An attractive salary may have been enough to entice job candidates in the past, but modern workers are more interested in choosing a company that offers a well-rounded benefits package that goes beyond traditional insurance offerings and caters to the needs of modern working families. Business owners have the power to profoundly impact their workers’ lives by providing useful employee benefits, but it can be difficult to find affordable yet attractive solutions.
The following factors can guide companies in creating a more competitive employee benefits package:
Consider the Demographic
The factors that make a benefits package competitive depend largely on the age range of the company’s employees. For example, a younger workforce may be more interested in competitive financial wellness packages and individual health benefits, while more mature workforces may place a higher emphasis on family benefits. Companies that are looking to hire a largely millennial workforce may want to offer more novel benefits, such as remote working and flexible working hours. It is also important to take factors such as relevant regulations and the overall job market into account.
Ask Employees What They Want
Employee surveys and focus groups are great methods for determining which benefits employees are seeking. This is an area that can change rapidly depending on the economy and the state of the world. For example, in the wake of the coronavirus pandemic, employees have increasingly been seeking mental health resources and benefits related to mental health to help them manage anxiety, depression and other mental illnesses. The pandemic has also acquainted many employees with the benefits of remote working, and many are now seeking the option to work remotely or on a hybrid basis.
Find Out Which Benefits Are Currently Being Used
No matter how carefully a company’s benefits package was designed, there is a chance that some benefits that seemed like a good idea on paper do not align with what employees actually need. Therefore, it is important to take a closer look at which benefits employees are actually using and which ones are being largely ignored.
Although companies may sometimes be reluctant to ask employees what they want, being direct and soliciting suggestions can provide valuable guidance, even if some of the requests are unreasonable.
Find Ways to Ensure Benefits Offer Value to All Employees
Benefits programs should be designed with the goal of offering value to all employees involved. Some types of benefits, such as vision insurance, are only relevant to a portion of employees. More personalized plans that take each individual’s concerns into account can provide significant value to employees and their families and boost retention.
Provide Remote Work Benefits
Giving employees the opportunity to work remotely is becoming more common, but it is also important to offer benefits that can facilitate remote work for those who are interested in it. For example, funds to cover faster Wi-Fi and other upgraded technology can be useful in this regard.
Consider Offering Opportunities for Employee Ownership
Some benefits experts recommend offering employees full-spectrum employee ownership. This is something that most employees are interested in, and it has the additional benefit of inspiring workers and improving their engagement as they have a direct stake in the company’s success.
Offer Soft Benefits
Soft benefits can help a business stand out from a pack of other employers who are focused only on traditional benefits, such as medical insurance and retirement plans. These might include benefits such as work from home allowances and flexible working hours to give employees a better work/life balance.
These days, flexible working hours are in particularly high demand as employees appreciate having the opportunity to schedule their working hours around other commitments, such as their children’s education hours. Others appreciate being able to go to work at a time that allows them to avoid waking up early and sitting in traffic, putting them in the right frame of mind to be productive and efficient at work.
Wellness programs are another important benefit, with 83% of companies saying they plan to expand or maintain wellness offerings in the near future as the trend toward healthy living grows.
Consider Offering Free Healthcare
Some companies are offering 100% healthcare coverage to their employees. Although it may be cost-prohibitive in some cases, this is a rare benefit that can be a good way for the right organization to set itself apart in the competition for employees in a tight labor market.
Give Employees a Voice
Every employee appreciates feeling that their opinion is valued. Giving employees a choice regarding which voluntary benefit offering they would like to see added can help them feel more in control. Some companies provide a list of voluntary benefits they would be willing to offer and let employees vote, with the top choice being added to the open enrollment lineup. This can also be useful for recruitment; informing new hires that employees’ opinions are considered in choosing benefits demonstrates to candidates that the organization values their input.
Communicate the Benefits Plan to Employees
Even the most thoughtfully constructed employee benefits package will not have the intended results if employees are not aware of the benefits that are available to them and how to access them. When communicating the organization’s benefits, it is important to provide clear instructions and answers to questions. Businesses should also show how they have considered employee input in the development process and provide education on how employees can take advantage of the solutions that are being offered.
Request an Employee Benefits Consultation with Business Benefits Group
A generous and forward-thinking employee benefits package can help organizations keep their current talent and recruit top-notch employees. However, there are significant financial considerations involved in designing a package that provides value without compromising the company’s budget.
The employee benefits brokers at Business Benefits Group are experienced in designing effective offerings based on a thorough analysis of current benefits and the company’s workforce and goals. Reach out to the experienced benefits consultants at Business Benefits Group (BBG) today to learn more about how our services can improve employee morale and productivity.