How much are your New Jersey employees spending on benefits, including NJ disability leave and ancillary benefits like dental, vision, and Group Life / AD&D? Reports show it could be more than they expect.
A new survey found that 45% of workers feel it’s fair to spend less than 10% of their pre-tax paycheck on employee benefits. But 59% spend more than 10% on benefits, ranging from health care to statutory NJ disability leave. What’s more, the benefits aren’t delivering the peace of mind workers desire. Only 15% of the workers polled by a digital life insurance agency said that their current benefit options give them the peace-of-mind that would allow them to pursue “personal aspirations,” such as buying a home or starting a family.
Employee benefits packages are, essentially, table stakes for employers to catch the interest of workers in today’s tight labor market.
A recent study from experience and innovation design firm Cake & Arrow found that once an employee believes they are receiving adequate compensation, the benefits play only a small role in job satisfaction. Employees ranked “benefits” as third least important (behind the location and hours and the company’s reputation) when asked what is most and least important in a job.
On the other hand, a healthy work life balance was ranked as number one most important, with the company culture and people and the work itself ranking second and third, respectively.
However, it’s hard to have a work-life balance of any sort if you are stressed about providing for your family if you – or they – should become ill, injured or unable to work. Employee benefits are crucial to that peace-of-mind.
Affordable employee benefits can help meet worker expectations for the qualify of life today’s workers demand. From NJ disability leave and paid family and medical leave to ancillary benefits, affordable robust benefits help employees feel more secure in their roles, enable better performance, and boost employee retention rates.
In today’s highly competitive labor market, the burden falls on employers and human capital management or HR teams to educate employees on the true cost of benefits, how to select the best benefits, and how they can enroll.
Employers can play their part by turning to a reputable insurance agency to identify the benefits workers need at the most affordable costs. By bundling NJ disability leave with ancillary benefits like dental, vision, and group life/AD&D, employers can offer the best benefits at reduced premium costs for employees.
EZTDB can also provide flexible employee benefits packages that are:
EZTDB has a 45+ year history writing NJ disability leave and other statutory benefits across the country, from New Jersey to Hawaii. Let us help you explore ways to compete in a tight labor market and deliver more of what your employees want.
Here are ways to reduce costs while improving recruiting and retention Less than 10% of…
Are you one of the growing number of New Jersey business owners saving money and…
The “Great Resignation” of late 2021 and early 2022 has led to another employment trend…
Have you noticed, recently, that as the days grow longer during the summer, workdays –…
When it comes time for a New Jersey business owner to renew their TDB policy,…
As a New Jersey business owner in today’s tight labor market, you may be focused…