How Important are Pension Benefits to North American Workers?

Pension information displayed on tabletA job offer without pension benefits would still be a factor for a potential employee to reject it, even if it quoted a high salary, according to a survey of 2,750 people in Canada and the U.S.

If you are one of many companies that have recognized this trend, an employee benefits enrollment application or software will serve as a good selling point that workers in your company receive proper coverage.

Pension’s Importance

Most software solutions today handle multiple types of employment benefits, which you could integrate into a single system. This means that employees can see not just their pension plans, but also other benefits such as performance appraisals, paid time-off credits and other bonuses.

While pension plans matter to most respondents, companies that target millennials should pay more attention. A majority of those between 20 and 37 years old in the survey said that a retirement plan is one key factor for accepting an offer.

A similar study also revealed that health insurance is almost as important as salary when considering an offer’s merits.

Health Coverage

An employee’s success in their career depends on their happiness and health, so this led many companies to include health insurance plans to their roster of benefits. In fact, some people would not bother sending their application if the company does not offer any type of health coverage for hired candidates.

Large enterprises have no problem with this since they tend to lure blue-chip talents by offering the most comprehensive compensation package. For smaller companies, however, it’s important that they strike a balance between providing a good insurance plan and managing the associated expenses.

Conclusion

A high salary is no longer enough to attract the best talents in your industry. Before you embark on providing more employment benefits, think about how you could manage them in a seamless way.