Because of the rough economic times currently, some employers are reducing the benefits they offer employees. Other employers are asking employees to pay more of the cost of the benefits they receive. Employees are concerned that either of these actions might escalate. Employees and employers are becoming painfully aware of the true cost and market value of their benefits packages.
I wrote recently about the need to educate employees about their benefits and provided several suggested ways. Employers spend a lot of money on benefits and, only if you educate employees, will they perhaps appreciate the benefits you provide. In many ways, though, employees have come to look at benefits as an entitlement. Employers of choice have decent benefits packages and employees of choice have come to expect, at least, a standard benefits package.
Employers need competitive, comprehensive benefits to ensure you are recruiting employees of choice. A solid benefits package also helps you retain your good employees, and unfortunately, your under-performing employees, too.
Find out more about benefits for employees.
Every once in awhile, I have a fun story to share about benefits. I remember making a verbal job offer to a young person to hire her for her second job after college. (You know I am a believer in agreeing on the details of a job offer before doing paperwork. Except with senior employees there is usually not much to negotiate.)
Midway through looking at our list of benefits, she squealed with joy - no, there is no other accurate way to describe the sound she made. I waited. She squealed again, "Oh my God, you have a 401(k). Now I know I've really gotten to the big time. Thank you, thank you, thank you, thank you." Didn't I just tell you that employees don't appreciate the value of their benefits? Yup, but sometimes, in some cases, I am wrong.
More About Benefits
- Are You Getting the Best Benefit From Your Benefits?
- Non-standard Employee Benefits.
- Employee Benefits.
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