As hiring and retaining talented employees becomes increasingly more difficult, human resources professionals are strategically leveraging employee benefits as a recruitment and retention tool. A tighter job market requires that an organization present itself as an employer of choice, a situation that is leading HR to offer benefit options that appeal to a wide range of employee demographics. In fact, employers that are already strategically customizing their benefits packages are creating a positive image of their brand to attract the best and brightest in their industries.
With rising health care costs, and an increasingly mobile workforce, finding the right balance is difficult. As an employer, you want to provide great benefits, but you cannot afford to waste money on benefits that do nothing to recruit and retain a competitive workforce. For the investment to work, you must offer benefits employees want.
So, what are the most important benefits to employees?
Most Sought-After Employee Benefits Include:
- Health Care
- Paid Time Off
- Workplace Flexibility
- Wellness Program
- Tuition Reimbursement
- Flexible and Family-Friendly Schedules
- Pay Raise or Performance Bonus
- Life Insurance
- Workplace Perks
- Professional Development & Training
While these types of benefits may not come as a surprise, employee benefits that most industry experts say are needed to attract talent competitively include: health care, paid time off, and possibly a retirement savings option. Additionally, there are specialty benefits and workplace perks that help businesses – even small businesses – become an employer of choice.
However, it is important to evaluate what benefits are important to your specific employee base. As an employer, you certainly do not want to invest in benefits your employees do not value.Instead to getting caught up in the latest benefits trend, take a step back, and then ask employees what they value in benefits and compensation. The answer might surprise you!
Employees Increasingly Value Choice
To add to the mix, studies indicate what employees value is changing. For example, many employees value choice and the ability to personalize benefits. And, now more than ever, employees say they are ready to share responsibility for having this variety with many willing to incur more of the cost in order to have a choice of benefits that meet their needs. In fact, this is what is the driving force for many small and growing companies to use a reimbursement approach with benefits. For example, instead of offering a specific retirement plan or health-care plan, companies are offering a contribution to an HSA or reimbursing personal insurance and other medical expenses through a Small Business HRA. It’s this kind of approach that leads to business savings and employee choice – definitely a win-win.
Bottom line? Employee benefits are one tool to make your team feel valued, appreciated, and loyal. Ranging from health benefits, to retirement savings, to flexible schedules, employees want to work for a company that makes them feel secure and satisfied. For smaller companies, however, finding the right mix of benefits to create a positive return on investment is a challenge. To attract and retain excellent people to represent your company, consider the types of benefits that employees truly value. Then, look for cost-effective ways to offer the most important benefits to employees.
Need help? Contact us today at 303-721-1145. We can help you find the best benefits packages to not only attract, but retain, today’s top talent.