In the past, I’ve shared some tips on how to attract and retain top talent. One of the best ways to do so is by offering benefits. This means not only the required assistance by the government but also those that go beyond that. Some businesses offer benefits because of their state or federal laws such as social security taxes, worker’s compensation, disability insurance, leave benefits, and unemployment insurance. Yes, staying compliant is very important for every company, but going beyond that is what makes your company stand out from the rest. You are not the only company that is working hard to attract and retain top talent, which is why you should go the extra mile to stand out. The following are a few reasons why you should offer additional benefits to your employees.
Attract Top Talent
In today’s world, the job market is extremely competitive which makes it harder for companies to get the best hires out there. Many new hires look for companies who offer health benefits, especially since health care costs are increasing at a rapid pace. When posting jobs on job boards, make sure that the ads emphasize the benefits your company offers. If needed, look at what other companies are offering their employees and see where you stand. Since one of your goal is to attract talent, you should also advertise these on your website’s careers page.
Retain Top Talent
Once you have attracted and hired the best talent, it is time to keep them happy. Happy employees are productive employees. This is the point when simply offering health and dental benefits won’t cut it. Young employees want paid time off, volunteer time off, career advancement, retirement plans, tuition reimbursement, etc. Employees who are making an investment in their future through retirement plans or furthering their education are less likely to move to other companies. Keep in mind that investing in your employees shows that you have their best interests in mind and that you value their performance. Additionally, spending some extra money up front could save you the thousands of dollars that you lose when an employee leaves. For more information on How You Can Retain More Employees Without Spending More Money, click here.
Increase Morale and Productivity
Like I mentioned before, happy employees are productive employees. By understanding the needs of your employees, you show that you care about them, which will boost their morale and in return increase productivity. Some “extra” benefits companies can offer include company vehicles, discounted products, memberships to clubs, sporting event tickets, paid housing, repayment of student loans, and more. These benefits are bound to make your employees happy because they are things that they might not be able to get on their own. In general, employees must pay payroll taxes on the value of any fringe benefits you provide, unless those benefits are excluded from income under federal laws. For more information about fringe benefits and federal laws, read here.
It is essential to have employee benefits in your company in order to compete with other companies and get the best talent. There are many different benefits you can offer, and depending on your budget and strategy, you can choose to have all or just some of them. Either way, make sure to advertise these on your company’s website and job postings. Once you hire the best talent, remember to keep your employees happy in order to reduce turnover. The benefits you choose to offer to your employees should help your business achieve its main objective in one way or another, whether that goal is to attract top talent, retain them, lower your turnover rate, or simply keeping your employees happy. Keep in mind that having benefits comes with extra work, which is why you should consider investing in a benefits administration software. This is a great solution that will simplify your open enrollment and make your HR department staff’s a lot easier. To see how a benefits administration software can help your business, request a free demo below!