BENEFITS TO KEEP YOUR EMPLOYEES
Surveys show the level of worker appreciation increases with the number of employee benefits, including their intent to stay. However, the kind of benefit valued can vary with your employees’ age and stage of life.
HEALTH SAVINGS ACCOUNTS:* Less likely to use health care services, this group more likely values a high-deductible health plan coupled with a health savings account (HSA) that allows them to save and grow pre-tax or tax-deductible funds. PET INSURANCE: Thirty-five percent of millennials own a pet, making them the largest pet-owning population in the U.S. Many companies have started offering this benefit. RETIREMENT PLANS: The rate of contributions to company sponsored retirement savings by this group has almost doubled since 2012. TRAINING AND MENTORING: Mentoring programs and employee training will help you find and motivate younger staff.
STARTING FAMILIES VALUES STABILITY
30s
20s
LIFE INSURANCE:* Because they now have families, this group needs to protect assets, such as a home. DOMESTIC PARTNER AND EXTENDED FAMILY COVERAGE:* Offering benefits to others beyond spouse and children is becoming more common. SHORT-TERM DISABILITY BENEFITS:* This covers an employee who has to be out of work and runs out of sick days for events such as: accidents, surgery, illness with a long recovery time and pregnancy leave. GENEROUS PARENTAL LEAVE: Most dental offices have fewer than the 50 employees that trigger The Family and Medical Leave Act. Employees will value a personnel policy that offers unpaid, job-protected leave.
TRADITIONAL HEALTH BENEFITS: Medical,* dental* and vision* coverage are important to this age group. FLEXIBLE WORK ARRANGEMENTS: This can include flexible hours, compressed work weeks and working remotely, which are valued by all age groups. But, this group oftenhas to care for young children or elderly parents, or both. Stress reduction and job satisfaction also have been correlated with a flexible schedule. RETIREMENT PLANS: Workers in their 50s will stay at or gravitate toward firms with a defined-benefit pension plan and take a hard look at a company’s 401(k) matching contribution.
READY FOR THE NEXT STAGE
60s
STARTING A CAREER
40s 50s
FINANCIAL PRIME TIME
PHASED RETIREMENT: As highly skilled and experienced baby boomers retire in larger numbers, employers will face significant knowledge-transfer issues. You can keep valuable institutional knowledge from walking out the door and make your employees happy by implementing phased-in retirement plans. This can allow an employee to start accessing 401(k) plans and pensions while also working part time. LONG TERM CARE INSURANCE:* This policy covers costs for home care, assisted living and nursing homes.
In a recent survey performed by Monster, participants were asked to rank benefits by value and importance when considering a prospective job. The results of the survey ranked average importance by benefit: • HEALTH CARE PLAN: 32% • VACATION TIME: 25% • PAY RAISE: 15%
* Call FDA Services at 800.877.7597 for a quote on these important employee benefits.
• EMPLOYEE BENEFIT: 10% • PERFORMANCE BONUS: 9% • RETIREMENT PLAN: 8%