As the economy has improved, unemployment rates have fallen, and employees have become more demanding. Manta polled small business owners about employee benefits and found that they are feeling the pinch — mostly from prospective employees — about benefits plans. According to the poll, about 47% of potential employees put the pressure on about benefits. Employers are also feeling the pinch from their competitors’ plans.
The most common benefit offered, according to the survey, is paid vacation (72%), followed by flex-time benefits (58%), paid sick leave (57%) and remote work options (46%).
A separate study by Aflac confirms this trend. Almost two-thirds of employees polled were likely to take a job with lower pay but better benefits. And 42% of employees said improving their benefits package was one thing their employers could do to keep them in their jobs — ranking higher than a promotion. What’s more, 16% admitted they have left a job or turned down a job in the last 12 months due to the benefits offered.
Finally, employees who are satisfied with their benefits are much more likely to be satisfied with their jobs (96% vs. 68%) and less likely to be looking for a job in the next 12 months (46% vs. 57%).