Keeping key employees loyal to the business is of the utmost concern for business owners – with 81% of our study's* respondents saying it is important to some degree. It is also very much top of mind – with nearly two-thirds saying they either frequently or often think about the issue. But the concern lies in the business owners’ perceived ability to solve the issue – 70% say they would do it themselves or turn to their business partners or family members for help.
Offering a competitive salary and comprehensive benefit package is the most common method of attracting and retaining top talent. The good news is 90% of our survey respondents report offering some kind of benefits to their employees. But are they the right benefits?
Not all employee benefits are created equal and certain ones are more valued by employees than others. Some of the most desired employee benefits aren’t what you might think. Competitive pay is only the beginning. Flexible work schedules, work-from-home arrangements and paid time off should all be considered as part of today’s compensation packages. In addition, bonuses used to pay life insurance premiums, employer-paid disability income insurance, or non-qualified deferred compensation programs can help keep your most valuable employees in place.
Considering the employee benefits that the workforce desires most will help you develop a benefit package that will help keep your current employees loyal and attract the best new talent in the future. Business owners could benefit greatly from speaking with a knowledgeable professional outside of the business or the family for information on the many types of benefits that may be of value to their key employees.
* 2015 MassMutual Business Owner Perspectives Study conducted by HawkPartners for MassMutual.