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Katelyn Sawyer
January 31, 2023
Newsletter ArticleWhether you are considering a new job or evaluating your current position, it is important to remember that while salary often comes up as the priority when considering a role, benefits are often vital to your overall job satisfaction. According to the 2022 US Candidate and Employee Benefits Survey to be released soon, 63% of job candidates and employees considered benefits important or very important regarding their necessity for job satisfaction. Here are five key findings from the overall report.
1.Healthcare remains the priority. Over 94% of employers surveyed indicated that they offered health insurance to their employees. While a few different options for health plans were reported, the most common plan offered by employers (and the most popular plan choice among employees) was a Preferred Provider Organization health plan. Dental and vision insurance remain commonly provided benefits.
2. Average leave time continues to increase. Employee leave programs provide employees the ability to be absent from work in the event of a qualifying reason (bereavement, maternity, paternity leave etc.) The number of companies that reported offering paid maternity leave increased to 49.12% from 42.86% in 2020. Paternity leave is also continuing to increase, which can be an important benefit for employees looking to grow their families.
3. PTO continues to influence work-life balance. Paid time off programs provide significant benefits when attracting and retaining employees since it is a great way to foster work-life balance as well as a positive work culture. Over 50% of surveyed employers reported that they offer PTO, or a paid time off program. Programs that designate sick and vacation time for employees were also common. The number of sick days provided to newly hired employed had a notable average increase of 3 days between 2020 and 2022.
4. Work allowances are enticing. Companies are becoming increasingly aware of the benefits that allowances provide employees. The four main work allowances reported included vehicle, mobile phone, internet, and relocation allowances. Companies that provided a vehicle, mobile phone or internet allowance as a part of their company’s benefit program reported that all three of these allowances increased from 2020. While the overall reported relocation benefits were slightly down from 2020, the companies that did offer relocation packages to salaried/exempt staff nearly doubled their average rate of relocation compensation.
5. Benefit trends are ever evolving. When surveyed employers were asked about any additions or improvements to be made to their current benefit program, most reported they were not looking to make any additions at this time. If they responded that they were to make additions to their benefits programs, employers reported that it would be to add wellness, financial wellness, or physical wellness programs to boost overall company health and/or satisfaction. As far as improvements to their current programs, most employers said that at this time they were not looking to make any improvements to their programs.
Benefits are an undeniably valuable and influential tool in satisfying employees and meeting the challenges of today’s marketplace. To read more about the 2022 Benefits Survey Results and Analysis, visit /reports.cfm
