Only 59% of American workers say they are 'somewhat' or 'very' confident they will enjoy a comfortable retirement?
The typical American's retirement savings account balance is $63,000.
The typical worker feels he/she will need $1 million for retirement.
Join Our List
TBRNews:
The Hard Core Benefits:
Part 1 of 3
January, 2017
The first in a 3-part series describing what employees are looking for today in benefits: the hard, the soft, and the return on investment.
The Hard Core Benefits - Part I
Health insurance and 401(K)s have become necessary benefits, but alone are not sufficient for attracting and keeping top talent. Benefits represent one of the largest expenses for employers.
Most leaders realize that they are an investment worth making in order to attract and retain the best employees. When companies neglect to take a strategic view of benefits, they also fail to help themselves secure the top talent they need to excel.
Today's Workers are Looking for More
The most useful benefits are things that make their lives easier.
To attract and keep today's workers, benefits include ever-more imaginative perks to meet the evolving needs of modern families, the interests of employees, and the goal of achieving work/life balance.
Benefit packages can help ease the stresses of workers' day-to-day lives. The goal of today's benefits should be to help create a happier, more stable workforce that is less likely to be distracted at the office because of unfinished tasks at home. Some of these benefits may include:
In-office perks: such as free snacks and games. These are especially important when employees are working long hours in high stress environments. It can help them decompress.
Concierge benefits: The gift of time, no one has enough time. Concierge services can run errands for employees, help them plan vacations and even buy tickets.
Financial Aid: Employees want perks that provide financial relief, because trying to make ends meet while having wage growth stagnant for years is a challenge.
Millennials and early-career employees worry most about student debt, job flexibility and professional advancement. While older workers may be wrangling with mortgages, looming college costs for their children or caring for ailing parents.
Assistance with student loan repayments is still rare - but are an up and coming benefit for new to the workforce debt strapped millennials.
only 4%of employers currently offer the benefit
89% of job seekers with debt believe that employers should offer student loan repayment as part of benefits package
The best benefits are often those that appeal to all workers, like auto insurance
So-called gap-fillers: like those that cover the deductible of a family health insurance plan are also popular or discounts on gym memberships, event tickets & travel (these are usually available to be offered at no cost to the employer).
Consider the corporate culture, business strategy and your employee demographics when choosing the benefits that are right for your company.
2016 Benefit Trends
2016 benefit trends:
Virtual doctor visits
Promoting health care consumerism by shifting to high deductible health plans and providing health savings accounts or health reimbursement arrangements that help employees pay their out-of-pocket expenses
Tools that can be accessed on mobile phones or tablets
Customized offerings- typically specialized insurance coverage
This update is a publication of TBR Associates, designed to highlight employee benefit matters of interest to our readers. The information contained in this publication is meant for general educational purposes only.
