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The Most Important Employee Benefits. Mr. Endicott Personal Career Planning Class. Which employee benefits matter most to workers?. According to a new survey from Glassdoor , 76% of surveyed employees say medical coverage is the most important benefit Followed by time-off from work
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The Most Important EmployeeBenefits Mr. Endicott Personal Career Planning Class
Which employee benefits matter most to workers? • According to a new survey from Glassdoor, 76% of surveyed employees say medical coverage is the most important benefit • Followed by time-off from work • Retirement benefits, dental insurance, training and tuition benefits are all attractive employee benefits too • Perks are also important-on-site child care, bringing your dog to work, a casual dress code, a flexible schedule, free food and drinks, or something else, perks can make a big difference in the quality of your work life even if they don't directly impact your paycheck
Here is the list of most important benefits • Medical Coverage - 76% • Holidays/Vacation/Sick Time - 72% • 401(k)/Retirement/Pension - 62% • Dental Coverage - 60% • Employee Development/Training - 27% • Wellness Programs - 26% • Employee Discounts - 26% • Tuition Reimbursement - 23% • Office Perks - 21%
Benefits/perks • According to the Bureau of Labor Statistics: • The average number of annual paid holidays is 10 • The average amount of vacation days are 9.4 after a year • Almost half the (medium and large) employers surveyed offered either a defined benefit or a defined contribution pension plan. • About 75% offered health insurance but, almost as many, required some employee contribution towards the cost. • What complicates matters is the increasing use of bonuses, perks, incentives by employers to recruit/retain employees. • The companies rated the best places to work many offer health club memberships, flexible schedules, day care, tuition reimbursement, and even on-site dry cleaning.
Evaluating benefits/perks • Evaluate each offer on it's merits - the salary, the benefits and the perks, and determine how those perks will benefit you. • If you don't plan on having children for a while or if your children are grown, it's not that important whether on-site child care is offered. • If you absolutely have to work-out every day, look for employers who offer a gym membership. • Not a morning person? Ask about flexible hours. • Can't stand wearing a suit? Ask about dress code. • It is important to ask, not all perks will be offered to all employees nor will they be mentioned during an interview.
Understanding your benefits • Does the employee pay for health insurance coverage? If so, how much for individual coverage and/or family coverage? Is the premium deducted from my paycheck? How much is the deductible? • Can I review a summary of the health insurance plan options? What restrictions and limitations are there? What about pre-existing conditions? When does coverage begin? • How much sick time, vacation time, and holidays are provided. When do benefits start to accrue? • What type of pension plan is there? How much does the company contribute? Is life insurance provided? • Does the company offer short-term and long-term disability coverage? • Are there educational and training benefits?
Never ask these questions during the interview • Wait until you have a job offer to discuss employee benefits, either with Human Resources or the person who is offering you the job. • Take some time to review the benefit plans so you can make an educated decision based on the benefits information provided by your prospective employer.
How to make the decision? • Review the benefits offered. Are the programs what you need? • What benefit costs are you responsible for paying? How much will this cost on an annual basis? • If you have a family - is the workplace family-friendly? • Finally, make a decision on whether to accept the position based upon the entire compensation plan including salary, fringe benefits and additional perks that may be offered. • This way you're accepting, or rejecting, the job based on overall compensation rather than just once facet of it. • Most importantly, you won't have any unexpected costs or benefit issues when it might be too late to do anything about it.
