Businesses looking to attract talent within their industries should look to the power of employee benefits. When employees are making decisions about potential employment opportunities, the benefits offered will be a major factor in their decision. In order to attract and retain top talent, companies should utilize the attractiveness of their employee benefits. By creating an attractive benefits plan, businesses improve their chances of both attracting and retaining competitive talent within the field.
Employee Benefits & Talent Acquisition
Talent within the industry will look to employee benefits when making their employment decision. Being able to stand apart from other companies will aid in bumping your company up for consideration in the potential employee’s mind. When benefits come up, the attention will mostly revolve around health care coverage or other general topics. To set your business apart from the rest, you should consider offering non-mandatory benefits that will attract the top talent for your industry. Employees who are attracted to and satisfied with their benefits are proven to perform more effectively, and will ultimately improve overall business efficiency.
What Benefits Are Most Competitive In Talent Acquisition?
Employee benefits are a necessary factor when it comes to decision-making. From the employee’s perspective, these benefits could be the deciding factor when choosing a job. Health coverage, time off and workers comp are expected. Offering non-mandatory benefits can set you apart as an employer. These non-mandatory benefits are what will set you apart from your competition, and truly lock in interest with top talent. Competitive benefits that will aid in talent acquisition are:
401(k) And Retirement Plans
Companies that offer 401(k) plans show an interest in an employee’s life after their career. These accounts are seen as an investment in the future. Employees will be looking for this benefit, as their long-term future will be a factor in this decision. When companies offer 401(k) plans, they work to attract and retain talent. Employers who know the value of a 401(k) plan will work to offer this competitive benefit, and keep their employees’ futures in mind.
By offering this benefit, businesses also prove themselves as stable companies with an opportunity for growth. Having a 401(k) plan in place can cost the same, or even less than a weekly team lunch according to Roger Lee, CEO of Human Interest. Companies who offer these incentives prove to their workforce their determination in setting them up for success after a career.
Employee Wellness Programs
A company that shows they care about the wellness of their employees will easily stand out from others. Wellness plans allow employees to gain coverage in areas such as gym memberships, personal training sessions or even massages. When companies provide coverage for these items, it empowers employees to take better care of themselves. Employees will take initiative, and in doing so, improve their health and happiness. In this improved state, productivity at work will increase. Employers who offer this tangible benefit will see an increase in health, happiness, and productivity not only in their current employees but also in any potential employees they hope to attract.
Ancillary benefits, which include coverage for dental, vision and life, are great factors to use in attracting talent. If your company doesn’t offer these benefits, you can offer them on a voluntary basis. This means that you won’t contribute, the plans don’t cost you a dime, but your employees are still able to receive the plans. The pricing for the plans will be better than those on the individual market, and work to attract top prospects. Voluntary plans can actually save the employer money. Deductions taken out of employees’ paychecks can be made on a pretax basis, so employers don’t pay payroll taxes on those pretax deductions.
Student Loan Repayment Assistance
For individuals looking around for new employment opportunities, a large factor in their decision will be the benefits a company offers. While most will think of health coverage or time off, a competitive factor in talent acquisition is student loan repayment assistance. Companies who offer this assistance can dip their toes in the up-and-coming desired benefit.
Tuition for college has increased 37% from 2008 to 2018, creating a large amount of student debt for potential prospects. Offering assistance in your benefits package is a great way to improve employee retention and attract top talent within the field. When potential employees see the dedication you’re willing to offer in student debt assistance, they’ll know they’re joining a company that cares for their workforce.
Enhance Your Benefits With New City Insurance
At the end of the day, talent is what keeps the business running. Being able to attract potential employees that are competitive within the industry is necessary for any business. In order to do that, companies need to offer a competitive benefits package. At New City Insurance, we strive to offer companies the most competitive benefits packages possible. Our various plans offered are designed to work for your company and attract the best possible employees on the market.
Don’t allow benefits to become a second thought, seek out the proper attractive package today! Reach out to our team at New City by phone at 888.210.2759 or request a consultation online. We look forward to working with you!