To be a successful business, you need to be able to get and keep great talent. But depending on who you’re looking to hire and what your competition has to offer, your current approach to employee benefits may not be giving you the recruitment and retention advantage you need.
In a highly competitive market, one size does not fit all. Organizations who put time and effort into their benefits strategy will be the talent winners.
Back in the day…
There was a time when employees were generally happy with the standard health and retirement benefits offered by their employers.
As the cost of providing quality healthcare and retirement programs continues to spiral, many employers have cut back on their offerings. And employees are feeling the pinch.
As financial realities and workplace expectations continue to evolve, employees are redefining which benefits are most important to them and using these priorities to guide them when making career decisions.
Employers who want to give themselves an edge in recruitment and retention should take note.
Finances are a big concern
According to the Global Benefits Attitudes Survey, employees are seriously worried about their financial situations. Survey respondents reported being worried about both short-term and long-term finances, as well as the possibility of retirement.
Data from US workers revealed the following:
- 36% of employees reported being concerned about the level of debt they face
- 52% of employees said they were experiencing short or long-term financial worries and/or were currently struggling financially
- 66% of those who were struggling financially reported higher levels of stress
- 76% of employees believed they’d be worse off in retirement than their parents
This study also backed up the obvious: Employees with financial worries have higher levels of stress, and higher levels of stress lead to poor health outcomes for employees and reduced productivity for employers.
You don’t need a doctor to tell you that high stress and poor health will also lead to higher claims on your health plan. Having stressed out employees isn’t just unhealthy. It’s expensive.
Making benefits work for everyone
A carefully constructed employee benefits package can make a huge difference, both for your workforce and your organization.
As an employer, you have the power to attract great talent, alleviate financial anxiety, and give your employees another reason to stay with your organization— all at the same time!
Medical benefits can relieve a considerable amount of emotional and financial stress for your employees, especially when those benefits extend to partners and family members. They can also improve the overall health and wellbeing of your team.
Paid time off policies don’t just make people happy. They also encourage employee wellness. As technology allows work to creep into personal time and personal lives, it’s important to give people time off to rest and recharge. Offering sick time is important, but only granting time off when people are sick isn’t a good wellness strategy. Flexible PTO policies will be much more appealing to current staff and potential employees.
Dental and vision plans are often seen as “extras” by insurance providers and employers, but if you’ve ever suffered through a midnight toothache, dental care sure doesn’t feel superfluous. Neither does good vision. Research shows that employees value dental and vision coverage and will take these benefits into consideration when making employment choices.
Retirement plans and contribution matching can help ease worries about long-term finances and provide a sense of security. These programs are also an effective way to for employers to demonstrate that they are willing to invest in their employees over the long term, which could make them more likely to hang around.
Unfortunately, far too many employees can’t even think about retirement, much less contributing to a retirement plan, because they are still so buried in student debt.
Student loan repayment programs are quickly becoming a coveted employee benefit. According to SHRM, only 4% of employers are offering help with student loans. Meanwhile, in a survey conducted by American Student Assistance, 76% of respondents said that if a prospective employer offered a student loan repayment benefit, it would be a deciding or contributing factor in accepting the job.
If you’re looking for up-and-coming talent, this is an area where you could gain a serious competitive recruiting advantage.
Great employee benefits = great business benefits
If you’re having trouble finding quality candidates, it’s time to rethink your approach.
The employee business landscape is shifting and changing constantly. Employee recruitment and retention strategies that worked yesterday may not work tomorrow. Or even later this afternoon. Take a fresh look at your current benefits program and think about how it can help you take better care of your employees and your business.
If your employee benefits broker or strategy is stuck in the past, it’s time to get moving in a new direction.
Need a better ROI on your corporate employee benefits? At Raffa, we’re not interested in finding you a policy solution for this year. We’ll create a long-term, employee benefit strategy designed to help you become an employer of choice. Want to build a better future for both your business and your employees? Get in touch with Raffa.
Photo by Dzianis Apolka