Times are changing! Young employees are no longer seeking the highest paying jobs on the market. In fact, a 2017 survey of 2,000 employees conducted by a content marketing firm, FRACTL, found that 88% of those employees would consider a lower-paying job to get perks like better health insurance and more flexible hours.
With unemployment at an all-time low (as of November 7, 2018 we sit at 3.7% according to the U.S. Bureau of Labor Statistics), employers are forced to be more strategic about their employee benefit offerings. According to a new analysis of Bureau of Labor Statistics data by Bank of America, wages and salary now make up just 68% of employees’ total compensation.
So how does an employer weed through the hundreds of offerings out there? Do you offer paid family leave? How much paid leave is enough? Do we offer free coffee in the break-room or do our employees want flexible work hours? Identifying the right employee benefits for your organization means you must understand your current workforce, incoming workforce, and where
your organization wants to be with your future workforce.
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