Move aside the fancy coffee machine and free snacks. Hiring top talent in a competitive job market takes more than perks, it takes real employee benefits. Workers are moving to Arizona and they care about more than ping pong tables in the office. About 60% of workers say benefits are a big factor in their decision to accept a job. And 88% would choose better health, dental and vision benefits over higher pay.
So, what does this mean for companies? The local workforce is changing. So too should your approach to attracting and retaining employees. The good news is you can actually save money in the long run and attract new talent by offering the benefits employees want most, like dental and vision coverage.
What Does Our Economy Look Like?
The outlook for the Valley is sunny. An update by the University of Arizona’s Economic and Business Research Center says “Job, population, and income gains in Arizona and Phoenix are expected to outpace the nation during the next 30 years.”
If you’ve noticed housing popping up in downtown Phoenix or shared a meal at a brand-new restaurant in your neighborhood, you’re not alone. A lot of new businesses entered the economy over the past few years and there doesn’t seem to be a slowdown. In fact, Arizona could add 2.8 million new people over the next 30 years.
Who’s Moving to Arizona?
Data from the Greater Phoenix Economic Council says that Arizona’s pro-business climate, low costs, and easy permitting help companies come here. With tax credits and new co-working spaces, it’s not just big business moving here, but a startup culture too. The median age in Phoenix is 36, making it the 6th youngest metro in the whole United States. And the Center for the Future of Arizona said in a 2019 report that 44.5% of all employed Arizonans work for a small business. Of these, over 135,000 are minority-owned, resulting in almost 40,000 new jobs for the state.
What About Employee Benefits?
The buzz around a grand opening or a new office space is exciting but comes with pain points. From limited resources to a lack of time, small business owners must run the business and develop their staff on a budget. That’s why it’s important to understand the value of employee benefits like dental insurance and how they can help attract talent in a growing market.
Save Money
Dental insurance focuses on the importance of preventive care. This means that, unlike medical plans, the goal of dental insurance is to help patients use their benefits for routine care. Adults with poor oral health are more likely to have unplanned dental visits. According to the U.S. Surgeon General’s “Oral Health In America” report, more than 164 million work hours are lost annually because of dental problems. Helping employees with good oral hygiene now avoids costly expenses later. In fact, every $1 spent on preventive dental care saves $8 to $50 in restorative care.1
Think of it another way: it’s easier for an employee to take a 2-hour lunch for a dental cleaning than to miss a week of work for a dental issue that’s become serious and painful.
Keep Employees
It’s more expensive to hire new employees than it is to keep them. Part of attracting talent includes offering health benefits. Studies show that providing health, dental and vision coverage is key to maintaining a healthy, happy workforce. When given the choice, 88% of people said better health, dental and vision insurance should be considered over a higher-paying job. In the 2018 Employee Benefit Research Institute survey, dental insurance was the third most important benefit for job seekers. Traditional benefits like dental and vision insurance are more valuable than office perks and give companies an edge.
Many employees say their employers have never asked what makes a good work experience. As you evaluate your company benefits, ask your employees for feedback. Trendy things like fitness classes or pet-friendly offices are just that, trends. At Delta Dental of Arizona, we know that access to affordable dental and vision care is a top priority for Arizona job seekers and we offer plans that meet this demand.
Contact us if you have questions about plan options and visit these other blog posts for more resources:
