Best Practices for Employee Benefits in Recruitment and Retention
When it comes to hiring the best workforce, many human resource administrators turn to strong compensation and employee benefit packages to reel in high quality candidates. Diane H. Wong, a content writer at the write my essay service, says that offering above-average benefits combined with an attractive salary and other perks can help a company with producing a positive rate of return in staffing. Recruiters are learning how to use this, and there is a growing buy-in from company leaders.
Raising the Bar with Employee Benefits
In 2013, Accountemps, a global temporary staffing service, released the results of a survey of over 2,000 CFOs from more than 20 of the largest financial markets in the world. They were randomly asked what strategy would take place to attract professionals with in-demand skills. Not surprisingly, 46 percent (the top number) of the CFOs surveyed responded that improving employee benefit offerings was a primary objective, followed by 45 percent who are raising salaries, and 42 percent increasing professional development and corporate learning.
It’s clear from this, and other surveys, that a large number of companies are concerned with both the attraction and retention efforts of quality employees. For a company to rise above the competition being able to offer something more than just the required employee benefits can be a productive focus.
Creating More Value of Employee Benefits in Recruitment
There are several ways that an employer can increase the perception of value by using employee benefits as the foundation of recruitment and retention efforts.
Outside of generous starting salaries and stellar work environments, there are other perks of employment that many professionals are seeking. Good practices include:
Communicating and Educating
Candidates need to know what employee benefits are being offered from the moment they view the company career website or a job description in an advertisement. How your marketing division displays this benefit communication can influence the types of candidates who will take the time to apply for work. Use communication across several channels so that job seekers, interviewees, new hires, and existing employees have access to up-to-date benefit informatics.
Offering Variety of Benefits
Instead of sticking to the standard required benefits, why not provide a greater incentive by offering a wide range of supplemental benefits? Many extra benefits are offered at low group rates and can be employee self-funded, making them easy to afford. Examples of supplemental benefits include hospital indemnity plans, vision and dental coverage, life insurance for dependents, flexible medical savings accounts, and more.
Thinking Outside of the Benefit Box
Employee benefits can also include perks that are in demand by a multi-generational workforce. Defined contribution plan benefits, those that are set at a capped amount per year for health and wellness needs, can offer employees the option to use them for a variety of purposes. Instead of a “use or lose” approach in benefits, a plan like this can give everyone something they are looking for.
Non-traditional Benefits for a Modern Workforce
Today’s employee is looking for more than just a 9 to 5 job. Instead, the best workers are seeking work life balance and the true freedom to mold their own career paths – with support from employers to accomplish these goals. Employee benefits can tie into this well by giving employees access to performance based bonuses, flexible work schedules, on-site lifestyle services, and the latest in technology for use on the job. Employees are also looking for benefits like educational support and learning that can take them far in a career.
Smart employers understand how critical it is to hire and keep the best employees. Therefore, having a strong benefits and compensation strategy speaks volumes about the value of your company as a whole. Give your employee benefits a do-over and include some of the above elements for greater results in hiring and retention.