Benefits are a much needed, much discussed asset to your recruiting program. While perks and benefits can “boost” your compensation package, employers do have to be mindful of the costs involved. To help see where you stand, the Human Resources Daily Advisor presented results from their 2015 Perks & Insurance Survey that approximately 1,401 individuals participated in.
Highlights of this year’s survey follow:
- Survey participants were comprised of staff positions (15.4%), supervisors (3.9%), manager or director level (64.3%) and VP or above (16.4%).
- 62.1% of those surveyed accounted for businesses with up to 250 employees, 20.6% have 251 to 1,000 employees and 17.2% work in companies with more than 1,000 employees.
- Health insurance is the most common benefit offered by employers.
- Tuition reimbursement is considered very important to employers, especially from a recruiting standpoint.
- 37.5% of respondents offer telecommuting as a perk.
It’s practically a given that employees in today’s workforce expect to receive perks in one form or another. The number one perk offered by participants in this survey is health insurance at 95.5%. Health insurance was followed by paid holidays at 92.1% and then life insurance at 87.9%. Fourth and fifth on the list is long-term disability (72.7%) and paid vacation (70%). Short-term disability (69.4%), employee assistance programs (61.6%), paid sick days (61.1%), tuition reimbursement (48%) and PTO plans (44.8%) represent the rest of the top ten in benefits. Also considered important is tuition reimbursement. Of the 52.5% of survey participants, 30.7% consider tuition reimbursement valuable to their recruiting and retention efforts.
Telecommuting is yet another benefit provided by some employers. The majority of those that offer telecommuting do so because it improves employee morale. It also serves to improve recruiting and retention. For 43.6% of employers, it increased productivity.
Part II of the Perks and Insurance survey will entail more findings from this study. Additional information will include what’s being offered for insurance and how employers are containing costs. Watch for this article in early June.