Job seekers want top benefits. How do yours measure up? | Acrisure Viewpoints
Employers everywhere are competing for top talent, and many are looking to their benefits packages to get candidates to sign on the dotted line. According to GlassDoor, benefits are one of the top factors for attracting and retaining talent. In fact, 60% of job seekers named benefits as a key factor in their job search, and 71% of employees said they’re staying with their current employer because of their benefits package.
So what makes a competitive benefits package? In the 2022 State of Employee Benefits, BenefitFocus found that large employers have continued to increase their health insurance options for three quarters now. Suvaun, Acrisure’s tech-enabled benefits platform, has also seen increased focus around choice and ease of enrollment.
“From a choice perspective, smaller employers want to match the product offerings of their larger counterparts,” said Jimson Tharayil, Executive Vice President. “For employees of smaller companies, this could mean expanded coverage on employer-sponsored policies such as medical, dental, vision, and disability, and access to non-employer-sponsored coverages such as accident insurance, pet insurance, financial well-being products, and many others.”
When you’re adding that many choices to your offerings, you need tech to back it up. “To streamline enrollment, small employers are shifting from paper to online enrollment systems,” Jimson said. “Some employers are even offering decision support tools that pull in actual claims and utilization data to help employees select the best plan combinations for themselves and their families.”
That desire for more benefits choices is reflected in the data, too. Over five years, the study found a steady increase in the percentage of employers offering both high-deductible health plans (HDHP) and preferred provider organization (PPO) plans. The number of companies offering only HDHPs or PPOs also decreased, with 77% of large employers now offering a total of five health plan options on average.
Voluntary benefits are growing in popularity as well, with mental health support, free health screenings, healthcare navigation services, and pharmacy savings ranking as the most popular among HR decision-makers. In a future Viewpoints, we’ll explore voluntary benefits and how they can bolster your employee offerings.
Review your employee benefits offerings today to make sure they’re supporting your hiring strategies. Connect with an Acrisure Partner to get the help that your business needs to secure top talent.
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