Most everyone wants a full-time job because of the security it offers. With a full-time job, there comes the extra benefits of an annual salary, not having hours taken away or slashed, a bit more job security, and the really big one: gaining the ability to take advantage of a full-time employee benefits program. One big lure that many companies and businesses use in today’s competitive job marketplace is to offer better benefits, especially if the salary they’re offering is lower. Benefits go a long way towards helping people lead better lives, with paid vacation time, health insurance, sick leave, and maternity leave. They understand that employees are people too and have full and often complicated lives outside of their work environment. Benefits are there to support people when they need to take care of something outside their work life. And in many cases, good benefits can be an excellent way to attract qualified, driven, and competent people to your business.
Why Is Offering Benefits So Important For Employers?
Offering a benefits plan is positive for both the employer and the employee. Usually the cost of offering a full-time employee benefits program is still less than offering a higher salary (and if they work in one of the industries that commonly offer plans, like insurance, medicine, etc., it can be even cheaper). Additionally, benefits can help keep employee loyalty at the company. This is important, because around $11 billion is lost every year, due to employee turnover, and millennials, more than ever, are interested in moving around in their best interest. Over 40% of millennials said that if they were given the option, they’d leave their current job in the next couple of years. The recent economic recovery has only reinforced that mentality — half of employees said that they were confident they could find a new job in the next year if they left their current employer. Taking vacations and other time off can also help increase productivity and keep workers engaged and interested, making them more useful to the company as a whole.
Why Is Having Benefits So Important for Employees?
In terms of employees, so many desire entry into a full-time employee benefits program because it helps them lead a more comfortable life. If the employer offers a 401K plan, for example, an individual can help invest in his or her own future from the beginning of his or her career. Paid vacation time gives them a mental and emotional break from their work and allows them to spend time with their significant other and/or children. Paid sick leave or maternity leave keeps everyone in good physical health. And indeed, employees who feel engaged in their work and have an elevated sense of well-being are over 40% more likely to feel positive about their lives overall and over 5% more likely to say that the recover fully after being sick, injured, or encountering hardship.
When companies offer more than 11 benefits, over 65% of employees would say that their employers are good to work for. A company that offers many benefits clearly is trying to look out for their workers, and that in turn, can make employees feel valued and secure. And since we spend the vast majority of our waking hours in the workplace, it’s important to work somewhere that we feel positively about!
Who’s Offering What?
Around 70% of workers in the private sector had access to medical care plans. Paid leave and vacation time are pretty standard in most fields that offer a full-time employee benefits program, open to almost 80% of all employees. Other companies may offer a 401K plan that they match, life or disability insurance, overtime, health plans, commuting compensation, and even share in some company stock. If you’re applying for a new job and are lucky enough to have multiple offers, ask about their employee benefits program. It could really make a difference.
Good employee benefit plans are not to be taken lightly. You want to make sure that you’re being compensated well for your time — both in terms of salary and additional benefits.