When discussing our rankings in class it was really interesting to see how we all had very similar rankings for our benefits. For example, we all had Health Insurance, Paid Time Off, and 401k plan in our non-negotiable benefits. These were all three discretionary benefits that we felt as though were necessary in a benefits package offered from a company. As for our top three that we felt were most likely to eliminate, we all had different rankings which is understandable. The non-negational benefits are ones that are necessary to have in order to set yourself and possibly your family up for success. Whereas the others such as tuition reimbursement, transportation services, gym memberships, etc., are more luxuries than necessities and will really differ based on an individual’s specific values and goals. These rankings can really change over time as an individual grows, and their values and goals change.
The demographic composition of the company’s workforce can really influence the needs and wants in a benefits package. As I stated, depending on an individual’s specific goals and values, and stage in life their wants in a benefit package will change. For example, if a workforce has a high number of young adults who are about to begin their families, those employee’s might put a lot of value in a maternity, and paternity leave plan, as well as flexible work schedules. But if the company has mainly older adults that are near to retirement, they are not going to find as much value in that so therefore the company’s package might be different.
The choices for benefits package greatly influence the overall commitment to a company. Your benefits are included in your total compensation package, therefor it plays a key role in your overall commitment to a company. Overall, offering good benefits is key for a company to attract new talent, and retain their current employees by offering benefits that appeal to their overall demographics.
