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10 Employee Benefits to Attract & Retain Top TalentMay 25, 2021 Blog Post
Flexible benefits are a key way to ensure employees have a good quality of life. Learn how our flexible benefits increase productivity and enhance the company culture.
Attracting and retaining top talent should be a high priority for any company. According to statistics, replacing an employee can cost up to two times that employee's salary. Plus, a high employee turnover is something that can significantly damage your company's bottom line. One of the best ways to find new employees is through a referral from your existing staff, so it's keenly important that your staff is happy with the company culture, benefits, and salary. Whether you're concerned about keeping your great employees or attracting top talent, employee satisfaction will play a key role in both.
There are a number of factors that play into employee satisfaction. Salary is still a high priority, but other employee benefits and flexible benefits are more attractive to the workforce today. Here, we'd like to discuss some top employee benefits to attract and retain your top talent.
10 Benefits Plans to Attract Top Talent
The workforce is changing dramatically. In the last year, work-from-home options have become more important if not necessary for companies to survive, and we believe that many companies will continue to use remote and hybrid models. Traditional salary, health insurance, and retirement benefits are still factors that employees consider when weighing career options, too. But many workers also consider flexible benefits services when assessing the salary and compensation for any position. It's important to regularly update your understanding of the type of compensation that employees consider a high priority.
As the workforce changes, employees are prioritizing quality of life, work/life balance, and growth potential when they make decisions about accepting a new position.
Here are some of the top benefits to attract great talent:
- Health Insurance: Health insurance is an important benefit that many prospective employees will consider. We'll talk a bit more about options in flexible benefits later, but offering some form of health insurance is an attractive benefit that employees appreciate.
- Dental and Vision Insurance: Many insurance plans don't include dental and vision. These added policies are enticing, especially for employees with a family.
- Retirement Benefits: Retirement benefits, such as a company-matched 401k, are something that many employees will look for in a job offer.
- Vacation Time / Paid Time Off: Many employees are looking heavily at the ways a position will help them bring more quality to their lives. They appreciate the ability to take time off to spend with family and take care of their personal responsibilities.
- Flexible Schedule: A flexible schedule can be an excellent selling point for many employees who need to balance work and home life. Allowing employees to adjust their schedules to include advanced studies or other responsibilities can make the work environment more attractive.
- Remote Work Options: Work from home opportunities have become far more mainstream in the past year, but many employees appreciate the ability to work from home, even in a hybrid capacity. This can also be beneficial for the company because you can cut down on overhead by downsizing to a smaller office.
- Wellness Benefits: Some companies offer health club memberships or a discount on health club memberships. They may also offer things like chiropractor visits, yoga classes, or other wellness treatments that can benefit staff and make for a less stressful work atmosphere.
- Education and Career Growth Opportunities: Some benefits you might consider offering are things that benefit the employee's career trajectory. Many employees will look for positions that can help them grow professionally. You can help with this process by offering tuition reimbursement or other career training options for your staff.
- Employee Savings Account: A savings plan works like a 401K, but it might be used for anything, not just your retirement. Often these are used by employees for retirement, purchasing a home, or paying college tuition for children. The funds are matched by the employer, and they are taken prior to being taxed, so there is a tax benefit for the employee.
- Flexible Benefits System: Flexible benefits are becoming more and more popular with employees and companies. With these flex plans, your employee gets to pick the exact benefits package that fits their individual needs.
Why Are Flexible Benefits Important?
While there is a wide range of benefits that can help you attract great talent, we'd like to discuss flexible benefits a little more thoroughly. Most managers and owners are very familiar with the other types of benefits. Flexible benefit systems are newer and can be an excellent addition for the employees and the company.
With a flexible benefits package, your employee gets control over the type of benefits that they can choose. This is very enticing because not every employee has the same lifestyle. Younger workers might be more concerned with things like reimbursement accounts and student loans or tuition reimbursement. Employees who are more established in their careers might be more concerned with health and dental coverage, life insurance, and paid time off.
With flexible benefits, your employees can choose the options that are most important to them during this phase of their lives. And those options can be updated. For the company, this means that you're able to cater better to your employee's needs for a happier and more satisfying company culture.
Thinking Beyond Salary
Of course, to attract and retain top talent, salary is a consideration. A highly skilled worker needs to make the salary that they're worth, or they'll find a position to pay them the fair market value. In the modern workforce, it is important to show employees the full value of their compensation and benefits by seamlessly creating and sharing employee-facing statements, or what we refer to as Total Rewards. Options like flexible work hours don't cost the company anything in monetary investment but can improve the way that the employees feel about the company.
Benefits are a key way to make sure that your employees have a good quality of life. Striving for employee satisfaction increases productivity and enhances the company culture.