If you’re a forward thinking business, then it’s important to realize that employees are no longer motivated by salary alone. While the number of digits on the paycheck does play a big role in where they eventually decide to take their talents, it will be the assortment of employee benefits that turns the tide in your favor.
Perks that actually help employees with their task or personal lives are the ones that make a difference. If you’re offering benefits that serve no real life purpose, then you could possibly be losing out on the most sought-after candidates.
Instead of redesigning the pay structure, perhaps what you really need is to revisit the current assortment of employee benefits being offered.
Work-Life Balance and Flexible Hours
The current corporate climate is centered on extracting as much from the employees as is possible. Overworking your employees is not a good long term strategy and harms your retention rates, which obviously means spending more capital on recruiting and training new candidates, only to repeat the cycle on a continuous basis.
It is of utmost importance to focus more on engagement and job satisfaction to bolster productivity levels. Your benefits package should beneficial perks such as paid time off and the option to work from home. In a world that is connected over technology, this should not be difficult to achieve.
Student Loan Programs
Many of your most talented employees fresh out of university will have a crippling student loan to deal with after their graduation. This is doubly true for employees with useful skills in the field of technology and software who can offer a lot to the company which they work for. If you want to retain and attract such talent, then try offering them assistance in paying off student loans. Doing so will guarantee their retention in your company.
It might not be financially possible for some companies to offer complete reimbursements of student loan programs, but every small contribution made toward paying out that loan will play a big role in attracting skillful employees.
Dental and Vision Insurance
Make your employees feel more secure by offering comprehensive health insurance packages that also include dental and vision. This alone will give your company a big leverage against other companies which might not be offering the same. Health care costs can play an enormous role in a candidate’s life, requiring hundreds of thousands of dollars in payments in emergencies.
Not having to face the uncertain future with paranoia because of comprehensive health insurance programs that also include dental and insurance is a great way of securing a larger candidate pool.
There is no better way to make your employees feel more empowered and healthy than by introducing wellness programs. Small and medium enterprises don’t have to break the bank with wellness programs by setting up massive gym infrastructure; they can offer small perks such as free yoga classes, meditation sessions and subsidized gym memberships.
Confused about creating a benefits policy that actually works? Get in touch with JS Benefits Groups and create a strategy that will attract and retain the most talented and sought out employees from a large candidate pool.