Dive Brief:
- Employees want generous paid time off more than any other non-insurance benefit, according to the findings of an Unum survey released Dec. 18.
- Rounding out the top five most-desired benefits were flexibility, paid family leave, gym memberships and fitness/healthy lifestyle incentives. Student loan repayment benefits and professional development also cracked the top ten.
- "With today’s unemployment rate hitting a low of 3.6%, benefits matter," said Rob Hecker, vice president of HR Global Total Rewards at Unum, in a statement announcing the findings. "If workers aren’t getting what they want from their employer, they’ll look for better benefits elsewhere."
Dive Insight:
As Hecker noted, the tight labor market means job candidates and employees have quite a bit of leverage. Employees have long identified PTO as a top benefit and employers have responded with generous policies, hoping to both attract top talent and prevent burnout. Flexibility, too, has appeared on several "most-desired benefits" lists and employers have responded with telework options, compressed workweeks and more.
And although student loan repayment ranked lower in Unum's survey, other studies have revealed a substantial interest from workers. To attract those just entering the workforce, some employers have prioritized financial wellness benefits and even repayment matches — a benefit the IRS approved just last year.
Still, talent pros must deliberately communicate these benefits to candidates to see a return in recruiting. And employers also must ensure workers know what's available and how to use perks; research shows that while employers are boosting benefits, there's a significant use gap.
