How Benefits Can Attract and Retain a Great Team
When you spend 40 hours a week in one place, it's important to feel valued, respected, and happy while you’re there. Full-time workers spend over half of the hours in the year at work – and when people give that much of themselves to something, they want to see their value reflected in more than just their paycheck.
That’s where benefits come in. One of the benefits most important to workers is health coverage. Research shows that around 77 percent of workers want their employers to provide health insurance, and employees who receive health and well-being benefits from their job were 11 percent more engaged than those that didn’t.
Health coverage provides a sense of security to employees. People want to feel like they can come out on the other side of a health problem with cash still in their pockets and kitchen tables free of past-due bills.
Paid time off (PTO) is another major benefit employees consider when job hunting. While most employers provide some form of PTO, around half of employees said they would change jobs for better PTO, according to Gallup’s State of the Workplace study.
Employees feel valued when their PTO policy provides them with the flexibility to relax and recharge, recover from contagious illness before returning to work, or attend to family matters, without worrying about how it will impact their wallets.
The cost of higher education is at an all-time high and student loan debt in the U.S. has amassed over $1 trillion, some workers look to their employers for opportunities to further their knowledge and training. Employers can offer benefits like tuition reimbursement, professional development courses, training programs, and apprenticeships to help ease the cost of learning.
Businesses can also express their appreciation for and investment in employees by contributing to their retirement funds. Seventy-two percent of employees want 401(k) matching as part of their benefits plan
At Hoffman & Hoffman, one of the most prominent benefits provided to employees is the opportunity to participate in the Employee Stock Ownership Plan, or ESOP for short, as part of their retirement plan.
Where a typical company would only go as far as matching your 401(k) contributions, ESOP companies contribute to your retirement fund based on the company’s success in the past year – even if you don’t make any of your own contributions! So, the work you put into increasing your company’s profits directly benefits you and your future.
By enrolling in the ESOP, Hoffman employees become Employee-Owners. Visit our careers page to join the family!