Every employer wants to land top talent. No matter what industry you’re in or which position you’re hiring for, getting the best talent to come work for you is the name of the game.
One of the surefire methods for landing top talent is to improve your employment package. Salary is important, but you need to think about total compensation. What else do your employees get beyond a paycheque every week?
You likely offer benefits or want to offer benefits to your employees as well. If you already offer some benefits, you may be looking for ways to offer an even better package.
Why Offer Benefits?
Most employers already know why they need to offer benefits. First and foremost, it helps your employees and shows them you care about their health and wellbeing. It also offers you advantages as the employer. It reduces turnover, increases productivity, and helps you attract better talent.
Those employers who don’t offer benefits packages most often feel they can’t afford to. However, a benefits package is always within reach, and better benefits are much closer than you think.
Offer What Employees Want
The first way to offer better benefits is to ask your employees what they want and then offer it to them. Many employers are getting swept up in fringe benefits like pet insurance.
Most of your employees want good healthcare benefits, including medication coverage. They also like vision care and dental care.
If you’re offering many fringe benefits, consider reinvesting in the core benefits your employees truly want and need. Most new hires are attracted to companies with a health benefits package more so than those offering fringe benefits. However, you’ll never know what your employees want if you don’t ask them.
Work with Other Programs
As an example, Ontario and British Columbia both changed their provincial healthcare plan offerings beginning January 1, 2018. Take a look at your benefits package and make sure you’re not duplicating coverage already offered by the province you operate in. You could save yourself some funds this way.
If you do have duplicate coverage, see if you can reallocate those funds to different benefits to provide your employees with better benefits coverage.
When was the last time you changed benefits providers? Many small business owners stick with the same company for years because they think they’re getting the best deal or the best service. The same is true of brokers. Your broker may not shop you around because it’s easier for them.
If you haven’t done so lately, shop around! You may find you’re missing out on some great deals being offered by another provider. Switching is also painless so long as you have the support of an HRIS with carrier connectivity.
If you work with a broker, ask them why they haven’t switched your provider lately. Ask them to see quotes proving they’ve been shopping around. If they haven’t looked lately, you’re probably not getting the best deal. You could be overpaying for benefits your employees don’t need or want.
Offer a Wellness Program
Many employers and employees are intrigued by office wellness programs. Offering a wellness program can be simple and inexpensive. Digital tools, like Optimity, help you implement a successful program quickly and easily.
There’s some evidence wellness programs also reduce the cost of benefits. Since they focus on preventative health activities, they also help reduce sick days and absenteeism. A digital tool can help your employees take breaks, get up and get moving, and be more mindful.
Many More Ideas
These are just a few of the ways you can offer better benefits for your employees, which can help you attract top talent. Building an expansive, affordable benefits plan has never been easier.