As gas prices decrease and minimum wage increases, many Americans are becoming aware of the subtle shifts taking place within the corporate world. Businesses are more competitive than ever in today’s crowded marketplace. While customers remain a primary point of contention between businesses, many businesses have to worry about employee retention as well. What was once a perk of working with a company is now becoming the norm as companies compete over employees by offering higher wages and more enticing benefits; here are three ways to determine whether or not you are working for a company that puts their employees first.
Employee Benefits
Even the most passionate of employees need a break every once in a while. There are too many companies across the nation that believe that employees live to work; those that offer sick time and vacation time to their employees instead seem to realize that employees work to live. Nearly 98% of full-time employees in the United States enjoy paid sick and vacation leave from their companies; a good number of these employees say that such benefits as these are a key factor in determining whether they stay with their current employer. Investing in the well-being of employees is paramount to the success of a company; overworked, stressed-out employees are typically less productive than well-rested, happy employees.
Insurance Coverage
Likewise, offering some kind of health insurance coverage for employees and their families can make a large impact on a job. These jobs are more competitive by nature; this allows employers to screen dedicated, professional candidates from a much larger pool than they would typically have access to. Large businesses with more than 50 employees are required to offer some kind of health coverage for their employees; in order to compete with larger companies, more and more small businesses too are upgrading their human resource and compensation planning software to stay competitive.
Retirement Planning
There comes a time when everyone should be able to slow down, get away from work, and just enjoy life in peace. Unfortunately, the Employee Benefit Research Institute suggests that up to 46% of all American workers have less than $10,000 saved up for their retirement plans; 29% have less than $1,000 saved for their retirement goals. In total, up to 74% of American workers have no retirement income planning and expect to have to work even when they are technically retired. In response to these figures, many companies are investing in independent investment management solutions including 401ks. A 2013 survey of major employers throughout the United States found that on average, those participating in their independent investment management programs are saving around 6.8% of their pay; employer contributions from these independent investment management programs average 4.5% of pay, a number that rose from 2010’s 3.7%. One can tell a lot about a prospective employer based on the benefits they are able to offer to their employees; before settling into a job, make sure that it is one that will be able to give back as much as you’re willing to put in as an employee.
