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Talent and Acquisition

Understand How Benefits Work Together to Attract & Retain Employees

The Baldwin Group
Updated: April 24, 2024
1 minute read

Required benefits that ENSURE compliance with laws:

  • Workers’ compensation – if your employees get hurt or become sick due to their job
  • Unemployment insurance -if your employee involuntarily loses their job
  • Social security and Medicare payments – that share costs with your employees
  • Healthcare insurance – to help cover doctor bills and other and medical expenses
  • Family/medical leave – if you need to take unpaid time off for health- or family-related reasons

Expected benefits that ENHANCE wellbeing:

  • Dental insurance – In 2023, 41 percent of employees working for private industries in the U.S. had access to dental care benefits through an employer-sponsored healthcare plan.
  • Vision insurance – Eighty-seven percent of employees say they are likely to stay with an employer that offers high-quality vision benefits.
  • Mental health coverage – In 2024, 44 percent of employers expect to expand their networks to boost mental healthcare access.
  • Disability insurance – About 25 percent of today’s 20-year-olds will become disabled and unable to work sometime before reaching the age of 67.
  • Health spending accounts – As of last year, only 10 percent of Americans have access to health savings accounts.
  • Retirement plan Sixty-nine percent of private industry workers had access to employer-provided retirement plans in 2022.
  • Life insurance – Since COVID-19, more employees consider voluntary life coverage in addition to employer-paid basic life insurance

Flexible benefits that ENRICH work-life balance:

  • Remote work arrangementSixty-five percent of workers prefer to work remotely.
  • Flexible work schedulesMore than 58 percent of workers say a flexible work schedule is important.
  • Unlimited PTOSeventy-two percent of employees are interested in unlimited PTO as a benefit.
  • Dependent care accounts – A survey reports 56 percent of employers offer child care benefits.

Extra benefits that ELEVATE job satisfaction:

  • Tuition reimbursementEighty-six percent of workers who say their employer offers tuition benefits are generally happy at work.
  • Learning and developmentFifty-seven percent of workers are interested in upskilling opportunities.
  • Giving programsAbout 70 percent of employees say it’s important or very important to work for a company that supports giving and volunteering.
  • Stock purchase plans – According to Morgan Stanley “The State of Equity Plan Management in 2022”, 43 percent of public companies and 35 percent of private companies provide this benefit.

Let’s work together to design and deliver a benefits strategy that attracts and retains talent for your organization.

Collaborate with us today.

Tags in this resource

attract talent benefits strategy employee retention talent strategy wellbeing
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