Does Your Company’s Benefit Package Entice the Best?

April 22nd, 2014

Think about the benefit package you currently offer to your employees. Does it set you apart from other companies or make your company a desirable place to work? Do your employees value the benefits you currently offer them? If your benefit package is not competitive, you aren’t making an effort to attract top talent to your workplace.

Remember, most “competitive” benefit packages touted by businesses already include medical, dental and vision insurance, paid vacation, sick leave, and a matching 401k. Unfortunately, those benefits are now comparable to other plans instead of being competitive. One great example of how to make your benefit package more competitive is to consider what benefits you give surrounding health care. Most businesses offer basic health care, but fringe benefits such as wellness care, retirement plans, or supplemental insurance are often forgotten.

In terms of other benefits, employees were surveyed to see what benefits are most desirable in the workplace. The answers pointed towards flexible work hours, a relaxed work environment and organized company activities. Also, consider what qualities would you like in an ideal employee. Say you want someone who is driven, personable, self-motivated and a team player. To attract this ideal employee, your benefits package needs to be in line with these qualities. For example, to attract an employee who is driven, consider adding tuition reimbursement to your benefits package. Here are some ideas you can use to enhance your benefits package and successfully compete for your ideal employee:

  • Offer flexible time for your employees. 

Offering flexible time is a great way to attract employees who are multi-taskers and hard workers. Flexible time can include telecommuting; choosing what hours are worked, or being able to take days off, if more hours are worked on other days. Your employees will appreciate the fact that you are acknowledging their personal schedule. If you choose to have flexible time as a benefit, make sure that it’s explained clearly to ensure that employees feel comfortable using the benefit on a regular basis.

  • Provide wellness incentives. 

Throw wellness-related benefits into the overall package to attract self-motivated employees. You will also attract employees who prioritize self-care and stress regulation, which may help decrease your employee turnover rate. By assuming the cost of wellness incentives such as a gym membership or fitness consulting, you’ll also be helping your employees stretch their paychecks further – another valuable benefit.

  • Include your employees’ families and pets. 

If your benefits package somehow includes your employee’s family and/or pets, you’ll be sure to attract personable workers who wish to achieve a perfect work/life balance. Family and pets are a part of most people’s lives. When you include them in your benefits package, you are sending your employee the message that you care about their personal life, not just their work life. You could offer to pay for spousal accompaniment on domestic business trips or have a “bring your dog to work day.” Whatever benefit you choose, if you acknowledge both the personal and work lives of your employees, gratitude will compute into productivity and long-term satisfaction.

  • Carve out team building time in the benefit package. 

If you want to attract an employee who is a team player, throw in some company team building activities as part of the benefits package. For example, you could host a paid company volunteer event once a month or venture on a paid company camping trip twice a year. If those two particular suggestions are out of your budget, you could always schedule an in-office day once a month dedicated completely to team building and fun.

Set aside the cost for an enhanced benefit package.

Many companies are afraid to enhance their standard benefits package out of fear that it will be cost prohibitive. When doing a cost-benefit analysis, the cost can range anywhere from several hundred to several thousand dollars per month, but the benefit is attracting motivated, productive and happy employees. In the end, the company benefits despite the cost increase. Employees who are motivated and happier are more likely to contribute to company growth and sales. Employee retention is another positive factor that is often associated with an enhanced benefits package.

Publicize your company’s benefit package.

If you aren’t publicizing your benefits package, you are not effectively using it to attract the top talent. Make your company’s benefits information available on your website, in the employee handbook and during job interviews. Your employees should fully understand what they are entitled to, and you are responsible to provide that information to them in a straightforward manner.

Once you’ve assessed your company’s benefit package, contact Olympic Staffing to help you hire the best candidates for your company.

 

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