You are the best at what you do, cultivate a compelling atmosphere, and deploy a well-oiled recruitment process. But will those factors be enough to win and retain top talent in 2021?
According to research from Glassdoor, 80% of employees would prefer benefits over a pay raise.
What benefits will job seekers and current employees look for this year? Here’s what we learned from our candidates.
Employer-provided healthcare is a staple of the U.S. employee benefit systems: it attracts top talent to workplaces, and it keeps them there.
America’s top employers are re-thinking the way they provide healthcare, particularly as costs rise.
Rather than focusing solely on cost-savings, think about new models that provide comprehensive, quality care but reduce the burden. McKinsey says new approaches include new delivery, payment, and funding models.
Student Loan Repayments
As the student loan crisis continues, workplaces are increasingly interested in helping their employees get out from under their debt. Student loan (and other financial health) benefits will become more popular in 2021, as the effects of the coronavirus pandemic continue to knock borrowers off their repayment goals.
Why offer it as a benefit? Employees actively seek out any help they can get with student loans, and the student loan repayment plans (SLRP) can improve retention among younger workers, who typically aim to move on quickly. SLRPs are also relatively easy to set-up and administer compared to other benefits.
Plus, you may see rewards for doing so. The $2.2 trillion stimulus bill passed in March 2020 offered a once-off tax break for employers who contributed towards paying down student loan debt.
As legislators get more creative about solving the crisis, you could see even more incentive to be first through the door
Paid Sick Leave and Flexible PTO
Paid sick leave and flexible paid time off are increasingly popular benefits among Millennial and Gen-Z-led startups. While a benefits officer may look at these policies and only see dollar signs, there are real value-added benefits offered, too.
Why offer both? If the pandemic taught us one thing, it’s the importance of health and the role each member of society plays in public health. Poor health of any type spreads through communities, so you want employees to stay home and recover without worrying about making ends meet.
Flexible PTO is particularly compelling for workers. It allows employees to take the time they need when they need it. However, employees are unlikely to take more vacation days. Plus, it removes the hours-earned, hours-spent calculation, which means you don’t need to carry over or pay balances.
Use Benefits to Find a Competitive Edge
The benefits you offer cement employee happiness and allow you to attract top talent. As 2021 continues, you will find that there’s a huge demand for the same benefits that began trending a few years ago.
If you’re looking to grow your team and you’re not sure where to start, let Kinect help. We’ll work with you to attract the right candidates.