In today’s talent-driven market, benefits matter. According to a Glassdoor report, 80 percent of workers would prefer new or additional benefits to a pay increase, and 90 percent of millennials, in particular, would choose new or added benefits over a pay increase. These numbers are especially of interest in the wine and spirits industry where changes and challenges, like consolidation and the increased consumption of cannabis, have made it increasingly difficult to attract and retain top talent.
When it comes to benefits in the wine and spirits industry, offerings have typically been more traditional, indicative of the industry’s established presence and large footprint. The industry offers benefits like 401(k) plans and wide health insurance coverage. Additionally, 60 percent of large companies currently offer pension plans.
However, with cannabis on the rise, the industry is becoming more progressive as a whole. In an effort to capture younger talent, companies have begun offering employee benefits that appeal to a younger demographic. Companies are striving to honor work-life balance more than ever before, and are offering benefits that help to support families, such as on-site childcare and in vitro financial assistance. In 2020, on-site childcare will be the No. 1 implemented benefit to be prioritized by large companies (those that generate more than $50 million in annual revenue), and 17 percent of small companies (those that generate less than $50 million in annual revenue) will offer similar services.
Additionally, employers are coming up with innovative solutions to increase the retention of current employees like offering paid sabbaticals. According to ForceBrands’ research, paid sabbaticals will be the top benefit added by small companies, with 21 percent of employers set to begin offering this in 2020 and 27 percent of large companies set to offer them for personal, professional, charitable, or volunteer reasons beginning next year.
ForceBrands’ 2019 Wine & Spirits Talent Market Report dives deep into the various ways employee benefits are changing across the industry. For a more extensive look at the new benefits employers will be offering in 2020, as well as a look at compensation inside the industry, you can download the report here.