7 Benefits that Make Your Benefits Package Competitive

Competitive benefits play a vital role in attracting and keeping top talent. So, what makes it competitive? Here are the 7 benefits workers want.1. Top-rated Comprehensive Health Insurance. Health insurance is at the heart of any benefits package. In SHRM’s 2024 Employee Benefits Survey, healthcare coverage continues to top the list for employers.  Healthcare coverage is highly valued by employees, with 92% considering it a priority. And for employers research shows that employers will double down on healthcare benefits despite the rising costs.

A competitive health insurance plan is one that stands out for its top-notch comprehensive coverage, and tailored approach to meeting the diverse needs of your employees. From preventive care to dental and vision benefits, and access to specialists, these plans offer a wide array of services. In today's era of remote work, the inclusion of telehealth services has become increasingly popular. Providing options for virtual doctor visits can be a value add.

🔷Why it Matters:  A competitive health insurance package can be a powerful recruiting tool, helping you attract skilled workers who might otherwise go to larger companies. The security of knowing they and their families are covered provides peace of mind. Studies have shown that employees who have access to a quality health plan are more likely to stay with their employer long-term. 

➡️➡️READ MORE: Preparing for Benefits Renewal

2. Retirement Plans. Retirement plans, such as 401(k) plans, are another important part of a competitive benefits package, providing long-term advantages to employers. According to SHRM’s benefits study, 81% of employers prioritize retirement plans for their benefits program. 

🔷Why it Matters: Employees continue to look to employers to help them plan for the future. A solid retirement plan can be a deciding factor for candidates considering multiple job offers.

3. Financial Planning. Providing tools, resources, and access to financial advisors helps employees make informed decisions about their retirement and economic future. 🔷Why it Matters: Employees who are invested in a retirement plan are more likely to stay, especially if your business offers matching contributions. Additionally, it can be a tax-efficient way to provide additional compensation to employees.

4. Expanded Paid Time Off (PTO). A generous paid time off (PTO) policy can be a game-changer. This includes vacation days, sick leave, and personal days, allowing employees the flexibility to take time off without financial worry. 🔷Why it Matters:  Burnout is a real concern in today's fast-paced work environment. Expanding PTO benefits is a win-win, enhancing wellness and boosting productivity. According to an EY study, employees who took an additional 10 hours of vacation time experienced an 8% improvement in their end-of-year performance. 

5. Remote Work and Flexible Work Options. In today’s work environment, flexibility is no longer a luxury; it’s a necessity. According to a MetLife Workforce study on benefits trends, 70% of employers ranked flexible work options as a top priority. Offering flexible work arrangements, such as remote work, flexible hours, or compressed workweeks, can help you stand out.

🔷Why it Matters:  Remote and flexible work caters to employees’ needs for work-life balance and can lead to increased job satisfaction and prevent turnover. Additionally, offering flexibility makes your company more attractive to a wider pool of candidates, including those with caregiving responsibilities or those who live outside your immediate area.

6. Professional Development. According to a study by MetLife Workforce, 65% of employers highly value professional development opportunities. This encompasses training and educational benefits aimed at enhancing skills and supporting employees in upskilling and reskilling. Additionally, it includes provisions for professional memberships, certifications, licenses, and tuition assistance to promote continuous growth and advancement.

🔷Why it Matters: Investing in the skills of your current talent enables them to stay ahead without needing to seek new opportunities. In addition, research from the Research Institute of America suggests that incorporating e-learning options can lead to a significant increase (up to 60%) in employee retention rates.

➡️➡️READ MORE:  Using Benchmarking Data to Drive Your Employee Benefits Package

7. Additional Perks. Innovative perks are on the rise and can help you stand out in the competitive job market. These could include:

• Family-Focused Benefits. According to SHRM’s benefits study, 67% say family care benefits were a priority, such as paid assistance with childcare costs and support and parental leave policies.
• Pet Insurance. Offering pet insurance to employees who consider pets part of their family can be a unique and appreciated benefit.
• Wellness Programs. These can include mental health days and gym membership reimbursement.
• Sabbaticals. Offering extended time off for employees to pursue personal interests, travel, or volunteer can be a valuable perk for those seeking work-life balance.

🔷Why it Matters. Employees appreciate unique perks that enhance their quality of life. These perks show that you care about your employees as individuals, not just as workers.

How Competitive Are Your Benefits? 

A well-rounded benefits package not only serves as a powerful recruitment tool but also helps foster employee loyalty, increases job satisfaction, and ultimately enhances productivity.

How do your benefits compare to those offered by other companies in the same industry? How does your health plan compare to other plans in terms of benefits, cost, and overall value? 

As enrollment approaches, it’s time to take a fresh look at your benefits package to determine how it’s working for your business and your employees. Before you renew or make changes, find out how your benefits compare with the competition by watching our new Benefits Benchmark Report. 

Conducted by Milliman, a leading worldwide provider of actuarial and related products and services, this annual study includes 2.7 million workers within 30,000 employers across the country.

You'll learn:

▶️How Current Market Trends Impact Your Benefits
▶️How Your Benefits Compare with Employers Nationwide 
▶️How to Assess Employee Needs 
▶️How to Provide More Relevant Benefits  

🎯Leveraging this data can help you make more informed benefit decisions, leading to better utilization and a more satisfied workforce. Review the entire 2024 Benefits Benchmark Report ▶️ HERE.

Need Help?

If you're planning to make changes, you can do your own research or look for guidance through an insurance broker or an IRS-certified PEO, like Propel HR. By working with a Propel, you gain access to better benefit options, like quality health insurance through our National Master Health Plan. Our ability to pool employees together into one group allows us to negotiate better health plans at lower rates. Administered by BlueChoice HealthPlan, one of the nation’s largest and most trusted health insurance providers, our comprehensive medical insurance plans are designed to fit your employee’s needs and your budget.  

From identifying the type of benefits you should offer, sourcing the best carriers and plans to streamlining the administration process, we make managing your benefits program easy. If you need help finding the right options for your small business, just give us a call at (800) 446-6567 or visit PropelHR.com

About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 25 years. Propel partners with small to mid-sized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs. For more information, visit www.propelhr.com.