By Teresa Pierce for the Tribune
The most recent jobs report was released on Friday and reflected the 194,000 jobs created in September. Despite the low number of jobs, wages have risen sharply. The 0.6% monthly gain pushed the year-over-year increase to 4.6%, as companies used the wage increases to tackle the persistent labor shortage.
The persistent labor shortage continues to hamper the ability of businesses to create jobs in the region. It has been reported that there are 1.5 openings for every employee looking for a job.
Local businesses continue to look for ways to make their jobs the most attractive to local job seekers. In addition to salary increases, some companies have increased their benefits in an effort to compete in the tight race for talent.
The Society of Human Resource Managers (SHRM) surveyed companies to find out what the top benefits they offer are, and the top 16 include:
1. Paid time off (98%) – Employers understand the need to unplug and recharge.
2. Pension plans (93%) – To help employees save for the long term, employers need to help their employees tackle financial insecurity now.
3. Mental Health Coverage (83%) – The pandemic has put more emphasis on mental health as more employees grapple with depression, anxiety and high rates of burnout professional.
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4. Employee Assistance Program (79%) – EAPs have never been more relevant than today, as employees and their families need help with mental health and work and life personal.
5. Healthcare and flexible accounts (68%) – Flexible spending accounts have been a “use it or lose it” account, but a new law allows employees more flexibility.
6. Wellness Programs (58%) – Employee wellness has been a major concern throughout the pandemic as stress, depression and anxiety plagued employees.
7. Tuition Assistance (56%) – Employers are uniquely positioned to provide support and empower employees to control their tuition costs and complete their education.
8. Health Savings Account (56%) – An HSA is one of the few accounts that allows employees to save for both retirement and health care expenses.
9. Long-term care insurance (32%) – The burden of caregiving affects employees in and out of the office: caregivers can experience emotional strain, financial challenges and economic risks, resulting in expense exorbitant.
10. Fitness Activities (30%): Exercising regularly helps promote health and may boost employee engagement.
11. Paid Parental Leave (27%) – Maternity and paternity leave for parents allows employees to bond with their new addition and stabilize their home while not losing income.
12. Paid Time Off (PTO) for Volunteering (26%) – Having a specific PTO policy for volunteering can highlight the value of community involvement and helping others.
13. IVF Coverage (18% IVF and 17% Non-IVF) —The road to becoming a parent is not always easy. Employers can help ease the financial and emotional burden that surrounds it.
14. Payday Advance (15%) – Allowing employees to use the money they have already earned helps create an employee who is more financially secure, less likely to be distracted at work.
15. Pet Insurance (15%) – About 45% of pet owners will spend as much or more on pet health care than on themselves, according to a Lendedu survey of 1,000 pet owners. animals.
16. Student Loan (8%) – Student loan debt can be debilitating and negatively affect an employee’s mental health, which is why an employer-provided loan assistance benefit is recommended. so important.
Wages and flexible hours are two key pieces of the puzzle for employers who want to support their employees. Companies that invest in their employees and families with added benefits by prioritizing their unique challenges see 5.5 times greater revenue growth through greater innovation, better talent retention and increased productivity, according to a study by Great Places to Work and Maven Clinic.
If you need help creating your preferred professional future, please ask for help at http://www.workforceconnections.org/request-services.html or contact Workforce Connections, Inc. at 608-789-5620.
Teresa Pierce is Executive Director of Workforce Connections, Inc.