In a recent online poll, we asked if you’ve ever turned down a job because of the benefits package. An astounding 82% of respondents have turned down a job offer due to an inadequate benefits package at least once. While salary remains the primary motivating factor for job changes, benefits are a very close second. In fact, they're so important that they should be considered on par with salary.
We meet with employers every day, and many believe that the labor market is shifting in their favor. While it's true that the labor market is changing, job seekers are not willing to compromise on benefits, contrary to popular belief. Just this past week, we witnessed this firsthand with five declined job offers across various industries because of the benefits packages- things like insufficient PTO and unaffordable health insurance.
In fact, a recent survey by the Society for Human Resource Management (SHRM) polled 4,500 employees nationwide and found that 88% of respondents rated health insurance as either extremely or very important, surpassing retirement and leave benefits, which were still high priorities at 81%.
And…. If you think you've just hired a top-notch employee but your benefits are not competitive, beware—they may see you as just a "rebound" job until a better offer with a superior benefits package comes along. Save yourself time, money, and effort by investing in your benefits packages now. Doing so will increase candidate flow, accepted offers, and employee engagement, all of which lead to a more positive bottom line.
At Alaant, we frequently conduct market research, sharing data and labor market trends with our clients to guide their policies on benefits and salaries. Can we assist you? Call me today at 518-689-3138 or visit us online at Alaant.com. I look forward to speaking with you soon!