Today's job market is fairly competitive, and if you have open positions to fill, it helps to know what candidates are looking for. The following seven benefits are ones you should strongly consider if they're not already part of your offering, according to Schwab's 2019 401(k) Participant Survey.

1. Health insurance

Though health insurance is pretty much a given these days when putting together a workplace benefits package, not all plans are created equal. Ideally, you should offer a comprehensive plan with low copays, reasonable deductibles, and premiums that are generously (if not fully) subsidized.

2. A 401(k) plan

By offering a 401(k) plan to your employees, you're empowering them to save for retirement. Not only should you aim to sponsor such a plan but you should also find one with low administrative fees and a wide range of investment choices. Just as importantly, try to match employee contributions to some degree, as that will motivate your workers to save even more.

Office with rows of people at desks.


3. Life insurance

Many people don't buy life insurance because they're worried about the cost and are intimidated by the application process. By offering a modest policy to your workers, you'll give them a degree of peace of mind that they may not find elsewhere.

4. Disability insurance

Not every state makes disability insurance a requirement, but providing a long-term disability policy for your workers gives them some much-needed protection in the event of an extended illness or injury that's difficult to recuperate from. The more generous your policy, the more your employees will appreciate it.

5. Health savings accounts

Healthcare is a huge burden for working Americans and retirees alike. By offering a health savings account, or HSA, you can help your employees save and invest money for healthcare expenses so they're not left struggling to pay them.

Your workers will be eligible for an HSA if they're on a high-deductible health plan, defined as a deductible of $1,350 or more for single coverage or $2,700 or more for family coverage. You can contribute funds on behalf of your employees to their HSAs in the same manner as you can to their 401(k)s.

6. The option to work from home

Employees today expect and crave flexibility, and part of that means getting the option to do their jobs from home. It pays to consider letting your team work from home on at least a partial basis -- especially those employees who have been with the company for quite some time and have established themselves as strong, reliable performers.

7. Flexible spending accounts

Though both health savings accounts and flexible spending accounts help workers set aside funds for medical costs, the former is meant to serve as more of a long-term savings account (specifically, one to be used in retirement). FSAs, on the other hand, are designed to be used up on a yearly basis, and they're a great way for employees to reap some tax savings in the course of paying for unavoidable healthcare expenses. If you're going to offer an FSA, find one that's user-friendly -- meaning, a plan that supplies debit cards so employees don't have to submit claims and wait to be reimbursed.

The right workplace benefits package could help you attract new talent while retaining the employees you value the most. Look into these benefits if you don't offer them already, especially if you've been struggling to hire or retain staff.