Investing in the benefits that matter to employees and job prospects can take your organization to new heights.
Designing and implementing an employee benefit program that appeals to job candidates and current employees is an important step your organization must take to attract talent and retain it. Today’s top candidates are looking for financial stability, benefits, and culture when considering a new role or staying in their current position. Your organization has the power to entice talent and improve retention by designing, implementing, and optimizing your employee benefits program for growth.
Regardless of your organization’s size and budget, it is key to consider what benefits would make a positive impact in the lives of employees, and leverage those benefits to create value.
Here are a few statistics reinforcing the importance of a high-value benefits program for employees:
- Companies rated highly on compensation and benefits saw 56% lower attrition. (LinkedIn Global Talent Trends Report)
- 89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work. (APA Work and Wellbeing Report)
- 87% of employees expect their employer to support them in balancing work and personal commitments (Glassdoor Survey)
If your organization does not have a benefits program, or you are reviewing your existing employee benefits, here are 4 tips that can help.
Add Federally Mandated / Industry Standard Benefits
The first step in designing your employee benefits program should be implementing federally mandated benefits. These benefits include social security, unemployment insurance, and worker’s compensation. After implementing these benefits, consider adding industry-standard benefits such as health insurance, life insurance, dental insurance, paid sick and leave time, and retirement plans. Depending on the industry of your business, there could be additional benefits that have become must-haves if you want to recruit and retain talent.
One of the best ways to identify industry-standard benefits is by researching your direct competitors on Glassdoor and analyzing the benefits they offer.
Create Objectives and Allocate Budget
After adding federally mandated and industry-standard benefits, it is time to create objectives and allocate a budget towards additional benefits that will appeal to existing employees and employment candidates. What is the goal of your employee benefits program? What are the problems with your current program? Are you competitive? Why do employees stay with your organization or leave?
Remember, when allocating a budget towards your employee benefit program, consider the value of retention.
When creating objectives for your employee benefits program, make sure that you are taking a holistic approach and considering the benefits that are most important to existing employees and those considering a job with your organization. Stay focused on the objectives and do not get lost trying to add benefits that may not matter.
Here is a great article from the Society for Human Resource Management (SHRM) on creating an employee benefits survey.
Invest in Benefits that Appeal to Everyone
Having a diverse workforce can have a measurable impact on the success of your organization. Diversity includes gender, ethnic group, and age. Investing in the right benefits can help your organization diversify its workforce and impact the bottom-line. The best way to appeal to the masses is by targeting benefits that provide value to everyone.
Adding meaningful benefits that appeal to a diverse workforce may seem like a tough challenge, but there are resources available to help you meet this goal. Here are a few:
Corporate Benefits that Appeal to a Diverse Workforce (classpass.com)
Survey Employees Often
Your existing workforce is your most valuable asset when it comes to optimizing your employee benefits program for both recruitment and retention. If asked, most employees would be willing to provide your organization with input regarding your existing benefits program, and benefits that they would like to see in the future. It is important that you survey employees often, at least annually, as industry-standard benefits change over time. You can also adopt an employee benefits survey as part of your exit interview to gauge whether the lack-of specific benefits is causing employees to find employment elsewhere.
Taskly Can Help Your Organization Design and Implement an Employee Benefits Program that Recruits and Retains.
Taskly, a leading HR expertise provider, can help your organization create an employee benefits program or review and optimize your existing one. To learn more about Taskly and submit your first HR task, visit Taskly.com today.