Do You Know What Your Employees Really Want?
According to a survey by ADP of more than 31,000 employees across various industries, the following three areas are the primary foci of employee wants/needs:
Pay. This carries with it the obligation for employers to check the market to be as competitive as possible without jeopardizing their business.
Retirement Benefits: the first time this subject has ranked this high in any survey, which is a good development for employers that offer pensions or savings-oriented plans like 401(k)s. The SECURE 2.0 ACT offers tax incentives for employers to help in this area.
Healthcare: The rising cost of payroll deductions is a concern for employees – who do not want to go without coverage, either. The preference is to have less deducted from their paychecks and pay more when medical care is needed – although in that case they may be short of available money. Offering flexible plans is important for employers.