The job market is getting competitive over the years. Employers are in need of top talent that can meet the challenging demands of this ever-changing business environment.
Organizations struggle to attract skilled candidate pools.
A survey conducted by Glassdoor indicated that 60 percent of candidates strongly consider employee benefits offered when accepting a job offer. In addition to this, 80 percent of employees showed more inclination toward additional benefits, over a pay increase.
Multiple studies and research reports reveal that a competitive employee benefit program can help employers acquire and retain employees. Here’s a list of attractive benefits that can be offered to your potential candidate pool.
A fixed schedule ties down employees. Candidate look for flexibility and autonomy. The companies who offer this perk get the best candidates in the market.
According to HBR (Harvard Business Review), flexible work schedule is the most desired perk, after health insurance.
Another survey revealed that flex-hours influence 88 percent of potential candidates who are willing to choose an employer that pays less, but offers flexible schedule, over an employer who is willing to pay more, but has a fixed schedule.
Flexible work schedule allows employees to establish a work-life balance. With more control over their hours and work, employee can utilize their skills more productively. This is why, more and more companies are offering work-from-home options, along with flex-hours.
Medical, with dental and visual coverage
This is the sweet spot, which can attract the cream of the candidate pool. In a survey conducted by SHRM, 95 percent of employees choose health benefit to be their top priority.
In 2016, American’s health care cost amounted to $10,345. Due to expensive medical cost, employees are in search of companies that offer medical coverage to the employee as well as the immediate family.
A comprehensive employee benefit plan is long-term in nature. The company’s culture and brand image can be strengthened by offering a well-rounded retirement plan. This benefit provides tax relief on each employer’s contribution.
Group life insurance
The job market is volatile, and employees are looking for financial and personal security. Companies can attract a larger candidate pool by offering group life insurance. Companies like Google offer 50 percent of an employee’s salary for 10 years to the spouse of the deceased employee.
This is the optimal level of employee benefits, but you can choose other inexpensive insurance plan to make your employee secure.
Employees are more aware about overall wellbeing and want their employers to be vested in their physical and mental wellbeing. Due to the increasing need of wellness programs today, around 88 percent of companies claim to have introduced this benefit in their organization.
A wellness program can include onsite gym, healthy pantry, yoga class, stress awareness program, etc.
We—at JS Benefits Group—can help you attract top talent. We are a group of employee benefit consultants and HR consulting firm in Pennsylvania. Our wellness programs and health benefit plans are backed by comprehensive organization and market research and analysis.
Along with designing and implementation of programs, we also provide HR consultation. Call 877 355-6070 and get a custom benefit plan for your company.