There are many factors that can influence which employee benefits will be of the greatest value to workers. Some industries find that staff members are more likely to have large families and thus crave family health insurance coverage. Others possess personnel that are older and thinking about retirement, meaning that pensions and 401(k) accounts are more appropriate to offer.
The demographics of a company's workforce are important to consider, but employers should be sure to also be aware of local trends when selecting coverage packages. For example, the South Florida Sun Central reports that Florida has the lowest rate of workers saving in an employee retirement plan. The reasons for this aren't necessarily important to companies, but the phenomenon should not be discounted.
Consequently, employers should understand that benefits that are uncommon in an area are either overvalued or undervalued. If they're overvalued, it means that people nearby have no interest in, for instance, contributing to their employer-provided retirement funds and that other services should be offered. Conversely, undervalued benefits should be offered to take advantage of regions that are significantly lacking in certain employer-offered services.
