BlogsAttract Top Talent with Great Employee Benefits
March 31, 2017, by Ryan Miller
When it comes to recruiting and retention, it is important to consider the employee benefits that your organization offers. Great benefits can make a difference in how both potential and current employees see your company as a place where they can achieve growth and prosperity. Here are a few ways you can attract top talent to your organization.
It starts with offering a competitive compensation package. Talented people expect to be paid according to their skill levels. This can be a challenge for smaller businesses or newer companies who can’t yet afford to pay top-level talent. Still, it’s important to know what your industry is paying and keep your salaries within range of the averages. Beyond that, you can get creative by offering stock options, profit sharing or other financial perks to increase enticement.
What you pay is just part of what will attract employees, though. There are several other factors to consider, such as your company mission, your workplace culture, engagement between departments, management approach, and more. If people enjoy coming to work, it’s good for you on every level.
Better Company Culture
Think about your office culture and look for ways to increase enjoyment without sacrificing productivity. Of course, having happy workers who enjoy what they do and where they work will naturally be more productive. Some companies offer wine tasting days, laundry services, game rooms, or an in-house chef and gourmet kitchen. Think outside the box and find something that would be attractive to employees, but also affordable for your budget.
Benefits and Perks
One of the most effective ways to attract top talent is to create appealing employee benefits. Start with your healthcare benefit package and offer multiple healthcare options for employees, both in the carriers and plans offered. By doing this, you can cater to a broader audience.
There are also alternatives like HSA’s and FSA’s, which provide creative ways to help employees save the most money while also providing money for care when they need it most. Investing more into health benefits than compensation is beneficial for both the employee and the employer. For the employee, their employer’s health insurance contribution is pre-tax, meaning that their money goes a lot father than traditional compensation. For the employer, it is tax deductible, which can alleviate the burden of payroll taxes.
It’s also a good idea to offer optional benefits for employees, at a lower rate. For example, having the option to add vision/dental insurance, pet coverage, financial planning services, etc. can make your company stand out against the rest.
There are many different ways you can offer enticing employee benefits and compensational perks without breaking your budget.
For assistance in creating a benefits program that will attract and retain top talent, click below.