How can employers design benefits packages that attract and retain employees?

While employees across all generations might share common goals and challenges, priorities will vary depending on where they are in their lives and careers. For example, research shows the goal of aligning employer and employee values is particularly important to Millennials.

In today’s tight labor market, companies need to look beyond salary in order to attract and retain employees. Companies must also understand what employees really want from their jobs and be purposeful and creative with the benefits packages they offer. Designing such comprehensive, competitive benefits packages means looking beyond the old standards—health insurance, retirement, paid time off—and embracing forward-thinking options like nontraditional and voluntary benefits, and improvements to a company’s work environment and culture.

As with financial security, flexibility is also an important goal for everyone. How that looks could vary significantly, from telecommuting and remote work to phased retirement options. Employers who take into account such differences in priorities are more likely to create an inclusive benefits environment that meets the needs of all their employees.

To read more about what companies can do to attract and retain employees, read this paper by Ellen Harrington and Valerie Verrecchio.

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