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How To Use Employee Benefits To Attract Talent

November 10, 2020 by New City Insurance

Interviewees looking over benefitsBusinesses 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?

Handshake after successful meeting 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

Items included in an employee wellness program 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

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

Graduate cap sitting on cashFor 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

Agent going over employee benefits options 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!

Filed Under: Benefits

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New City Insurance
New City Insurance
4.9
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
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