What is today’s workforce looking for from employers? Health benefits? Flexibility? Long-term financial security? Career support? Yes, yes, yes, and yes.
For hospitality employers looking for ways to draw in new talent and keep existing employees, here are the benefits most meaningful for today’s workers:
- Robust Retirement Support
- Flexible Healthcare
- Paid Time Off (without strings attached)
- Childcare Benefits
- Career Development
- Multi-faceted Mental Health Support
Learn more below, or find even more details about benefits and compensation trends in the hospitality industry in the newly updated Hospitality Compensation and Benefits Guide!
Robust Retirement Support
With the pressure of student loan debts and an uncertain economy, many young workers are concerned about their ability to save enough for retirement. Benefits like 401k with a company match are extremely important to job seekers, especially Generation Z, and Millennials.
Not every employee needs or wants a traditional low-deductible healthcare plan. A growing number of employees are enrolling in HSA plans for a tax-free and flexible way to tend to healthcare needs as they arise.
Paid Time Off Without Strings Attached
Requiring a doctor’s note to use a paid sick day is no longer acceptable for workers. Workers also do not want to see unused sick days go to waste. Some competitive employers have decided not to separate sick days from vacation days, lumping PTO into a single pool. This allows employees to take their paid time off as they see fit, whenever they need it.
Costs of childcare have risen steeply in recent years, creating extra financial stress on working parents. Similar to Health Savings Accounts, the most progressive employers have offered Dependent Care Flex Savings Accounts, creating a pretax option to pay for childcare.
In the last year, the fastest-growing priority for employers has been creating ways to promote career development. The most competitive employers will offer tuition reimbursement programs, certification sponsorships, and proprietary education programs. While these might not be feasible for smaller companies, employers are finding other ways to foster professional growth.
Multi-faceted Mental Health Support
An overwhelming majority of Generation Z and Millennials believe that mental health coverage is just as necessary as dental or vision coverage. A growing number of employers offer plans covering services like stress management, rehabilitation programs, and telehealth, on top of the expected coverage for talk therapy and medication. These benefits are especially important in an industry like hospitality, where mental health and stress are a constant struggle.
Partner with Experienced Hospitality Recruiters
If you are still looking for more resources to create a comprehensive and irresistible compensation package, check out Horizon Hospitality’s Compensation and Benefits Guide!
Looking for help with your entire recruiting process? Reach out to our hospitality recruiters. They have years of experience attracting top management talent to hospitality companies nationwide. Contact us to learn more!