would consider such a position for better health, dental, and vision benefits, flexible working hours, more vacation time, and working from home.
Studies show that, on average, benefits cost companies 32% of their outlay on staff, with the other 68% going to salaries. Recent trends suggest there may be a shift towards companies spending more on benefits and support initiatives, but every company has different policies in place.
Employee benefits statistics point to four major types of benefits for employees. There are benefits at work, which include things like working hours and paid leave, benefits for health and wellness, benefits for financial security, and lifestyle benefits.