A Publication of WTVP

Want to hire and retain the best employees? Bring on the benefits!

One of the greatest challenges facing employers today is talent acquisition and retention. Spurred on by savings from the Tax Cuts and Jobs Act and low unemployment rates, many employers are rethinking their benefits strategy to maximize their return on investment.

While the traditional one-time bonus is undoubtedly appreciated by employees, certain benefit enhancements can be more valuable in the long run—and make the difference in attracting and keeping talent. Some benefits may bring greater loyalty to your company, as benefits are usually tied to a company’s culture, and can create an increased connection between the company and the employee. Here are some of the changes employers are currently turning to:

Medical Benefits
Cancer care benefits, critical illness insurance, fertility benefits, and life and disability insurance top the list for sweetening traditional health benefits. Many of these options have been voluntary in the past, but are switching to being employer-sponsored. Employers are also considering holding health insurance premiums static or even lowering them.

Paid Leave
Increased maternity and paternity leave dominates the discussion on paid leave benefits. Numerous well-known companies—including Lowes, TIAA, Walmart and CVS—have already made enhancements in late 2017 and into 2018.

Other Considerations
Some additional benefit modifications include offering pet insurance, free fruit and snacks around the office, adoption assistance programs, student loan repayment programs, enhancements to education and tuition reimbursement, and identity theft protection.

Retirement Planning
Some of the most impactful changes are those made to an employer’s retirement plan. Most employers agree that their goal is to have more employees enroll in their retirement plan, contribute regularly to build a reasonable amount for retirement, and allocate their assets among funds in an appropriately diversified way. While education for employees is usually offered, it is not always utilized, resulting in inaction from the employee.

Certain nudges, changes to employee onboarding design, and modification of plan features can yield dramatic results. Here are several of the top changes to retirement plans that employers should consider making:

What is your company doing to modify its benefits, attract and retain top talent, and nudge employees to save for retirement? Start a conversation with your employees and ask what they value most. iBi

Kyle Rose is a principal in CliftonLarsonAllen’s employee benefits practice. He can be reached at (309) 495-8716 or [email protected]. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment, or tax advice or opinion provided by CliftonLarsonAllen LLP to the reader. For more information, visit