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The Role of Benefits in Attracting & Retaining a Workforce for Manufacturing Industry

September 2, 2021, by New City Insurance

a forklift worker in a manufacturing companyThe need for bigger and better employee benefits is becoming more evident every day, especially in the manufacturing sector. According to a recent report released by Tooling U-SME, an estimated 2.5 million manufacturing jobs will go unfilled by 2028. The manufacturing industry is highly competitive and without the right incentives, businesses are likely to experience a high rate of turnover.

Attracting and retaining a workforce in the manufacturing industry requires a good salary and competitive benefits package. Approximately 33 percent of companies use benefits as a retention strategy for employees at all levels within an organization, according to the Society for Human Resources. However, just 49 percent of employees are satisfied with their current benefits.

What Benefits Do Employees Want?

Many businesses in the manufacturing industry have already taken steps to alter their benefits to increase retention. However, it is important to offer benefits that employees highly value. A survey by Glassdoor revealed what types of benefits are most sought-after by employees. The results were as follows:

  • Health Insurance (e.g., medical, vision, and dental): 40 percent
  • Paid Time Off (PTO) and Vacation Days: 37 percent
  • Performance Bonuses: 35 percent
  • Paid Sick Days: 32 percent
  • Retirement Plan, 401(k) Plan, and/or Pension: 31 percent

Health Insurance

health insurance on clipboard with specsHealth insurance is the most desired employee benefit among job candidates and employees. Offering an employee benefits package that includes medical insurance shows workers that the company is invested in their well-being, resulting in greater job satisfaction and more productive employees. Group health insurance is more affordable than individual health plans and eligible businesses receive certain tax incentives.

Paid Holidays and Vacation Days

Research consistently reveals the health benefits of taking vacation time. Employees that are offered time off in the form of paid holidays or vacation days are more likely to experience lower stress, improved productivity, and better mental health. Staff members require time off to help keep their mental and physical health in balance. Employers that provide paid time off encourage employees to make use of their time away from work.

Paid Sick Days and PTO

Similar to paid holidays and vacation days, offering employees paid sick days and paid time off is an excellent way to reward a loyal workforce. Life commitments like doctor appointments often require employees to miss work, which can lead to low paychecks and decreased morale.

By adding paid sick days and time off into an employee benefits package, workers can take the time they need without the stress of financial concerns. PTO can also benefit employers. According to a study published by the Alexander Hamilton Institute, employers that offered PTO saw a 6 to 8 percent decrease in unscheduled absenteeism.

Other Fringe Benefits

There are also other types of fringe benefits that employers in the manufacturing sector may choose to offer workers. Some types of fringe benefits may be mandatory to certain companies, such as health insurance, medical leave, unemployment insurance, and workers’ compensation. However, businesses may also choose to offer fringe benefits not required by law, such as stock options, education reduction, disability insurance, life insurance, retirement planning services, fitness training, meal plans, and employee discounts.

Why Offer Benefits to Employees?

The job market has changed drastically over the past decade, and there are more positions available in the manufacturing industry than there are qualified candidates to fill them. In a highly competitive market, businesses must find new ways to attract and retain employees. With a solid benefits package, manufacturing companies can compete for the best talent.

The smaller the business, the less likely it is to offer an employee benefits plan. However, what many growing companies do not understand is the importance of offering competitive benefits.

asian women working in factoryGreat employee benefits help to differentiate businesses from their competition. Manufacturing companies that do not offer benefits or offer inferior benefits are at a major disadvantage.

It is important to remember that compensation does not just pertain to salary. Instead, it refers to all types of compensation that is paid to employees, including benefit offerings. Today, employees expect to receive a fair salary and the benefits they need to maintain good health and well-being. If a company does not offer these perks, job candidates are likely to look elsewhere.

Benefits also help make employees feel valued. Turnover costs can be significant, especially when employees frequently leave for better compensation and benefits packages elsewhere. Providing workers with a total compensation package will help them feel like they are being paid well for their work.

Speak With An Employee Benefits Consulting Firm

Employee benefits are more important than ever as the manufacturing industry continues to experience rapid changes in the job market. To attract and retain a talented workforce, reach out to the experts at New City Insurance about benefits consulting services.

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New City Insurance
New City Insurance
5.0
Carol Zhang
Carol Zhang
04:29 06 Mar 22
As a rapidly expanding national media organization, the employee benefits strategy and administration that New City has provided us during our growth has been invaluable. They have been proactive about informing us of the different benefit strategies available to us as we grow as well as managing the additional compliance laws and reporting requirements at each stage of our growth.
Claudia Villalobos
Claudia Villalobos
20:14 03 Mar 22
New City Insurance made navigating through all the health insurances super EASY. Their documents are highly informative, professional, and easy to work with. Thank you for making the process of choosing a health plan so simple. You guys are THE BEST!
Philippe Salas
Philippe Salas
17:02 22 Feb 22
I never expected to have a good time talking to an insurance salesman, but let me tell you Brendan was quite the treat. He was very helpful explaining the options and has a wonderful sense of humor. I hope to speak with him every time I call.
Jennifer Polito
Jennifer Polito
17:15 09 Feb 22
Super easy enrollment process. Fast and friendly customer service. If you are looking for an insurance company that is there for you every step of the way I highly recommend New City Insurance.
Rocky Salas
Rocky Salas
23:46 07 Jan 22
So friendly, I hope to speak to him again in all my future insurance needs.
Rocky Salas
Rocky Salas
23:38 07 Jan 22
So friendly and soft spoken. I hope to speak to him again in all my future insurance needs.
Jose Brena
Jose Brena
13:20 06 Jan 22
Eric Calciano has been extremely helpful in finding and selecting the right insurance coverage for our company. With many options out there Eric assisted us on getting a low cost provider saving more than 20% than from our competitors and providing excellent coverage for our employees.
Anastasia Beaverhousen
Anastasia Beaverhousen
17:05 28 Dec 21
Signing up for insurance was quick and easy. Felicity Sundsboe
SFCC
SFCC
22:08 29 Nov 21
Jeff Stoltey and his team provide excellent customer service. Jeff has always provided my company SFCC with straightforward options. I went to a larger insurance company only to RUN BACK to Jeff at New City Insurance. I recommend them to anyone needing insurance without hesitation.
Kevin Luby
Kevin Luby
19:13 22 Oct 21
Quick, easy & informative. We were able to secure quality insurance for our small business on a tight deadline. Thanks for the help New City.
Theresa Ruybol
Theresa Ruybol
19:30 01 Jul 21
Eric was so great with us. He was very patient and kind as we are a newer smaller organization who is growing rapidly. With that said, we had made our inquiry, he had great rapid response and mostly had to wait on me. Any request that we made and/or questions we had, he was great answering and helping us understand. Then when we were ready for all documents and to move forward, Brendan helped with getting that together and the two of them worked their magic on New City's end to notify me of what was needed, assist me in that process and confirming that all was complete and approved for the coverage. I just want to say thank you all again so much, as insurance has always been confusing to me, and you all made that process go a lot smoother.Thank you
Andrea Ordendorff
Andrea Ordendorff
21:06 07 May 21
I've been working with both Clayton and Brendan for well over a year. As the purchase of our dental practice was delayed well over 14 months they both patiently supported me and continued to make themselves available. When we were officially ready to sign up they made the whole process seamless and super easy. This team is highly knowledgeable, professional, supportive, and efficient! I can't thank them enough for everything they've done.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
Mike McClay
Mike McClay
19:36 03 May 19
My employer uses New City as their insurance broker, and I'm always amazed when I call in for assistance by how knowledgeable and attentive their staff is with my requests. Their online benefits platform makes selecting insurance plans pretty darn easy. I would highly recommend their services.
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