The labor market is now tighter than ever. For your business to succeed you need to attract and retain the best people. But, what are top performers looking for in an employer? The best in the industry are no longer satisfied just with comparing different salary offers. Now, they also want to see what a company’s benefits package includes.
Top performers want more than just to cash a paycheck. They want to work somewhere where there work will matter and where they will be treated with respect. One way they can gauge how a company truly feels about its employees is to see what types of benefits the company offers.
Candidates are now more sophisticated than ever. They know that a benefits package can make their lives much more pleasant now and down the road. At a minimum, candidates expect to see a benefits package that includes health insurance and a retirement plan such as a 401(k).
Prospective employees will want to know things such as what the monthly premium amount is for health insurance, if there are any co-pays, and if the company matches 401(k) contributions.
Many candidates will actively compare offers, including benefits packages before accepting a position. It also common for employees to leave for a competitor that offers better benefits.
Because your benefits package can either be a competitive advantage or disadvantage, you need to find ways to improve the benefits you have to offer top performers.
Health insurance and retirement are both complex areas. Even seasoned HR professionals often have a difficult time evaluating all of the different options. One way to evaluate your current benefits package and what options are available is to bring in a benefits expert. An expert can help you clearly understand the costs of the different options as well as how competitive your current package is.
In addition to the basic benefits of health insurance and retirement, you can differentiate your company by offering non-traditional benefits. These benefits are a chance for you to clearly communicate to top performers what your company values are.
Some examples of non-traditional benefits that also communicate your values include things like pet insurance, healthy catered meals or snacks, and wellness programs that include options like meditation during the workday.
When a candidate of employer feel like you have the same values as they do, they are more likely to want to work with you for the longer term.
One worry that many employers have when it comes to benefits is the high costs associated with administering them and making sure they are fully compliant with all state and federal laws.
One way to lower these administrative costs and ensure compliance is to hire a Professional Employment Organization (PEO). A PEO can help you find the right level of benefits for your company, including helping you evaluate different health insurance options. The PEO can also handle employee enrollment, payroll deductions, and all the other paperwork and administrative duties that go along with benefits like health insurance and retirement.