9 ways your benefits package impacts recruitment
From being more competitive to offering remote work options, here are nine answers to the question, “Can you share the most helpful ways a company’s employee benefits package (compared to what competitors offer) affects recruitment and talent retention?”
- Compete With Iron-clad Benefits
- Offer a Generous Retirement Benefits Package
- Reflect How Much You Care for Your Team
- Highlight Professional Development
- Focus on Being Affordable and Unique
- Promote a Positive Work-Life Balance
- Recognize Employee Efforts
- Strengthen Your Brand Reputation
- Provide Remote Work Flexibility
Compete With Iron-clad Benefits
For our team at the Pocketbook Agency, we fully understand how important our compensation and benefits packages are. In this space, not everyone gets health coverage besides a robust salary.
In order to attract the best talent and retain it, we must offer more than what others do. We’re a placement agency, and we pitch to our clients that we have the hardest-working, best-skilled, and most-reliable pool of candidates.
In order to achieve that high standard, our agency must compensate our workforce accordingly. We attract the best talent and the highest-paying clients available because of that commitment.
Offer a Generous Retirement Benefits Package
Companies offering generous retirement benefit packages can attract and retain top talent, especially when those benefits are more attractive than what other companies offer. Retirement benefits give employees a sense of security that they’ll have resources available to them in the future and provide an incentive for workers to stay with the company throughout their careers.
Offering extra incentives like matching contributions or employer-sponsored pension plans can be a key factor in attracting and retaining top talent. Furthermore, offering more comprehensive retirement benefits such as 401(k)s, 403(b)s, or 529 college savings plans can be an additional incentive to stick with the company.
Michael Fischer, Founder, Elite HRT
Reflect How Much You Care for Your Team
Benefits packages are often very transparent ways that a company can show the level of consideration and care that they give to their staff, particularly if they offer bespoke packages which reflect the specific requirements of each staff member.
Well-managed and well-put-together benefits packages are fantastic for retention, as they simply show employees just how valued they are, rather than generic benefit packages which are present in the vast majority of workplaces.
Highlight Professional Development
A standout employee benefits package might offer employees opportunities for professional development, whether that be as extra training or support for developing new skills. This can make a company an attractive prospect for recruiting and retaining top talent, as those looking for these kinds of opportunities are more likely to choose a business with access to such resources.
Focus on Being Affordable and Unique
Many employers do not use their benefit offerings to differentiate themselves in the employment market, resulting in a lack of variety for employees. In order to offer benefits packages that are more attractive than their peers’, employers should focus on being affordable and unique.
While the majority of employees expect to have a minimum level of health, dental, and vision coverage, they are often pleasantly surprised when they are offered at a low cost to them. Additionally, if you are able to contribute towards their out-of-pocket expenses with an HSA contribution, that will also be appreciated.
After satisfying these needs, you can focus on providing unique options that reflect your employees and their needs. For example, if you have a young population, you could offer student loan repayment help or fertility coverage. Whatever you choose to offer, make sure that they are relevant and timely for your population, easy to implement and administer, and well-advertised.
Promote a Positive Work-Life Balance
A company’s benefits package impacts employee retention because it gives them the tools needed to promote security for one’s well-being, whether this is financially or for overall health. More than half of the working population would have higher job satisfaction if they receive favorable benefits. When staff feel we meet their specific needs, they become happier. A positive work-life balance for all will keep employee retention high within a company.
Chris Coote, Founder & CEO, California Honey Vapes
Recognize Employee Efforts
After the pandemic, we have laid a greater focus on employee wellness and staff retention strategies. Companies and big organizations have understood that it is unfair to keep expecting employees to stay and work for the company without giving them any extra perks.
We have seen that many employees don’t feel appreciated for the hard work they do and they switch companies. We can reduce this problem when an employee benefits package is introduced.
There are many ways to reward your top-performing employees for their hard work, such as offering gift vouchers, healthcare coverage, or additional monetary rewards. This ensures that employees don’t lose the morale to put in greater efforts and decrease employee turnover. Also, everyone wants to work for companies that value their employees, for example, Google, which means attracting more candidates to work for a similar goal.
Strengthen Your Brand Reputation
A company’s overall brand reputation becomes stronger when the benefits are solid. Knowing that a business has good healthcare, or unlimited time off, can be a major attractant in the marketplace. This also paints a better brand image overall because applicants know beforehand that employees are treated well at the company.
Provide Remote Work Flexibility
By offering employees the option of working remotely, companies can gain an advantage in the talent market. With more people looking for flexible and diverse workplaces, a company with a good remote work policy is likely to attract better candidates than ones without this benefit.
Furthermore, allowing employees to work from home or other locations of their choice can help improve employee retention since they can gain a better work-life balance. As such, giving employees the option of remote working can be a major drawcard when it comes to the recruitment and retention of top talent.
Submit Your Answer
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