Top 10 Employee Benefits and Perks
- Apr 6
- 3 min read
By a four-to-one margin, employees would choose a job with benefits over an identical job that offered 30% more salary and no benefits. But when it comes to benefits, what exactly are employees looking for?
Here is a list of the top 10 employee benefits and perks people want, based on recent market surveys.
Flexible work arrangements: Sometimes it's a matter of where employees want to work. But most often, it's a matter of when. Employees want to be in control of their schedule, and the traditional 9-to-5 workday does not allow that flexibility. A Staples Workplace Survey found that 90% of employees say alternative work arrangements would boost morale. At the same time, 67% of employees surveyed said they would consider leaving their current job if work arrangements became more rigid.
Financial planning services: Employees do not want to live paycheck to paycheck and are asking for help managing their personal finances. They want support with planning for both short- and long-term goals. According to MetLife's Annual Employee Benefit Trends Study, 84% of employees want financial wellness tools. They asked for tips on how to create a budget, save for a house, pay down debt and more.
Health insurance: Not surprisingly, health insurance remains a top benefit choice for most employees, and about 90% of midsize and large employers offer this coverage. In addition, according to an EBRI Health and Workplace Benefits Survey, many employers now offer health savings accounts in conjunction with qualified high-deductible health plans. Others are opting for health reimbursement arrangements to help employees cover out-of-pocket expenses.
Automated human resources (HR) functions and personalized enrollment help: According to a survey conducted by Paychex, 71% of employees prefer automated HR functions. This includes the ability to update personal information, make changes to their retirement savings elections, complete open enrollment and more. In addition, 37% of employees would like personalized help during open enrollment. They want to better understand their options and be able to make an educated decision about which plans would be best for them.
401(k) match: Most employees understand that saving for retirement is one of the most important things they can do to ensure their financial security. When asked in the AICPA Employee Benefit Report which benefit they value most, more than 60% of baby boomers and Gen Xers said it was a 401(k) match from their employer.
Paid family leave: Caregiving is becoming more common and more challenging for employees. In a survey of more than 1,200 working adults, Unum found that 58% of respondents want more paid time off in order to care for family members. Large employers like IBM and Walmart are already expanding these benefits with increased paid parental leave, including time off for adoption, surrogacy and placement of foster children. However, there is still plenty of room for improvement when it comes to paid time off for elderly family members.
A company that cares about employee wellness: According to a Staples Workplace Study, wellness is more than a catchphrase. More than 40% of employees said they would take a 10% pay cut to work for a company that cares about their overall health and well-being. This can be as simple as new office designs, workplace flexibility and supporting the most recent technology. Or it can mean supporting mental and physical health with affordable access to psychologists and psychiatrists, discounts to local gyms and additional paid time off.
Professional development: Employees are looking to learn and grow in their careers. Almost 40% of employees cite professional development in their top five employee benefits wish list, according to Unum. And according to Kaplan Financial, employers can benefit from this as well: Employees in whom you invest are more likely to stay.
Student loan repayment: More than a third of all employees told Unum that help paying off student loans was the most important benefit employers could offer. Among millennials, that number increases to more than half. It is no wonder since, according to U.S. News & World Report, the average student loan debt is around $30,000.
Voluntary benefits: Many employers offer voluntary benefits to provide a more comprehensive plan to employees. Top voluntary benefits include life insurance, critical illness insurance, identity theft protection, pet insurance, financial counseling and health coaching.
If you would like help incorporating any of these top employee benefits and perks into your program, call our team at 505.883.3683 or reach out to your expert agent directly.
