Which employee benefits are most competitive?

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Employers must offer generous benefits if they want to attract and retain the best talent in a competitive hiring market. According to Glassdoor survey data cited by the Harvard Business Review, about 60 percent of people say benefits and perks are a major factor when weighing job offers. The same survey found that 80 percent of employees place higher value on additional benefits than a pay raise.

A survey conducted by marketing agency Fractl found that after health insurance, employees desire benefits that come at a relatively low cost to employers, including flexible work hours, more paid time off and more work-from-home options, according to the report.

The survey was administered to 2,000 U.S. workers between ages 18 and 81.

Here are three findings from the survey, according to the Harvard Business Review.

1. The most desired employee benefits were better health, dental and vision insurance, with 88 percent of respondents saying they would give these benefits "some consideration," while 54 percent said they would give them "heavy consideration" when choosing a new employer.

2. The next most valued benefits are those that enhance work-life balance, according to the report. A majority of respondents said flexible work hours, more paid vacation time and work-from-home options could sway them to choose a lower paying job than a higher-paying job with fewer benefits.

3. Student loan and tuition assistance was also ranked highly by survey respondents, with just under half reporting that such benefits could lead them to opt for a lower-paying job, according to the report.

 

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