Final answer:
Retirement plans might be considered the most important benefit due to the impact on long-term financial security, while an on-site cafeteria could be deemed the least important. Voluntary benefits play a crucial role in employee acquisition and retention as they represent valuable components of total compensation and provide security.
Step-by-step explanation:
When ranking voluntary benefits in terms of personal importance, individuals might prioritize different options based on their current and future needs. The most important benefit to me could be the retirement plan, ranked as number 1, due to its crucial role in ensuring financial security in the later stages of life. Elements such as employer payments to Social Security, Medicare, and pension insurance, have an impact on the retirement plan's reliability and stability. The least important might be the on-site cafeteria, ranked as number 12, as it is more of a convenience than a long-term financial benefit.
Voluntary benefits like employee insurance (mainly health), retirement plans, and other legally required benefits such as unemployment and worker's compensation insurance significantly contribute to employee acquisition and retention. They enhance total compensation and provide a sense of security and appreciation, making companies that offer comprehensive benefits packages more attractive to potential hires and current employees alike.