Creating an Employee Benefit Plan that Will Attract and Retain Talent
You need to come up with the Employee Benefit Plan that will not only attract the top talent but keep them with your organization for the long haul. This is because our economy is doing quite well, and the unemployment rate is lower than it has been in many years. This boom has led to more opportunities for qualified applicants to find their dream jobs. So, now is the ideal time for companies to bring in the best and brightest. However, there is a lot of competition among companies, often in your same industry.
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Times have changed, and meager benefits such as free coffee and soda or the company lunch now and then are no longer enough to draw in the best people for your business. Instead, you need to think bigger, with benefits that both make a candidate’s professional life better and improve their personal lives as well.
The idea of driving into the office every day to work eight hours with a 30-minute lunch is no longer as appealing as it used to be. In fact, over 88% of candidates reported that having a flexible schedule was one of the most attractive factors. This factor plays vital role in their decision making about a job selection. People want to have a work-life balance, so they are not too stressed at the office. Consequently, they have time to care for their loved ones.
Flexible schedules could mean split shifts where an employee comes in a few hours in the morning and then returns later that evening. It could also entail a modified week where employees work four 10-hour days and have a three-day weekend. With either of these routines, people can schedule their appointments or set a predetermined day to spend with family. This schedule could also help the company: when employees know that management trusts them to work flexible hours, they can also be more productive.
The opportunity to work remotely for at least half of the week excites about 63% of applicants because it lets them skip a costly commute, save money on clothes, and allows the chance to work from the comfort of their own home. Employee Benefit Plan including this opportunity creates a feeling of trust between the employer and the employee and can also increase productivity and improve their health. Again, this benefit is a win-win for the company as it cuts costs on office space, utilities, and equipment.
These days, health insurance is more important than ever. When a company provides affordable, comprehensive, and easily accessible health insurance, they show that they genuinely care about the health of their workers, and potential candidates see that. In some cases, the only place that a person can afford health insurance is at their job, so it makes a big difference.
A good health insurance plan shouldn’t drain the paycheck and should offer plenty of options and plans from which to choose. Great health plans will have a soft spot for pre-existing conditions. So if a warehouse worker had a bad back and wanted to go to a new job, they would want to know that if they were injured again, they would still be covered with the health plan, or at least under workers’ compensation insurance.
Wellness programs are also great perks and could include complimentary gym memberships, smoking cessation programs, or healthy food or snack options at lunch. Some companies also have a wellness plan built into their health insurance premiums, so if the employee passes regular health assessments, their monthly payment would be lower. This is a unique benefit, so candidates will surely notice if your business includes this perk. The point is showing the potential employee that you genuinely care about their wellbeing.
Benefits for the Future
Getting a new job is no small task, so when people look for a place to work, they want a company that they can stay with for the foreseeable future. They also know that life happens, and things can change as the years go by. A company with great benefits understands this idea. If they offer perks that encourage employees to live their lives to the fullest, then the employee will appreciate the business even more.
For instance, companies that offer extended paid time-off programs give the employee the impression that they are free to live a life outside of work. The time off also provides the employee the chance to refresh so they can return to the job more focused and productive. Your business should also offer a minimum of six weeks of paid family or paternal leave for both mothers and fathers. Again, this gives the impression that your company cares about their outside life and offers parents a chance to cherish their children, so they are happy when they return to work.
A good retirement plan shows the candidate that you are hoping to retain and mold them at your company for the rest of their working career and people like that kind of job security. Retirement plans might include a pension plan or a 401k with an employer match. Some of the more highly ranked 401k plans include an incentive like a 6% match after the employee puts in 1% of their income or matching 100% of their first 6% of contributions. Companies that want to draw in more talent for the long term should highly consider such options.
In the end, a company that genuinely values its employees and offers best Employee Benefit Plan will stand the test of time. People want to know that they are not working for a faceless organization, but instead, a business that truly appreciates its top talent. Incorporate these benefits now, and you could see an uptick in quality candidates.
Written by: Avery Phillips