We have shared some tips on attracting and retaining top talent in the past. 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 provide help 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 working hard to attract and retain top talent, which is why you should go the extra mile to stand out.
Attract Top Talent
The job market is highly competitive in today's world, making it harder for companies to get the best hires out there. Many new hires look for companies that offer health benefits, especially since health care costs are increasing rapidly. When posting jobs, make sure that the ads emphasize the benefits your company provides. If needed, look at what other companies are offering their employees and see where you stand. Since one of your goals 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 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 value their performance. Additionally, spending extra money upfront could save you the thousands of dollars you lose when an employee leaves.
Increase Morale and Productivity
A happy employee is a productive employee. 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 they provide unless those benefits are excluded from income under federal laws.
You can offer many different benefits, 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 primary 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 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 benefits administration software can help your business, schedule a demo with us!
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