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If the Great Resignation climate has taught us anything, it’s that employee benefits are more important now than they’ve ever been. The U.S. Bureau of Labor Statistics reported a record-breaking 47.8 million people quit their jobs in 2021, up 33% from 2020. With 10.1 million job openings as of August 2022, employers are scrambling to find the right employee benefits to attract, engage and retain top talent—all while trying to stay within their budget.
Employee benefits are employee compensation packages that include extras such as health insurance, retirement savings plans, paid vacation days and more. Employers offer employee benefits to attract and retain top talent, as well as improve employee productivity and engagement. These are important because studies have shown that employees who feel valued and appreciated by their employer are more likely to stay with the company and be productive. Some benefits are even required by law.
Employee benefits are a key part of the employee compensation package and can be a deciding factor when candidates are considering multiple job offers. They can also help improve employee productivity, engagement and retention.
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