As hiring becomes a more competitive process, companies have been forced to think outside the box and offer benefits that will not only attract top talent but also retain it. When people look for jobs, one of the main things they focus on is the benefits a company offers. Other than a good and fair pay, the perks and benefits are what attract people to apply for jobs at certain companies. For example, a person is more likely to a apply at a company that offers unlimited paid time off than to a company that only offers 2 weeks of PTO. It’s understandable that the industry may determine the benefits and perks the company is able to offer. Typically, a good benefits package includes an employee’s pay, plus a number of perks such as health insurance, 401k, paid time off, free snacks, flexible schedules, tuition assistance, and so on.
A benefits package should be a tool used by a company to attract, engage, and retain its workforce. Something to keep in mind before deciding what to include in your benefits package is your employee demographics. What I mean by that is if you have an office full of Millennials and Generation Y, offering more non-traditional voluntary benefits will be more attractive to your employees and your recruiting process. However, if you have mostly Baby Boomers and Generation X, they might value traditional benefits more than offering pet insurance or adoption assistance. It all falls on knowing your employees’ needs and wants and, in the end, whether you really want to stand out and please all your employees. Read on to find out how you can build a benefits package your employees will love.
Most, if not all, organizations offer benefits and perks to their employees other than compensation. According to Money-Zine, the following are some key perks that most companies commonly offer:
- Health insurance, including medical, dental and vision
- Retirement savings plan such as a 401(k)
- Additional insurance, like life and disability
- Paid time off for vacation, sick days and personal days
- Flexible and/or remote work options to help employees save on commuting costs and achieve better work-life balance
Although these are just the basics, job seekers are still applying to companies that offer these perks. Keep in mind that in order to stand out and attract top talent, you will need to think outside the box and get creative. It is understandable that not all companies have the same amount of money to put towards benefits, but it comes down to balance. Employers should budget benefits just as they would with their payroll, facilities, and so on. Your workforce is what drives your business and without them, you wouldn’t exist. Because of this, you should do the most you can to keep them happy. You should know that you don’t have to spend thousands of dollars in benefits. Small things such as free snacks or drinks, discounted services, volunteer time off and so on are great ways of keeping your employees happy.
Get to Know Your Employees
Something that I find extremely interesting is the fact that more than 79% of employees want better benefits more than they want a raise! According to Glassdoor’s 2015 survey, the benefits/perks that are valued more than pay raises are healthcare, PTO, bonuses, paid sick days, 401k plans, flexible schedules, tuition reimbursement, discounts, gym memberships/wellness programs, and stock options, among others.
Google is famous for its over-the-top perks like chair massages, yoga classes, haircuts, and lunches made by a professional chef. Other companies that offer creative perks are Facebook (free housing for interns), Genentech (free car washes), Goldman Sachs (coverage for gender reassignment surgery), and many more.
Like I mentioned before, knowing what your employees want is a great way of knowing what benefits to offer. Make sure you talk to them and ask them what they want or need, don’t just assume. The best way to know what your employees want is to survey them and ask them what kind of benefits and perks they’d like to see. Make sure the survey is anonymous in order to get the most honest responses from them. After you have surveyed them and reviewed their answers, be sure to follow through and actually take their responses seriously.
Once you have reviewed all survey answers and have decided what benefits you want to (and can afford to) offer, it is time to implement them into your company. How, you ask? Because all of the above sounds like and is a lot of work, many businesses opt to use an HR management software. Modern software allows you to administer the program and customize plans without using tons of paper and time. A good hr management software will allow you to administer benefits, track applicants, onboard new employees, and manage time off requests. When considering aHR software, there are a few things to keep in mind such as payroll integration, employee self-service, reporting and analytics, and an option for connection to carriers.
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. 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 it, 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 an HR management 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 Dominion’s HR Management Software can help your business, request a free demo now!