Use Your Benefits Package to Attract Superior Talent
Businesses that rise to the top of their industry are the businesses that attract superior talent to their teams. Thus, the benefits package you offer shouldn't be viewed as an added expense; you should see it as an investment in your company's future. The following are some that deserve thorough consideration when it comes to the benefits that will help your company stand out.
Health & Dental Insurance
This is the first benefit a candidate will ask about after you make an offer. Whenever possible, offer several plans to choose from. These plans should cover more than just basic medical care and should always include provisions for family coverage. Similarly, don't neglect your employee's teeth or eyesight in your benefits package. Offering a robust dental and vision plan will put a smile on their face that everyone can see.
Paid Vacation and Paid Sick-Leave
All work and no play will burn out even the most dedicated employee. Also, employees who come to work sick can infect coworkers and diminish the productivity of the office. Most PTO policies offer two weeks vacation with a week or so added for illness and bereavement. Offering more in your benefits package, and encouraging employees to use all of their vacation time can help seal the deal on any offer you make.
Offering a tax-advantaged 401(k) with a company match that becomes vested in a reasonable timeframe is akin to paying a raise before the first day of work. You can sweeten the pot by retaining the services of a financial planner/retirement planner who can help your new hires maximize this benefit and incorporate it into their long-term financial strategy.
The world shifted in April 2020, and you can bet that everyone you interview will ask you whether your company supports telecommuting. Facilitating telecommuting is vital for your business' survival and growth in the future. You should no longer view telecommuting as a perk, but rather as a core tenet of your long-term business plan.
Of course, there are many smaller perks you can offer new hires. These cost very little but go a long way towards maintaining employee morale and retaining your top talent. While it never hurts to provide coffee, tea, and snacks in the breakroom, there are some better inclusions within your benefits package.
It is always the right time to support local businesses and encourage their patronage. Negotiating exclusive discounts and club memberships with locally-owned coffee houses, restaurants, grocery stores, bookshops, etc. helps strengthen your employee's connection to the community. It will also boost the health of the area's economy. In turn, this creates an appealing, vibrant city with top-tier schools, luscious parks, diverse shopping, and premium neighborhoods that future hires will want to move into.
Volunteering does more than help the community; it facilitates teamwork and fosters pride in the company. Offering Volunteer Time Off (VTO) allows workers to help out without tapping their vacation time.
If you think the 21st-century is moving fast now, take a look at tomorrow. The skills your company needs to stay on top are evolving at an accelerating speed. Negotiating educational opportunities for inclusion within your benefits package with area colleges, hosting training seminars, and offering online educational options helps teams polish their skills and apply new skills that can help your company grow.
The team at Greenlink Payroll can help you develop a benefits package that attracts the talent you need to grow. We encourage you to contact us at (480) 385-2525 to learn more about how we help clients design packages that are irresistible.