Job benefits are an important component of employee retention for any dental practice. After all, staff appreciation can foster loyalty, productivity, and stronger business results. Times are changing, though, and so are employee expectations. Just what do employees appreciate? Also, what type of job benefits really work?
The recent Metlife 14th Annual Employee Benefits Trends Survey sheds light on these two questions. Here I’ve summarized 10 key job benefit trends all dental practice owners and managers should know for 2016.
10 job benefit trends
1. 71% of employees consider work the foundation of their financial safety net.
2. 62% of employees say employer benefits are important for financial security.
3. 50% of employees strongly agree the benefits they receive at work help them worry less about unexpected health and financial issues.
4. 70% of employees say customizable benefits would increase loyalty to their employer.
5. Employees continue to ask for a range of solutions, especially more common benefits such as medical, prescription, 401K, dental, life, and vision care coverage.
6. When it comes to communicating and educating, employees find one-on-one consultation the most effective.
7. Despite the rise in technology, 60% of employees consult with families and friends when it comes to choosing benefits.
8. 61% of employees are “extremely interested” in taking benefits with them when they retire or change jobs, and yet only 44% of employers currently offer portable benefits.
9. Four in 10 employees say retiree benefits are a key reason to stay with their employer.
10. 45% of employees say they are planning to be with their employer in 12 months, compared to 41% in 2014.
Related - 20 Compelling Small Business Stats All Owners Need to Know
Conclusion
The job benefits landscape is shifting and employees are telling us they value benefits with financial security, portability, and customization.
RECENT WISE-UP WEDNESDAYS:
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To learn more about implementing simple HR best practices, download our whitepaper “The Small Business Guide to Human Resources.” Wise-up Wednesday is presented bi-monthly from the experts at Zane Benefits. One Wednesday a month features Human Resource issues, and the other Wednesday discusses health benefits.
