Employee satisfaction is increasingly linked to the quality of a company’s employee benefit package. As the unemployment rate remains low and a younger demographic enters the workforce, employers are becoming more creative with ways they can attract and retain employees.
A survey conducted by The Society for Human Resources Management (SHRM) found that 29% of workers would leave their current employer for a better benefit package, and 32% would stay because of good employee benefits.
A benefits package that motivates employees is the key to having an advantage in the recruiting market. Some employees even receive greater satisfaction from their benefits over salary, According to Glassdoor, “80% of employees said they prefer additional benefits over a pay increase.”
So how can this be achieved? Vantage Risk Management, an affiliate of Vantage Etc., provides technology-driven solutions for finding the best benefits packages tailored specifically for each business. Vantage will first conduct a survey on behalf of your HR Department to determine if your current benefits package actually meets the needs of your employees. Comparisons with businesses in similar industries and of a comparable size are also performed. Vantage will then evaluate every aspect of your company to create a benefits solution and strategies that maximize savings and drive growth.
A 2018 US Bureau of Labor Statistics study found that the average annual cost of employee benefits per employee was $21,726. This means that a company can spend thousands on employee benefits without really knowing if the employees are even satisfied.
Investing in your employee benefits package separates you from your competition, making your company more desirable to new hires, as well as motivating and retaining your current team. For more information, contact (914) 207-6361, or email Nicholas Capano, [email protected] to get started.