To grow a business successfully, it’s important to be able to bring in more qualified talent. However, this is rarely easy today, considering how competitive industries have become when sourcing new employees.
Although a generous wage can be one way to differentiate a business from other brands, job candidates today are often looking for more than just a steady paycheck. They’re looking for added security and employers who truly value the contributions they make.
This is where having a well-structured benefits package can be invaluable for businesses. By focusing on providing offerings that provide a wide range of employee perks, it can be much easier to attract and retain more talent.
Know What Your Ideal Job Candidate Is Looking For
Before you can begin structuring an optimal benefits package, you’ll want to spend the time understanding exactly what your ideal job candidate is looking for.
To do this, you’ll want to spend time researching what other companies are typically offering in their benefits package.Â
You’ll also want to consider the demographics of the employees you’re likely to attract. For example, Millennials and Gen Z employees often place a high value on a positive work-life balance. In these cases, exploring beyond traditional benefits offerings and focusing more on balancing personal and professional commitments, including flexible scheduling options and mental health support, could be a good place to start when structuring your benefits.
Essential Core Benefits Offerings To Consider
When starting your research on various benefits options to include in your packages, there are some core benefits that most companies will consider. Some of these include:
Health Insurance
When evaluating a new job opportunity, many employees place a high value on the health insurance benefits provided by a potential employer.
Depending on the specific state regulations, standard health insurance plans may include options such as HMOs (Health Maintenance Organizations) or PPOs (Preferred Provider Organizations), each of them offering different levels of coverage and cost-sharing arrangements.
Retirement Plans
Many job seekers today are looking for a company they can truly invest in. To attract these committed individuals, a comprehensive benefits package is essential, and retirement plans play a crucial role in achieving this goal.
401(k) for private companies or 403(b) for non-profit organizations allow employees to allocate a portion of their pre-tax earnings to retirement savings. Employers can further increase the value of these plans by matching a percentage of these contributions, helping employees build a substantial retirement nest egg while enjoying tax deferral benefits.
Paid Time Off (PTO)
Smart employers recognize the significant impact of a strong paid time off (PTO) policy in attracting and retaining top-tier talent and incorporate them into their total benefits offerings.
While companies vary in their PTO approaches, a growing trend is the implementation of unlimited vacation time. This progressive model allows employees to manage their time off responsibly while giving them more autonomy to finish their work at times most convenient to them.
Life Insurance
Some employers offer life insurance as an extra benefit to their workforce. This type of coverage is a financial safety net for the families of employees, should the unthinkable happen. Typically, employees can select their desired level of coverage and tailor it to their income and other requirements.
Disability Insurance
Income protection insurance is a valuable benefit offered by many employers as part of their overall employee benefits package. While the specific amount of coverage can vary, it typically replaces a significant portion of an employee’s regular income, often between 60% and 85% in the event of a workplace injury. Income protection insurance offers peace of mind and helps to ensure that employees can focus on their recovery without the added stress of financial pressure.
How to Present the Value of Your Employee Benefits
Even the most comprehensive benefits package won’t attract and keep high-quality talent if they’re not presented effectively. It’s important to take the time to really showcase the value of all the benefits your business is offering. Here’s how you can do this:
- Clearly communicate all available options – While some benefit options may be self-explanatory, especially for employees who have been in the workforce for some time, it’s important to remember that not everyone may recognize all their options. Because of this, it’s important to present all benefits information in a clear, concise, and easy-to-understand way.
- Use different mediums to showcase benefits – The benefits you provide to employees should be a large part of your business’s value proposition for job candidates. You should take the time to look for appropriate ways to showcase the comprehensive nature of the benefits and perks your business offers on your website, job descriptions, social media posts, or branded video content. This can give a great first impression and make individuals excited about the chance to work with your business.
- Provide helpful resources – It can be easy to get lost in all of the information presented when coordinating benefits coverage options. Make this process easier for your employees by providing helpful resources and decision-support tools that help them determine the best options for their individual use case. You can also put more time into organizing employee training sessions that walk through all available benefits options to ensure each employee is able to maximize the value out them.
The more your employees understand how their benefits work, the more likely they are to use them and appreciate the efforts the company is making to support physical, mental, and financial health.
Start Leveraging Your Employee Benefits Packages to Your Advantage
Having a well-structured benefits package is a win-win situation for everyone. It helps your business attract and retain top talent while demonstrating to employees that you place a high value on their professional success and personal well-being. By offering a competitive benefits offering, you can start creating a more positive working environment that gets job candidates more excited about joining the ranks.
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