Your business is only as good as the employees you have on staff. Without high quality personnel, your business won't reach its full potential. In the past, employers had an advantage in the job market. Jobs were scarce, and there were plenty of top quality employees vying for the same positions. Today, however, the situation has changed. If employers want their businesses to enjoy success, they need to be able to set themselves apart from the crowd.
In a competitive job market, attracting the best employees to your company can be a challenge. When it comes to attracting the top employees in the field, it is about more than just salary. Although they may seem like a secondary consideration, employee benefits are one of the most powerful draws for job applicants.
Why You Need Competitive Employee Benefits
It's no secret that job applicants are concerned about compensation. However, for most people in today's job market, employee benefits are just as important. These benefits offer a value above and beyond compensation that make potential employees more likely to choose your company. Some of the advantages of having a competitive employee benefits package include:
Attracting New Employees - The most obvious advantage of a good employee benefits package is the ability to attract the best employees to your company. When your compensation and benefits packages are highly competitive, the best people will want to be part of your team.
Higher Job Satisfaction
Employees who are enjoying fair compensation and competitive benefits will be more satisfied with their jobs as a whole. This leads to improved company morale, as well as increased productivity for your business.
Retaining Current Employees
Once you have good people on staff, you want them to stay with your company for as long as possible. Having a competitive employee benefits package is one of the best ways to make sure your current employees won't be tempted by other offers or prospects. Remember that simply aiming to keep your employees "satisfied" may improve morale and productivity, but it won't be enough to keep them around. Satisfied employees may not seek out new employment, but they may entertain an offer if it is made.
A Better Reputation
Companies that take good care of their employees have a better reputation among consumers than those with less competitive compensation and benefits. Your improved reputation may lead to a greater interest in your business among consumers, as well as higher levels of customer loyalty.
Creating an Attractive Employee Benefits Package
An attractive employee benefits package will include all of the benefits employees in your industry desire when they join a company. Examples of benefits that should be a part of your package include:
Paid time off, such as vacation and sick days
Another important benefits program to consider is an EAP Program. The pandemic has increased the need of mental health and behavioral health assistance. An Employee Assistance Program (EAP) has become a valued benefit especially throughout the past year. An EAP program is often included as an added value service through the ancillary carrier who provides the Employer’s short term and long term disability coverage. They are typically inexpensive, but a valuable resource for anyone who needs it.
Evaluate Your Current Benefits Plan
The specifications of each component of your employee benefits plan need to be on the same level or better than other companies in your industry. Otherwise, you may find yourself losing the best employees to your competitors. If you aren't sure whether your current benefits package is up to par, consider conducting an employee survey and/or researching the benefits offered by similar employers in your area.
It is also important that the benefits you provide be easy to access and utilize. Otherwise, employees may become frustrated and less likely to stay with your company. Make sure the partners you choose to provide benefits for employees offer good customer service and can help you stay in compliance.
In an environment where there are more businesses with open positions than there are candidates looking to fill them, your employee benefits package can give you the edge you need to succeed.
For an excellent resource designed to help you set up the right employee benefits plan for your business, download our ebook: Guide for Using Employee Benefits in Recruitment and Retention. Get your free copy by clicking here or on the image below.