IT Hiring Trends: Healthcare Benefits Factor Prominently to Lure Potential Employees
49% of survey respondents say Healthcare benefits are closely considered when switching jobs.
As we have seen in the previous two blogs, compensation and job flexibility are of the utmost importance to IT Professionals when they are contemplating a move to a new organization. Without the offer of above average pay, or an opportunity to occasionally telecommute from their home a few days a week, they would rather not leave the company they know, for a company they don’t. However, there is another factor that weighs heavily into their consideration to move: Healthcare benefits.
According to a recent CultureFit Trends Survey, healthcare is a table-stake that is 2nd in consideration only to compensation, with 49% of respondents stating that it is important or extremely important in their final decision. However, healthcare as a benefit has become an increasing challenge for companies of all sizes. According to the Kaiser Family Foundation, only 33.2% of all privately owned businesses under 50 employees offer healthcare insurance in Illinois (approximately 2.6% less than the national average). The Bureau of US Labor and Statistics estimates employer benefits cost on average $10.61 per hour worked, with anticipated increases in 2016 ranging between 5.3% and 34% for the more comprehensive plans.
Now you know the importance of offering quality healthcare benefits to prospective employees, and the heavy cost of the insurance itself. So, what are the benefits your company will get for offering an above average plan to get that top talent to come aboard? Here are a few key reasons why you should offer a nice plan:
Ensures the wellness of your workers
Shows that your company’s culture is caring for its’ employees, which builds loyalty! Insurance plans offer preventative care that can keep employees healthy and working. Regardless of age, if employees don’t get preventative care and yearly physicals (which they might not do if they don’t have insurance), you could end up having more employees out for long periods of time with serious illnesses.
Increases employee compensation
Providing health benefits provides an additional means of compensating employees. Healthcare is expensive and normally costs significantly more when purchased individually. An employer that provides this cover with an above average plan will often, once again, be perceived as being more caring and considerate towards its employees.
Your organization will get a group discount creating greater savings
Providing health benefits can achieve the discounts and benefits available from group purchasing. Should an employee be forced to buy their own healthcare coverage, the cost is often significantly more than under a group scheme, and the employee would need to be compensated by a higher salary from the employer.
You will attract and retain the most qualified employees
Whether health insurance is absolutely necessary to attract and retain the most qualified employees will depend upon factors such as whether your competitors or other similarly sized employers in your area are offering health insurance. But as our survey has shown, this is very important to top tier talent!
But remember, healthcare benefits can be offered at varying levels of coverage. One plan will not fit all for the talent you may be looking to acquire. Not offering a healthcare plan may result in key talent slipping through your fingers! Above average compensation, above average health insurance and the opportunity for flexibility in their work schedule may just get you that one employee who really makes a difference for your organization.
If you are interested in finding a highly skilled IT Professional who will match your company’s culture, speak with one of our IT staffing consultants at CultureFit. CultureFit is a full service Technology Staffing and recruitment firm for corporate cultures that value organizational fit, employee satisfaction, and an extremely high level of technical IT skills.
