Employees today are not just thinking about the money when choosing an employer. They’re prioritizing what they value in life and looking for workplaces that support work-life balance and a healthier lifestyle. That, from the President of Sutton Benefits & Pensions, who says there is a labour shortage and businesses need to find ways to entice workers and retain them.

To do that, Andrea Hansen suggests that employers think about a complete compensation strategy, which could include salary, benefits and a pension plan. She has seen an increase in the last 18 months for employers joining new group retirement programs.

For those businesses which already have benefits, she advises them to make sure their employees are aware of what is offered so if another job comes up elsewhere, the employee will take the compensation package into consideration. Hansen gives the example of an affordable benefit to implement. Health Spending Accounts are a non-taxable alternative or supplement to a traditional benefits plan.

For those businesses which already have benefits, she advises them to make sure their employees are aware of what is offered so if another job comes up elsewhere, the employee will take the whole compensation package into consideration. An affordable benefit Hansen suggests to implement into a compensation package is a Health Spending Account. It is a non-taxable alternative or supplement to a traditional benefits plan that adds value to the employee without costing more to the business. Hansen shares the example of allocating a percentage of compensation increases toward this account, which tops up any health expenses that aren’t covered.

For example, if someone making $75,000 annually and you were proving a 3% increase, $1,500 would be added to the base pay and they would have $750 for their Health Spending Account.