How can employers ensure their benefit packages are attractive to Hispanic workers?
Alight’s research reveals that 35% of Hispanic employees say that they would like healthcare options to cover a parent (as opposed to 27% for the general population). In addition, our research shows that Hispanic employees tend to value overtime pay more than their peers.
Nearly 60% surveyed in Alight’s research identify overtime pay as their highest-rated benefit, compared to 53% for other survey participants. This is particularly true for younger Hispanics—a segment that also saves at a higher rate than their peers. Their savings goals include emergency funds, long-term needs, retirement and down payments on housing (a goal they tend to rank higher than other segments).
In the current tight labor market, it’s critical for employers to understand the type of benefits that appeal to candidates. No matter how great benefits look on paper, Hispanics place greater value on their total compensation and how it will benefit all household members and ease financial pressures.
Benefit packages that will be most attractive to Hispanic workers will be inclusive of extended family members and extend financial wellbeing support beyond the traditional retirement focus.
The most attractive benefit package is competitive pay, to differentiate what they bring to the organization in addition to a real opportunity to grow within the organization. Benefits packages that help Hispanic candidates juggle the competing priorities of work and family are a strategic advantage in attracting and retaining this group.