Hiring isn’t easy, especially without the prospect of higher salaries. Over a third (35%) of organizations increased their employee benefits this year, according to a Society for Human Resource Management survey released this week.
The key to attracting top talent may actually be pet health insurance and eye surgery, not higher wages, the report suggests. The findings of this year’s poll of more than 450 human resource professionals is up from 28% last year.
“Research has shown that many job seekers frequently place greater importance on health care coverage, flexible work schedules and other benefits rather than on their base salaries,” the report’s authors write.
Although that premise has been widely disputed, the fact is that wages continue to stagnate in the US despite an improving labor market and overall economy, according to the Economic Policy Institute.
In the absence of higher wages, 2015 is seeing increased offerings for employees in health and lifestyle coaching, pet health insurance, infertility treatments, gender reassignment surgery coverage, personal shopping discounts, general wellness programs, undergraduate assistance, personal financial advice and parental leave beyond what’s required by law, according to the survey.
At the same time, the report cites “substantial declines” in the availability of defined contribution retirement plan loans, as well as decreases in on-site cafeterias, credit unions and auto subsidies for employees.
For employers, the cost of benefits is hardly insubstantial. The Bureau of Labor Statistics noted in March that benefits made up slightly more than 30% of overall employer costs for employee compensation.
Is your employer offering new or unusual benefits? Would any benefits be enough to lure you into a job with a lower base salary? And which benefits do you valuemost – health benefits, schedule flexibility, the ability to telecommute?
The survey reported that 77% of organizations review their benefits each year with 11% doing so even more often. What do you want most in your next benefits package?
Let us know in the comments below.
