Mentions of employee benefits in job postings on recruiting website ZipRecruiter reached the highest rates on record. An analysis of this trend revealed that many U.S. employers are leaning on enhanced benefits offerings to attract and retain workers.
Compared to previous years of ZipRecruiter data, many job positions now provide employee benefits such as health insurance, paid time off and paid parental leave. Furthermore, 1 in 4 jobs now offers retirement plans. As many Americans are experiencing debt and financial stress, a growing number of employers are offering student loan repayment and tuition assistance.
“Customers are trying to end out-of-cycle wage increases and cap the size of regular increases to keep costs under control. Many are therefore expanding their benefits offerings.”
- Julia Pollak, chief economist at ZipRecruiter
Aligned with the ZipRecruiter findings, government data indicates a recent rise in benefits offerings. The employment cost index picked up in the first quarter of this year due to increased benefits. In fact, employer benefits costs grew 1.1% from the previous quarter.
In today’s highly competitive job market, skilled professionals often have multiple employment options. Offering appealing benefits can set an organization apart from its competitors, making it more attractive to top candidates. Potential employees consider the value of benefits when evaluating job offers, and a robust benefits package can be a deciding factor in choosing a company.
Not only can benefits help attract top talent, but they can also help retain workers and offer companies a competitive edge. Employee benefits are essential to a comprehensive compensation package and significantly impact an employee’s overall job satisfaction and quality of life. Offering attractive benefits demonstrates a company’s commitment to the overall well-being of its employees, fostering a positive work environment and boosting employee loyalty.
With an increasing number of employers showcasing employee benefits in job descriptions to attract workers, all organizations should explore ways of emphasizing their own offerings. Contact us for additional guidance on employee benefits offerings.
The content of this News Brief is of general interest and is not intended to apply to specific circumstances. It should not be regarded as legal advice and not be relied upon as such. In relation to any particular problem which they may have, readers are advised to seek specific advice. © 2023 Zywave, Inc. All rights reserved.
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