The key to building a strong organization is understanding how to recruit and retain the best talent. In a day and age where affordable insurance can be difficult to obtain, a strategy used by smart companies is to develop and promote a strong employee insurance and benefits package. Large companies such as Airbnb, Netflix, Google and others that offer health insurance, unique perks and generous paid time off are at the forefront of this movement. But offering an attractive benefits package can be just as important for small businesses looking to recruit top talent.
How Important Are Benefits to Job Candidates?
Today, workforce surveys are revealing that good insurance is one of the top reasons why employees will stay with a company or choose one employer over another—ahead of salary, even. A 2015 Glassdoor survey showed that “nearly four in five (79%) employees would prefer new or additional benefits to a pay increase.” Interestingly enough, “more women than men prefer benefits to pay raises.” The survey also showed that younger employees tend to value benefits more than salary increases. Health care insurance ranked at the top of the list of preferred benefits.
Appealing to Candidates With Strong Insurance and Perks
As a business owner or HR leader, it’s up to you to package and promote your benefits in such a way as to appeal to your target candidate market, as well as to your current employees. You can do your part by staying educated about important benefit legislation and updates that affect recruitment strategies and candidate decisions. The US Department of Labor has resources for learning about employee benefits laws.
Effectively learning how to recruit starts with making sure candidates understand the full value of your benefits package. Some general guidelines for accomplishing this include:
From the moment they view a job advertisement to the time they spend meeting with your team, candidates need a solid overview of the company’s benefits package. Clearly communicating the insurance programs and other perks in a variety of different mediums, from print to digital, helps to drive the total compensation home. For example, sharing a printout of an average total compensation statement with candidates, adding a section about benefits to job descriptions, and creating a benefits section on the company career portal can all be ways to educate and appeal to candidates.
Stand Out by Offering Unique Perks
As you develop your strategy for how to recruit top talent, be mindful of what the competition is offering—then offer something even better. Think about the values that each generation of candidates has, such as achieving better work-life balance, planning for certain stages of life (including raising a family or retirement) or improving well-being, and tailor your benefits package so it appeals to the candidates you’re hoping to hire.
For example, a recent survey suggests millennials place a higher value on career development and a flexible working schedule than other generations. So, if you’re looking to recruit younger workers, you may want to consider offering training programs and options to set your own hours. Other generations value these perks too, but they are slightly more focused on working in a traditional setting and may have a greater appreciation for child care and elder care benefits, according to the Society for Human Resource Management.
Package Benefits Attractively
An employee benefits package doesn’t have to be a huge burden for your business. It’s possible to bundle together a variety of low-cost benefits in an attractive package along with the required minimum health care coverage. Control your benefits budget with flexible working arrangements, free breakfasts on Fridays, or a couple extra days of vacation each year. These benefits may not cost a lot out of pocket, but may be attractive to employees who are seeking better work-life balance, value employee appreciation or have young children.
The more your company can develop insurance and benefits programs that reduce the burden of costs on employees, the better you’ll be able to leverage this during recruitment. As you are designing methods for how to recruit and retain your workforce, consider ways to add variety to benefits packages with low-cost voluntary plans, high deductible options and health savings accounts that stretch earnings further.
Use a Customized Enrollment Platform
When packaging and presenting insurance and benefits to new hires and to existing employees, consider using an enrollment system that asks a series of questions to generate custom plans. This can help employees see the incredible effort your company is putting into benefit programs that cater to their individual needs. This factor alone aids in recruitment and retention.
By following these tips, it is possible to offer an outstanding insurance and benefits program to your workforce, and to use these benefits to successfully recruit new employees. Remember that your employee benefits package doesn’t need to be overly expensive, but it must address the needs of your target candidates. Use attractive marketing techniques and a variety of voluntary and low-cost benefits to appeal to a multi-generational workforce.
What do you do to lure top talent for your organization? Tweet us @UnitedConcordia.