If you’re a growing business, you’ve probably already begun to realize that hiring new employees isn’t always easy. There is a lot of competition on the market from businesses looking to acquire employees with various skill sets.
Because of the number of options job candidates have when exploring employment options, as a business, offering a competitive salary is really just the starting point when trying to attract interest. In many cases, having a well-structured benefits package is an essential and critical deciding factor for new employees.
Still, with so many formatting options available, it’s crucial that you take the right approach when creating your benefits offerings to ensure current and potential employees value them. In this article, we’ll help you understand the advantages of incorporating benefits into your recruitment strategy and the top employer benefits today’s employees are looking for.
Why Great Benefits are an Essential Recruitment Strategy
Recruitment activities can take a lot of time and resources away from your business. Not only do you need to create job listings and vet new resumes, but the interview and onboarding process can take a lot of time to complete, while taking away from your HR team’s ability to meet important deadlines. This doesn’t even consider the fact that one of your new hires doesn’t work out, and then you’re starting the process all over again.
However, when you incorporate benefits into your new hire packages, it can provide a number of advantages that can improve your recruitment strategy. Here’s how:
It shows you’re really invested in your team – When you offer a selection of staff benefits, it shows your employees that you’re thinking about more than just profits. It proves you’re actively investing in your teams and want to help them feel more connected to the business.
It can lead to happier employees long-term – Benefits are a great way to help your employees feel more confident about sticking around for the long haul. By offering them healthcare coverage and retirement savings plans, you reduce their need to explore other employment options and help to reduce your staff attrition rates.
It makes your business stand out from others – The truth is, not all employers see the same value in offering benefits packages as others, even though they’re an important deciding factor for many new job applicants. By making sure your business incorporates benefits into your hiring packages, you help your business to stand out from others and increase the likelihood of receiving more applications.
12 Employer Benefit Types That Can Help You Attract More Employees and Keep Them
While deciding to create a benefits offering for your employees is a great move for your business, it’s important to remember that there is no one-size-fits-all approach when designing your package. You can explore a wide range of benefits types depending on your business’s and employees’ needs.
Below are 12 of the most sought-after benefit types that most modern-day employees are looking for:
1. Comprehensive Health Insurance
One of the most common and valuable benefits to offer your employees is healthcare coverage. Given the growing costs of personal healthcare coverage, providing employees with discounted options can provide them with a lot of long-term value.
There are a variety of different healthcare coverage options you could explore, including a certain amount of supplementary coverage with dental and vision plans. Outside of traditional medical coverage, you could also explore some level of mental health support.
The critical thing to remember is that healthcare needs can vary from one employee to the next. This is why it’s important to offer as much flexibility as possible in the options you provide to your employees.
2. Generous Paid Time Off (PTO)
Most of us have found it hard to properly balance our work and personal lives at one point or another. With so much pressure placed on employees to perform well in their roles, it’s also essential to show them that it’s “okay” to want to take a break and recharge their batteries.
Offering a generous amount of paid time off (PTO) as part of your benefits offerings can be a great way to show employees you value their ability to take care of their personal lives. This might include additional sick days as well as extending paid vacation days past the minimum standards offered by most other companies.
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In many cases, having a well-structured benefits package is an essential and critical deciding factor for new employees.