Offering a strong benefits package can help you gain a competitive advantage in finding talent. Filling employee needs throughout different stages of life encourages talent to work for your organization.
Providing an attractive benefits package increases employee engagement, performance, and productivity. The results include elevated job satisfaction, employee engagement, and attraction and retention rates. These factors help strengthen your bottom line.
Find out why a strong benefits package can help you gain a competitive advantage in finding talent!
Elevated Talent Attraction
Most employees are happy working for companies that offer increased vacation days, paid time off (PTO), or flexible work hours. Examples include paid holidays, floating holidays, PTO to volunteer with a nonprofit organization, additional PTO between Christmas and New Year’s Day, and working half-days during summer months. Having adequate time to fulfill personal responsibilities and interests supports work-life balance and employee happiness.
Wider Talent Pool
Employees who are willing to relocate desire companies that provide assistance with moving expenses. Therefore, you should consider covering part of the costs related to selling and purchasing a home, packing belongings, hiring movers, and related expenses. Offering relocation assistance increases your access to top talent from around the world.
Employees who prioritize physical and mental health and wellness want to work for companies that offer health and wellness benefits. These benefits help prevent employee burnout.
For instance, your group health insurance plan should cover wellness exams, preventative care, prescription medications, and medical treatments. Your plan also might offer mental health programs, virtual doctor visits, and mental health education. Additionally, you could offer dental and vision insurance to supplement other health needs. Plus, you might provide reimbursements for yoga classes, meditation classes, gym memberships, or home meal delivery.
More Productive Workforce
Most employees want employers who offer benefits that support work-life integration. As a result, employees are more likely to remain productive, complete their work by the deadlines, and add value to your organization.
For instance, the ability to use vacation days or paid time off to meet personal needs helps reduce employee stress, anxiety, and depression. Also, taking vacations with family and friends helps employees completely disengage from work. Then, your employees can come back rested, refreshed, and ready to produce.
Financially Secure Talent
Most employees look for a 401(k), profit-sharing plan, stock bonus, employee stock ownership, or another company-sponsored retirement plan when deciding where to work. Offering a company match makes your retirement plan even more attractive. Providing a retirement plan shows you care about the financial futures of your employees and their families.
Offering financial planning services also helps attract talent to your organization. Providing money management education and assistance shows you care about your employees’ financial security and desired lifestyles.
Many employees want to work for companies that provide tuition reimbursement. These debt-assistance packages often are tax-exempt up to a certain amount.
Offering tuition reimbursement helps attract employees who value education. As a result, your workforce should prioritize ongoing learning to develop their skill sets and provide additional value to your organization.
Employees who have or want to start families desire to work for companies that offer paid parental leave. This type of leave includes male and female employees who are adding biological or adopted children to their families or grieving a miscarriage. Providing adequate time to adjust to family changes helps attract and retain talent.
Most employees seek employers who offer professional development opportunities. External examples include seminars, conferences, online classes, and participation in industry events. Internal examples include stretch assignments, cross-training, job shadowing, and mentoring.
Employees who engage in professional development opportunities acquire the knowledge and skills required for career advancement. As a result, these employees look for companies that offer professional development opportunities. Therefore, offering these opportunities helps attract top talent for longevity within your organization.
Socially Active Talent
Many employees appreciate having paid time off to volunteer with local nonprofit organizations and community events. Providing these opportunities helps make your community and the world a better place to live.
Encouraging employee voluntarism helps support your company’s reputation as an employer of choice. As a result, your employee attraction and retention rates should increase.
Offering a strong benefits package shows your employees you care about their quality of life and appreciate the value they provide to your organization. Therefore, your employees are likely to maintain long-term loyalty to your company. As a result, you should spend less time and money on recruitment.
Tips to Create a Strong Benefits Package
Research which benefits your employees find most attractive. Providing the benefits that help fill your employees’ needs supports attraction and retention rates.
Consider using any of these methods to uncover your employees’ benefit preferences:
- Educate employees on their benefits. Help employees understand how to use their benefits and the value they provide. Offer assistance to make the right choices to fit each employee’s needs.
- Make the benefits easy to use. Include simple, efficient processes for enrollment, claims, and payments or reimbursements. Ensure issues are quickly resolved. Consider working with a third-party administrator specializing in employee benefits and customer service.
- Track employee benefit usage. Focus on which benefits have the highest and lowest enrollments.
- Email employee surveys. Ask employees to rank their satisfaction with the current benefits package. Request input on which benefits should be offered and which no longer are important.
- Create a focus group for employee benefits. Gather ongoing feedback on the healthcare, retirement, paid leave, wellness, and other benefits you provide.
Do You Need Help with Finding Talent?
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